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Explainer: Why do the world’s millionaires flock to the UAE, the top five countries?

Sagar Patel

By Sagar Patel

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The United Arab Emirates is becoming the first choiceImage credit source: Unsplash

United Arab Emirates…a country in the world that is now becoming the capital of millionaires all over the world. Millionaires and millionaires from different countries around the world are moving to the United Arab Emirates (UAE). Why is this happening? After all, what is the reason why millionaires like this country so much? Which are the other countries in the world where millionaires and millionaires migrate the most?

The UAE’s economy is primarily based on crude oil. But in recent years, the UAE has shifted its economy away from crude oil and has focused on tourism, investment and turning itself into a sports capital.

Why do the world’s millionaires flock to the UAE?

The UAE is becoming the choice of most of the world’s millionaires. This is the third consecutive year that the largest number of millionaires from around the world will come to the UAE. ‘The Henley & Partner Report’ estimates that 6,700 millionaires could migrate to the UAE by the end of 2024.

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One of the main reasons why millionaires flock to UAE is that there is no income tax there. The rich get the facility of golden visa. Apart from this, the luxurious lifestyle and its location in the world is quite strategic which gives a lot of freedom to anyone to travel around the world. Thanks to this, it becomes easier for millionaires to do their business. All these reasons make this world the first choice for millionaires to settle down.

This is the favorite country of the world’s millionaires.

Apart from the UAE, if we look at the other settlement options for millionaires, then the United States is the second favourite country in this regard. It is expected that 3,800 millionaires will move here by the end of 2024. The greatest strength of the United States is that it is a global technological leader. That is why millionaires from all over the world are attracted here to invest.

The situation in Singapore is somewhat similar to that of United Millionaire Emirates. The third favorite country for millionaires is Singapore. One of the main reasons for this is the strategic location. Business incentives are available here. The tax system is quite modern, the infrastructure is solid, and there is also political and economic stability.

Apart from this, Canada is ranked fourth on this list and Australia is ranked fifth. According to the report, by the end of this year, 3,200 millionaires will move to Canada and 2,500 millionaires to Australia. Many other countries in Europe such as Italy, Switzerland, Greece and Portugal are also included in this list.

Which countries do millionaires migrate from?

Now, if we look at the countries from which millionaires migrate to the above-mentioned countries, then China is on the top. By the end of 2024, about 15,200 millionaires from China will migrate abroad. In the year 2023, this figure was 13,800. After this, the UK is in second place. About 9,500 millionaires are likely to migrate from there this year. Whereas, the third name on the list is from India. 4,300 millionaires are expected to migrate from India by the end of 2024. While in 2023, 5,100 millionaires had left India.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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