UK Faces Exodus Of 9,500 Millionaires In 2024
UAE Ropes In World’s Migrating Millionaires
The United Kingdom UK) is expected to experience a staggering net loss of 9,500 millionaires in 2024. This projection, outlined in the Henley Private Wealth Migration Report 2024, newly released by Henley & Partners, marks a substantial increase from the 4,200 millionaires who departed last year, a record-breaking figure following the departure of 1,600 in 2022.
The report details the movements of high-net-worth individuals (HNWIs) globally and highlights that the UK’s millionaire exodus is second only to China worldwide this year.
The trend underscores a broader pattern where geopolitical tensions, economic uncertainty, and policy changes are compelling wealthy individuals to seek new havens for their assets and families.
For the third year running, the United Arab Emirates (UAE) is set to take the lead as the top destination for migrating millionaires, with a projected net inflow of 6,700 wealthy individuals by the year’s end.
The UAE’s appeal, bolstered by factors such as zero income tax and an opulent lifestyle, continues to draw significant numbers from the UK and Europe, even surpassing the United States in millionaire influx.
Dominic Volek, Group Head of Private Clients at Henley & Partners, commented on the broader implications of this global wealth migration, noting that 128,000 millionaires are anticipated to relocate worldwide in 2024, surpassing the previous record set just a year ago.
He suggests that this movement reflects profound shifts in global wealth dynamics with far-reaching implications for the economies involved.
In contrast to the UK’s outflow, other countries like the UAE, Singapore, and the US are seeing substantial net inflows of millionaires driven by favourable tax policies, quality-of-life considerations, and strategic economic positioning.
As the global landscape of wealth distribution continues to evolve, nations are increasingly competing to attract and retain high-net-worth individuals through investment migration programs and favourable regulatory environments.
The UK’s trajectory as a destination for migrating millionaires, once a cornerstone of its economic prowess, is now at a critical juncture amid ongoing geopolitical and domestic policy challenges.
Top 10 countries expected to see the highest net inflows of millionaires in 2024.
- UAE: +6,700
- United States: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400
Top 10 countries projected to see the highest outflows of millionaires in 2024:
- China: -15,200
- United Kingdom: -9,500
- India: -4,300
- South Korea: -1,200
- Russia: -1,000
- Brazil: -800
- South Africa: -600
- Taiwan: -400
- Nigeria: -300
- Vietnam: -300
Featured image: Sheikh Zayed Road in Dubai City. The UAE is the world’s most migrating millionaires’ go-to destination. Credit: Arnold Pinto
