The UAE is set to welcome a record 6,700 millionaires in 2024, making it the leading destination for high-net-worth individuals (HNWIs). Dubai, in particular, stands out with its unique blend of opportunities, safety, and luxury.
Why Dubai?
Investment Opportunities
Dubai offers a dynamic economy with thriving sectors such as real estate, tourism, and finance. Its business-friendly policies, like 100% foreign ownership in free zones, attract entrepreneurs and investors.
Safety and Security
Known for its low crime rate and robust legal framework, Dubai provides a secure environment for residents and their assets, a significant draw for the wealthy.
Luxurious Lifestyle
Dubai is synonymous with luxury, offering world-class shopping, fine dining, and exclusive clubs. Its commitment to high living standards makes it a haven for those seeking the best.
Strategic Location
Located between Europe, Asia, and Africa, Dubai serves as a global hub for travel and trade. Its excellent infrastructure, including the renowned Emirates airline, ensures seamless connectivity for global business operations.
Impressive Growth
The city's millionaire population is growing rapidly:
- Dubai: 62% growth
- New York City: 40% growth
- Shanghai: 70% growth
- Singapore: 40% growth
- London: 15% decline
Dubai not only attracts a significant number of millionaires but also sustains one of the highest growth rates globally.
Global Trends
The UAE's top position is highlighted by an expected inflow of 6,700 millionaires in 2024, far surpassing other countries. The UK and China, conversely, are seeing significant outflows, with 9,500 and 15,200 millionaires expected to leave, respectively.
Future Prospects
Dubai's ongoing innovation and adaptation to global trends ensure it remains a premier destination for the world's wealthy. Sunita Singh-Dalal from Hourani in Dubai notes the UAE's robust regulatory framework as a key factor in attracting and retaining wealth.
Conclusion
Dubai's appeal to millionaires and billionaires is no accident. It offers a blend of luxury, safety, and opportunity that is unmatched. As the Henley Private Wealth Migration Report 2024 shows, Dubai is not just attracting wealth but also sustaining impressive growth, making it the ultimate destination for the global elite.