UAE to Add Nearly 30,000 Millionaires in the Next Five Years: An Unprecedented Growth

Henley and Partners have forecasted a record net inflow of 6,700 millionaires into the UAE in 2024, marking the highest influx among all countries globally. This trend is expected to continue, with the UAE attracting nearly 6,000 millionaires annually over the next five years. This impressive growth underscores the UAE’s increasing allure among high-net-worth individuals worldwide.

According to the Global Wealth Report by Swiss bank UBS, the number of millionaires with assets exceeding $1 million in the UAE will surge by nearly 29,866 or 15 percent from 202,201 in 2023 to 232,067 in 2028. This remarkable growth rate positions the UAE as a leading destination for the wealthy.

The UAE’s appeal is bolstered by its zero income tax, golden visas, luxury lifestyle, and strategic location. These factors make the Emirates an ideal destination for migrating millionaires. Consistent high inflows from countries like India, the wider Middle East region, Russia, and Africa, combined with an increasing number of migrants from the UK and Europe, will likely see the UAE attract nearly twice as many millionaires as its nearest rival, the US, which is projected to have a net inflow of 3,800 millionaires in 2024.

The UAE is poised to surpass countries such as Germany, Hungary, Qatar, Singapore, Spain, Portugal, Italy, China, Greece, the Netherlands, and the UK in millionaire migration. While countries like Taiwan, Turkey, Kazakhstan, Indonesia, and Japan will experience higher percentage growth of millionaires between 2023 and 2028, the UAE’s absolute growth in millionaire population is unmatched.

The UAE’s wealth growth is also reflected in its luxury property market. With high-net-worth individuals driving demand, luxury property prices have skyrocketed post-pandemic, according to the recent report that the number of prime home listings in the second quarter of 2024 dropped by nearly half to 2,851, compared to last year’s period, indicating a tightening market driven by wealthy investors.

Swiss Bank projects a similar trend for Saudi Arabia, where the number of millionaires is expected to increase by 15 percent in the next five years, reaching 403,878 in 2028, up from 351,855 in 2023. Globally, wealth growth rebounded by 4.2 percent in 2023, offsetting the previous year’s contraction, with significant contributions from Europe, the Middle East, Africa (EMEA), and Asia-Pacific (APAC).

In 2023, adults in the EMEA region were the wealthiest on average at $166,000, followed by APAC at $156,000, and the Americas at $146,000. This wealth growth emphasizes the importance of careful stewardship and management. As the world’s only truly global wealth manager, we understand these shifts and translate them into opportunities and outcomes for our clients.