UAE Attracts 6,700 People, Expected to Rank 1st for 3 Consecutive Years
China Leads Asset Holder Outflow with -15,200 People
Preference for Asset Havens Expands Amid Geopolitical Crises
As the largest-ever migration of millionaire assets is expected this year, the United Arab Emirates (UAE) is predicted to be the country attracting the most wealthy individuals. Conversely, China is expected to be the country from which the most high-net-worth individuals (HNWIs) will depart.
According to a report released on the 18th (local time) by global investment immigration advisory firm Henley & Partners, citing data from asset information company New World Wealth, the UAE is projected to attract 6,700 HNWIs this year, securing the top spot worldwide for the third consecutive year. The United States (3,800) and Singapore (3,500) followed. The inflow and outflow of HNWIs were defined as individuals holding investable assets of $1 million (approximately 1.38 billion KRW) or more who stayed in a foreign country for more than six months.
On the other hand, China is expected to see the largest outflow of 15,200 wealthy individuals globally this year. The United Kingdom (-9,500) and India (-4,300) followed, with South Korea (-1,200) ranking fourth in terms of HNWI outflow. Hannah White, director of the London-based think tank Institute for Government (IG), stated, "The high net outflow of wealthy individuals from China and India is a consequence of the scale economies that have successfully created new millionaires in these countries," but added, "In China's case, the sustained wealth losses over recent years could lead to even greater damage in the future."
Dominic Volek, Head of the Private Client Group at Henley & Partners, emphasized, "2024 will be a watershed year for the global movement of wealth," adding, "An unprecedented 128,000 millionaires are expected to migrate worldwide this year, surpassing the previous record of 120,000 set in 2023." He further assessed, "As the world grapples with geopolitical tensions, economic uncertainty, and social upheaval, a record number of millionaires have begun moving in search of greener pastures and safer harbors for their assets and families' interests."
Particularly, the UAE, which has been the top choice for millionaires, is solidifying its position as a safe haven for the wealthy based on favorable tax policies for high-net-worth individuals, strategic location, and world-class infrastructure. Additionally, through the so-called 'Golden Visa' program, which grants long-term residency to foreigners who make significant investments in the country?including investors, entrepreneurs, professionals, students, and researchers?the UAE is actively attracting talented individuals.
Sunita Singh-Dalal, Partner at Private Wells & Family Office, noted, "The evolution and development of the UAE's asset management ecosystem is unprecedented," highlighting that "within less than five years, institutional solutions for wealth preservation and enhancement for the affluent have been introduced."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
