Tens of thousands of millionaires are leaving their home countries for the UAE

Millionaire migration is on the rise like never before. Many are Australia-bound, but there’s another nation reeling in more uber wealthy investors and those from organised crime networks.

The United Kingdom, China and India are losing their millionaires in droves and while many are on the way down under, the UAE is by far the most popular new home for the wealthy.

According to the Henley Private Wealth Migration Report, this year the UK expects to cop an unprecedented net loss of 9500 millionaires while China and India will lose 15,200 and 4300 respectively.

For the purposes of this report, a millionaire is defined as someone with liquid wealth of at least $US1 million ($A1.5 million).

Dubai is the place to be if you have money. Picture: iStock

Other countries with large numbers of high net worth individuals biding them farewell include South Korea who will see 1200 depart and Russia who will lose 1000.

Henley Private Wealth Management says the wealth tsunami is aimed squarely at the UAE who will welcome 6700 new millionaires.

Dominic Volek, Group Head of Private Clients at Henley and Partners, said 2024 is shaping up to be a watershed moment in the global migration of wealth.

There is an unprecedented global millionaire migration. Picture: iStock

“An unprecedented 128,000 millionaires are expected to relocate worldwide this year, eclipsing the previous record of 120,000 set in 2023,” Mr Volek said.

“As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers.

“In many respects, this great millionaire migration is a leading indicator, signalling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.”

The UAE is particularly attractive for the uber wealthy due to their tax laws and regulatory framework which makes preserving wealth easy.

US actor Lindsay Lohan hasn’t looked back since moving to Dubai a decade ago. Picture: AFP

Among the famous faces who now call the UAE is actor Lindsay Lohan who moved to Dubai in 2014.

Dubai has also become a haven for organised crime networks, and Australia’s Hells Angels boss Angelo Pandeli has moved there.

In Dubai, Pandeli met Daniel Kinahan, an Irish boxing promoter, who is under investigation for being involved in the the global business of cocaine smuggling.

Angelo Pandeli in Dubai. Picture: Supplied / 60 Minutes

Sources, speaking on condition of anonymity to the Cocaine Inc. podcast, confirmed the Hells Angels and members of the Kinahan clan have been working together.

The Kinahans and Pandeli were under investigation over the seizure of 300kg of “high grade” cocaine from Shannon Foynes Port, in Limerick, Ireland, on December 19 last year.

Daniel Kinahan spotted with friends in Dubai. Picture: Supplied

Listen to the Cocaine Inc. podcast below:

Australia, which is part of a group of wealthy migrant friendly nations dubbed the Safe Haven 8, is poised to welcome an additional 2500 millionaire migrants, up 35 per cent on last year.

Australia makes the list due to its enviable healthcare system, low crime rate and vast amount of undeveloped land and resources available.

Head of Research at New World Wealth, Andrew Amoils, said the benefits of this migration of wealth and talent is significant.

Australia, especially Sydney and Melbourne, continues to be a drawcard for millionaires. Picture: Getty Images

“Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country,” Mr Amoils said.

“Also, around 20 per cent of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60 per cent for centi-millionaires and billionaires.”

While Israel had been in the top 10 preferred destinations for millionaires for decades, it is noticeably absent this year due to the ongoing conflict with Hamas.

The UK’s millionaire exodus has been growing ever since Brexit and sped up after changes to their tax laws.

Originally published as Tens of thousands of millionaires are leaving their home countries for the UAE