Countries Attracting the Most Millionaires in 2024: UAE Leads the Global Wealth Migration Trend

In a striking display of global wealth migration patterns, the United Arab Emirates (UAE) has emerged as the top destination for millionaires in 2024, according to data released by New World Health. With a net inflow of 6,700 millionaires, the UAE continues to solidify its reputation as a tax-friendly, business-centric, and luxury-laden hub for the world’s wealthy elite. The Gulf nation’s strategic location, safe environment, and no income tax policy are widely regarded as major pull factors for affluent individuals seeking financial stability and cosmopolitan lifestyles.

Following closely behind, the United States attracted 3,800 millionaires, driven by its robust economy, thriving tech and finance sectors, and diverse cultural landscape. Despite political polarization and regulatory shifts, the U.S. remains a magnet for high-net-worth individuals seeking innovation and investment opportunities.

Singapore, with 3,500 new millionaires relocating, maintained its appeal as Asia’s premier financial center. Its strategic positioning, political stability, strong property rights, and business-friendly environment continue to lure global investors and entrepreneurs.

Canada also saw a significant influx, welcoming 3,200 millionaires. The country’s appeal lies in its high quality of life, universal healthcare, and strong social infrastructure, making it a favored destination for those seeking both opportunity and security.

Australia rounded out the top five with 2,500 millionaires migrating to its shores. Australia’s relatively stable economy, attractive real estate markets, and welcoming immigration policies contribute to its continued popularity among the affluent.

European nations also saw notable increases. Italy attracted 2,200 millionaires, benefiting from residency-by-investment programs and picturesque living environments. Switzerland, a traditional wealth haven, added 1,500 millionaires, bolstered by its world-class banking system and high standards of living. Greece and Portugal, though smaller players, recorded net gains of 1,200 and 800 millionaires respectively—largely due to “Golden Visa” schemes that grant residency in exchange for real estate or financial investments.

Japan saw a modest inflow of 400 millionaires, driven by its economic stability and cultural allure, despite higher taxes and a more insular business climate.

This shifting wealth landscape reveals a strong global trend: affluent individuals are increasingly choosing countries that offer political safety, favorable tax regimes, premium lifestyles, and investor-friendly immigration policies. As the competition for global wealth intensifies, nations are strategically enhancing their appeal through targeted economic reforms and lifestyle incentives—reshaping not just real estate markets, but broader economic dynamics across the globe.