An unprecedented 128,000 high-net-worth individuals (HNWIs) are expected to re-domicile in 2024, according to the latest private wealth migration report from residence by investment advisers Henley & Partners.

This spike in millionaire migration is thought to be a symptom of increasing instability felt across the globe – with the world’s wealthy seeking a place to protect and grow their wealth.

Dubai is expected to be the principal destination of this migration. The UAE is projected to welcome 6,700 HNWIs (net) more than any other country – and nearly double its closest competitor, the U.S.

A Safe Haven

Dubai’s appeal can best be summed up by Henley & Partners’ characterization of the UAE as one of its ‘Safe Haven 8

Dubai is the fourth safest city in the world, and its advanced infrastructure also provides ease and peace of mind for citizens, alongside social and economic security.

Dubai and the UAE as a whole continue to show economic resilience. While the International Monetary Fund (IMF) projects advanced economies to achieve a sluggish 1.8% GDP growth in 2024, the UAE is projected to reach a healthy 4.2%. Non-oil growth is likely to be higher, having reached 6.7% in 2023.

It is testament to the country’s success in moving away from oil. Non-oil activity now comprises over 70% of the UAE economy, rising to 95% for Dubai, where finance, trade, and tourism dominate.

The latter is a key component of the emirate’s resilience. Its business-friendly environment, support for innovation and flexible regulatory framework provide an ideal incubator for entrepreneurs looking to innovate and grow into new markets, while its coveted political neutrality underpins a globally diversified trade network, which translates into strong supply chains and robust growth.

In the two years following the landmark Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE, trade between the two countries grew 14% and 16%. Further bilateral agreements are in negotiation.

And with high levels of public spending – the Dubai Economic Agenda 2033, ‘D33’, aims to double the emirate’s GDP within the decade – it’s easy to see why investment opportunities were the second most cited reason Dubai expats gave for moving to the emirate.

In short: with its broad appeal of geopolitical stability and economic opportunity, Dubai solidifies its position as safe, long-term haven for the wealthy – and their assets.