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The global movement of millionaires is accelerating in 2024, driven by shifts in tax policies and geopolitical landscapes. The UK is expected to see a significant outflow of high net worth individuals (HNWIs), with a projected net loss of 9,500 millionaires, more than double compared to the previous year. This trend is partly attributed to changes in the UK's non-dom regime and concerns over asset protection and taxation. In contrast, the UAE remains a top destination for wealthy migrants, forecasted to attract a record 6,700 millionaires by year-end. Its advantageous tax environment and strategic location continue to draw affluent families, particularly those relocating from Europe and the UK. The decision to relocate for these individuals often hinges on factors like asset security, taxation policies, and global investment opportunities. Stable jurisdictions with favorable tax frameworks are increasingly appealing. This competition is further intensified by anticipated outflows from China, with an estimated 15,200 HNWIs expected to leave, driven by economic uncertainties and geopolitical tensions. These migration patterns highlight the strategic importance for nations to understand and cater to the needs of mobile millionaires, as they bring substantial economic benefits through investments and job creation. Countries that effectively manage to attract and retain this demographic stand to strengthen their economies amidst global uncertainties. As the "great millionaire migration" reshapes global wealth distribution, policymakers worldwide must adapt by offering competitive incentives and ensuring robust economic environments to secure their positions in the evolving global economy. Dubai has firmly established itself as a magnet for High Net Worth (HNW) migration due to several compelling factors. Chief among these is its attractive tax regime, which features no income tax on personal earnings, capital gains, or inheritance. This favorable fiscal environment not only appeals to wealthy individuals seeking to optimize their financial portfolios but also fosters a business-friendly atmosphere conducive to entrepreneurial ventures and investments. Additionally, Dubai's strategic geographic location as a gateway between East and West enhances its appeal, facilitating easy access to global markets and ensuring connectivity for international business activities. These factors collectively position Dubai as a leading global hub for HNW migration, driving substantial inflows of wealth and talent from around the world. #Economy #Dubai #HNWI #Markets #Growth Photo Source: New World Wealth, Henley and Partners Report