Millionaires are heading to the UAE, India, Vietnam and other Asian countries

According to the Henry Global Citizenship Report, as of June, 92,600 millionaires called the UAE home. 67,900 millionaires live in Dubai, including 13 billionaires and 202 millionaires. Abu Dhabi is home to 23,800 high net worth individuals, including 3 billionaires and 67 millionaires. With 3,700 millionaires, Sharjah is the fastest-growing city on the index, up 20 percent so far this year, tied with Saudi Arabia’s Riyadh.

According to the latest report, these figures in the UAE are expected to grow by more than 50% by 2032. In 2023, the report forecasts the highest growth rate for these wealthy individuals – and the UAE will see the highest inflow of these HNWIs globally in 2022.

125,000 millionaires are expected to migrate to a new country in 2023, the highest level since 2013. 2020 and 2021 will see the smallest numbers of immigrants due to COVID-19.

While 38% of the ultra-rich live in the United States of America, Asia is fast becoming a hotspot for wealthy immigrants.

For example, the number of millionaires in Vietnam will increase by 95% over the next decade. The country’s growing economy has also created and will continue to create more wealthy people. While many of these wealthy individuals tend to seek immigration elsewhere, the growth in wealth here is expected to be enormous over the next decade.

India is close behind, with an expected growth rate of 80%. Mumbai has 60,600 resident millionaires, 243 millionaires and 30 billionaires. With more than 12,600 HNWIs, Bengaluru is another city with millionaires in India, with a growth rate of 8%, thanks to its fast-growing IT, biotechnology and business process outsourcing industries, the report noted.

Mauritius ranks among the top three millionaire residences with an expected growth rate of 75%.

According to Henry’s report, reasons for these millionaires to relocate include luxury travel, top educational opportunities, high-end entertainment opportunities, philanthropy, luxury shopping and art collecting.

“Countries that attract wealthy individuals and families to their shores tend to be strong, with low crime rates, competitive tax rates and attractive business opportunities,” Henley’s experts commented in an earlier report.