The United Arab Emirates is on track to be the world's top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report.
"There are push and pull factors for this trend of millionaires opting to relocate to Dubai," Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC.
"Pull factors include Dubai's perception of being extremely safe and visa reforms that encourage migration."
The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June.
That's nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.
Persons:
–, Karim Jetha, Henley, That's
Organizations:
United, Henley, Wealth, UBS, Labour Party, CNBC, Labour
Locations:
United Arab Emirates, Swiss, Dubai, sandier, UAE, U.S