A striking new report on high-net-worth individual (HNWI) movements for 2024 reveals global shifts in millionaire populations, with the United Arab Emirates (UAE) as top destinations, while China witness significant outflows.

The UAE emerges as the top destination with a net gain of 6,700 millionaires followed by the U.S. (+3,800) and Singapore (+3,500). These countries benefit from investor-friendly policies and economic opportunities. Canada (+3,200), Australia (+2,500) and European nations like Italy (+2,200) and Switzerland (+1,500) also attract wealthy individuals.

On the other hand, China leads outflows, losing 15,200 HNWIs followed by India (-4,300), the UK (-9,500) and Russia (-1,000). These migrations reflect concerns over economic uncertainty, geopolitical tensions and regulatory challenges.

This migration trend offers a glimpse into shifting economic and geopolitical dynamics. Countries attracting HNWIs are likely to benefit from increased investments, innovation and economic growth while those losing wealth may face reduced capital inflow and slower economic development.