Elon Musk says Dubai is winning after attracting 6,700 millionaires

US billionaire and CEO of Tesla, Elon Musk, said “Dubai is winning,” in response to a report stipulating millionaires are increasingly migrating to the city from the UK.

The UAE is set to see a record net inflow of 6,700 millionaires from around the world by 2024, significantly boosted by large inflows from the UK and Europe, according to a Henley Private Wealth Migration report released in June.

This is nearly double the second-ranked country on the list, the US, which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.

The country has been ranked first in attracting high-net-worth (HNW) individuals for the third year in a row, according to Henley and Partners. 

“With its zero income tax, golden visas, luxury lifestyle, and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires,” the report said.

A UBS Global Wealth Report expects 17 per cent of millionaires in the UK to leave the country by 2028, with the population expected to drop from 3,061,553 in 2023 to 2,542,464 by 2028. The UK has the third-largest millionaire population, although many include foreign residents from Russia and the Middle East.

The UK government is phasing out its "non-dom status"– which allowed wealthy and often foreign residents not to pay British taxes on overseas income.

The UAE is home to 116,500 millionaires, 308 centimillionaires, and 20 billionaires, currently ranked 14th globally.