The UAE is expected to attract 4,500 millionaires by the end of 2023, ranking it second globally.
This is a decrease from the record-breaking 4,000 millionaires in 2022, but still secures the UAE its position in the top three.
The country's low tax regime, fast vaccination rates, and role in hosting the first World Expo after
COVID-19 are factors that contribute to its appeal as a wealth hub.
Immigration policies that cater to attracting private wealth and international talent also play a role.
Affluent Russians are moving to the UAE and Israel in large numbers due to Vladimir Putin's demands of loyalty and the impact of Western sanctions on their country.
The report also notes that high-net-worth individuals' migration is a rising trend, with global figures for 2023 and 2024 expected to reach 122,000 and 128,000, respectively.
Australia tops the list with 5,200 millionaires, followed by the UAE and Singapore.
China witnesses the largest net exodus of millionaires, with an outflow of 13,500 in 2023.
India will see an outflow of over 6,500 millionaires, while the UK will drop by 3,200 due to the country's post-Brexit economic ecosystem and policy changes that have removed permanent non-domiciled tax status.