The United Arab Emirates is set to be the world’s leading wealth magnet for the third year in a row.

The tiny Gulf nation is expected to see an unprecedented net inflow of 6,700 millionaires from around the world by the end of 2024, according to the report released on June 18.

A distant second to the UAE is the United States, with an expected inflow of 3,800 millionaires by year-end — just about half of the net inflow of migrating millionaires that the Middle Eastern country anticipates.

A record-breaking 128,000 millionaires, or high net worth individuals with liquid investable wealth of $1 million or more, are expected to relocate in 2024, according to the report.

That number surpasses the previous record of 120,000 millionaires that was set last year, according to Henley, adding that 2024 is “shaping up to be a watershed moment in the global migration of wealth.”

The data for the report was supplied by global wealth intelligence firm New World Wealth and features insights on the inflows and outflows of millionaires and their migration patterns globally.

“This great millionaire migration is a canary in the coal mine, signaling a profound shift in the global landscape and tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home,” said Dominic Volek, group head of private clients at Henley & Partners, said in the