DUBAI: The United Arab Emirates, and particularly Dubai, is witnessing an unprecedented influx of wealthy individuals as its tax-free system and luxury lifestyle continue to lure the rich from around the world, according to new data.
Advisory firm Henley & Partners estimates that the UAE will attract around 9,800 millionaires this year — more than any other country. Analysts say the trend reflects not only Dubai’s economic openness but also growing discontent among the wealthy in Western countries over rising taxation and what some describe as “anti-wealth rhetoric”.
A magnet for the affluent
Long a haven for the wealthy from the Middle East, Dubai is now drawing increasing numbers of Western millionaires. The city offers political and economic stability, extremely low crime, and what many describe as an effortless luxury lifestyle.
The government’s “golden visa” scheme allows wealthy or skilled foreigners to obtain 10-year residency, further cementing the city’s appeal.
Mike Coady of Skybound Wealth Management said many of his clients feel that “success has become a liability” in their home countries. “They’re being taxed more, scrutinised more, and offered less. In Dubai, wealth isn’t hidden — it’s normalised,” he remarked.
Dubai’s reputation as a playground for the rich is evident in its skyline: the world’s tallest tower, luxury five-star hotels on the Palm Jumeirah, and shopping malls complete with indoor ski slopes. Critics, however, point to stark inequalities, as the city’s development has long relied on armies of low-paid migrant workers.
Flight from the West
Among those relocating are tech founders, second-generation business owners, consultants and fund managers — most in their 30s and 40s. Britain, which has introduced stricter tax measures for “non-doms” and inheritance rules, is expected to see a record 16,500 millionaires leave this year.
One British entrepreneur, fearing capital gains tax on the sale of his software company, recently moved to Dubai. Norwegian shipping tycoon John Fredriksen also announced his relocation, saying “Britain has gone to hell”.
The United States, too, has seen a steady trickle of high-net-worth individuals depart, citing lifestyle pressures and the rising cost of living. “We’re all chasing a lifestyle,” said American investor Max Maxwell, who moved his family to Dubai, where he claims they now enjoy “a better life for the same amount of money”.
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The influx has transformed Dubai’s property sector. According to Knight Frank, 435 homes worth $10 million or more were sold in the emirate last year, surpassing both New York and London. Dubai is already home to over 81,000 millionaires and 20 billionaires.
Faisal Durrani of Knight Frank noted that Dubai’s luxury properties remain relatively affordable compared to Europe. “Clients who might spend $100 million on an apartment in Monaco or Switzerland find that in Dubai, they could buy an entire building,” he said.
The inflow of capital has not been without scrutiny. In 2022, the UAE was placed on a global “grey list” over money laundering concerns, particularly linked to Russian wealth fleeing Western sanctions. Since then, authorities have tightened oversight and extradited some wanted figures, leading to its removal from the list.
Despite such challenges, the emirate continues to market itself with a simple message: open for business. To many, Dubai’s mix of low taxes, stability and luxury has become irresistible. As Coady put it, “The UAE fits like a glove.”
