Why More Millionaires Are Moving to the UAE Than Anywhere Else

The United Arab Emirates is rapidly establishing itself as the top global destination for high-net-worth individuals (HNWIs)—attracting entrepreneurs, investors, and wealthy families seeking financial security and lifestyle excellence.

According to the Henley Private Wealth Migration Report 2024, the UAE is projected to welcome 6,700 millionaires this year nearly double the number moving to the United States (3,800), marking its third consecutive year as the world’s leading wealth migration hub.

Why UK Millionaires Are Fleeing

One of the largest outflows is from the United Kingdom, where over 950 millionaires are expected to relocate to the UAE in 2024.

Rising taxes, the phasing out of non-dom exemptions, and growing concerns around public safety and political stability are key drivers behind this shift.

According to New World Wealth, the UK’s millionaire population is forecasted to decline by 17% by 2028—a staggering drop in a nation long considered a wealth magnet.

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Why the UAE Stands Out

So what makes the UAE so compelling?

• 0% personal income tax

• 10-year renewable Golden Visa options for investors and professionals

• 100% foreign business ownership — including in mainland

• Stable, well-regulated financial ecosystem for family offices and wealth management

• World-class education, private healthcare, and unmatched personal security

• Strategic location between East and West for global business access

The result? A 77% growth in the number of millionaires in the UAE from 2013 to 2023, placing it ahead of the U.S., Switzerland, and even Singapore.

The Future of Global Wealth is in Dubai

Wealthy families aren’t just relocating for tax benefits—they’re investing in stability, infrastructure, and global reach. As geopolitical and fiscal pressures rise elsewhere, the UAE continues to offer a future-proof home base for wealth preservation and business expansion.

With projections that over 135,000 millionaires will relocate globally by 2025, the UAE’s upward trend shows no signs of slowing.