The emirate is experiencing an unprecedented
influx of high-net-worth individuals, particularly from the West, drawn by its
zero-income-tax policy, political stability, and a culture that openly
celebrates success.
DUBAI – A growing wave of the world's affluent, from
Western Europe and beyond, are relocating their families and businesses to
Dubai, seeking to capitalize on the city's modern lifestyle, economic
stability, and business-friendly environment.
While the United Arab
Emirates has long been a destination for the wealthy from neighboring
countries, professionals serving this elite clientele report a significant
uptick in arrivals from the West, according to Agence France-Presse (AFP).
Consulting firm Henley & Partners estimates that the UAE will attract a record
9,800 new millionaires this year, more than any other country in the world. The
nation's appeal is rooted in its political and economic stability, a
streamlined business environment, a zero-income-tax policy, and access to an opulent lifestyle that has
become increasingly difficult to attain elsewhere. The country's "Golden Visa" program, which offers residency for up to 10 years, has
been a major draw for wealthy foreigners and skilled professionals.
Mike Coady, CEO of
Skybound Wealth Management, which caters to millionaires, says some of his
clients feel that "success has become a burden in their home countries."
"They are taxed
more, they are scrutinized more, and they get fewer opportunities," he
told AFP. Coady noted that while his clients in London are often discreet about
their wealth, "in Dubai, wealth is not hidden; it has become normal,"
allowing them to "live freely."
This trend is
reinforced by Dubai’s image as a hub for social media influencers who showcase
the city's luxurious offerings. The emirate boasts massive shopping malls, an
indoor ski slope, the world's tallest skyscraper, and the first self-proclaimed
7-star hotel.
Most of Coady’s
clients relocating to the UAE are in their 30s and 40s and include tech
founders, second-generation business owners, consultants, and fund managers.
One client, the 42-year-old founder of a cloud software company, moved from the
UK over fears of future taxes on the sale of his business. The UK is expected
to lose a record 16,500 millionaires this year, according to Henley &
Partners, amid impending changes to tax and inheritance laws, including
tightening rules for "non-domiciled" residents.
"We are all
looking for a better lifestyle," said Max Maxwell, CEO of real estate
development firm PADCo, on the "Building Wealth Without Borders"
podcast. "Let's say you pay $10,000 a month to live here [in Dubai]...
that amount gives you a better lifestyle than what we were used to [in the
United States]."
Philip Amarante of
Henley & Partners in Dubai explained that the wealthy are seeking to
preserve their wealth and lifestyle while running their businesses with
"little bureaucracy." He added that the UAE's message is simple
and clear: "We are open for business."
Faisal Durrani, Head
of Middle East Research at real estate consultancy Knight Frank, said the new trend is that the wealthy are
bringing their entire ecosystems with them. "High-net-worth individuals
from around the world are bringing their families, their businesses, and their family offices to Dubai. This is new," he said.
Dubai now ranks among
the top 20 wealthiest cities globally, hosting approximately 81,200
millionaires and 20 billionaires. The city's luxury real estate market is booming. Last year, 435 properties sold
for $10 million or more—surpassing New York and London combined.
Despite the high
demand, prices remain relatively affordable compared to other global hubs.
Durrani noted that while buyers from places like Monaco or Switzerland might be
looking for a $100 million luxury apartment, "in Dubai, you can buy an
entire building for that amount."
