Dubai and Abu Dhabi preferred locations for ultra-rich people and companies

The National

14-04-2025

Dubai and Abu Dhabi lead the top five preferred global locations for high-net-worth individuals (HNWIs) looking to relocate, driven by personal tax incentives and a good quality of life, global real estate consultancy Savills has found. Singapore, Zurich and Auckland round up the remaining top five cities for individuals to move to, according to the Savills Dynamic Wealth Index. The UAE capital also ranked among the top five places for corporate relocations based on corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases, the consultancy found. Abu Dhabi came fifth, below Singapore, Seoul, New York and London. 'Alongside proactive UAE government initiatives designed to attract wealth and businesses, policy shifts in other countries are prompting relocations,' Rachael Kennerley, director of research at Savills Middle East, told The National. 'For example, [investment migration advisory firm] Henley & Partners reported net outflow of 10,800 HNWIs from the UK in 2024. It's a balance of push factors abroad and pull factors within the UAE.' The number of millionaires living in Dubai has doubled in the past decade, making it one of the world's fastest growing wealth hubs, a recent report found. The World's Wealthiest Cities Report 2025, prepared by New World Wealth for Henley & Partners, also shows a shake-up of the traditional order, with millionaires leaving London in their thousands. Their departure comes alongside changes to the tax status of non-doms – people who live in Britain but whose permanent home for tax purposes is outside the UK. Dubai now has 81,200 millionaires, 237 centimillionaires, whose wealth is in the hundreds of millions, and 20 billionaires, according to the data published on April 9, which is for 2024, in US dollars. The previous year, there were 72,500 millionaires, 212 centimillionaires and 15 billionaires. In the past decade, there has been a 102 per cent increase in the number of millionaires in Dubai. Only the Chinese cities of Shenzhen and Hangzhou have recorded higher growth, of 142 per cent and 108 per cent, respectively. The UAE attracts more migrating millionaires than any other country, according to previous data from Henley & Partners. Almost twice as many millionaires moved to the UAE last year than to the next most popular country, the US. 'Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate,' said Paul Tostevin, director of Savills World Research. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals, and will continue to play a major role, but a sense of place and a high quality of living are progressively the deciding factor when making location decisions.' For corporates, Abu Dhabi and Dubai feature among the top 12 cities globally, driven by strong business environments, low taxation and rising levels of FDI, according to Savills. The country's golden visa programme, which has expanded residency options, a good lifestyle offering, excellent health care and education, safety, and a strategic location and connectivity, have also enhanced its appeal, Ms Kennerley said. 'Technology remains the biggest driver of new wealth,' she added. "Attracting and growing a thriving tech ecosystem will further strengthen the UAE's competitiveness and appeal to the next generation of global investors and entrepreneurs." The country's projected economic growth, at 4.5 per cent for 2025, is also a key driver. 'While prime residential prices in Dubai and Abu Dhabi have seen strong growth, they still represent good value compared to other global cities,' Ms Kennerley pointed out. 'On a price per square foot basis, Dubai remains more affordable than cities such as London, New York and Hong Kong. Despite leading global rankings in terms of price growth, prime property in Dubai continues to offer relatively attractive entry points for HNWIs.' Six of the top 12 locations feature in both the corporate and individual dynamic wealth indexes. Businesses want to be in places that can provide the necessary talent to sustain them, following skilled workers who tend to prioritise a better quality of life, Savills said. 'Abu Dhabi's sovereign wealth has attracted connected family offices and global corporates,' Ms Kennerley said. "In turn, this has stimulated office demand and the luxury residential market."