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A silent but powerful global shift is underway, and the UAE is at its centre. In 2025, an estimated 142,000 millionaires will relocate across borders, according to citizen advisory experts Henley & Partners. Of those, the largest share — a net 9,800 — will move to the UAE, bringing with them around $63bn in investable wealth.
“This mass movement of millionaires represents the largest voluntary transfer of private capital in modern history,” said Dr Juerg Steffen, CEO of Henley & Partners, in the firm’s Great Wealth Flight report.
He describes the trend as a “profound shift in economic influence,” with countries now competing not just for talent, but for the fortunes that follow it.
Nowhere is that competition more evident than in the UAE.
A magnet for mobile wealth
Dubai and Abu Dhabi have long attracted global capital, but in recent years, the Emirates has taken that appeal to new heights. A zero-income tax regime, pro-business regulation, and geopolitical neutrality have created a compelling base for entrepreneurs, investors and global citizens alike.
“This is not just about favourable tax,” said Vishwajit Patil, senior executive officer at Nuvama Private DIFC, during a recent Gulf Business investment trends panel.
“When evaluating relocation destinations, clients typically consider five key pillars: geopolitical stability; healthcare and education infrastructure; cost of living and lifestyle; strategic location and connectivity; and ease of business setup and residency options. In all these aspects, Dubai stands out.”
Patil, whose firm expanded into Dubai in 2024, said the emirate’s appeal lies in its efficient systems and strategic positioning.
“Whether it’s the efficiency of the Golden Visa process, access to top-tier healthcare and education, or the agility of government systems: the UAE offers an unmatched level of service and speed,” he said.
The lifestyle pull
For emirates such as Dubai, this surge isn’t just reflected in migration statistics: it’s showing up in luxury consumption data, too. The Julius Baer Global Wealth & Lifestyle Report 2025 ranks Dubai seventh globally for the cost of living, well ahead of London, Monaco, and Zurich.
Affluent newcomers are driving sharp increases in demand for high-end goods and services. Prices for luxury cars jumped 12.5 per cent. Residential property surged 17.4 per cent. Notably, Dubai now offers more than double the prime residential space per dollar compared to London, making it an appealing choice for relocating HNWIs.
“Dubai is not only growing; it is shaping the future of urban living,” said Rishabh Saksena, co-head Global Asset Class Specialists at Julius Baer.
“It’s exceptional infrastructure, luxurious real estate, and status as a thriving hub for global citizens have firmly established it as a top destination.”
That growth is backed by long-term vision. The city’s D33 economic agenda aims to double the size of the economy by 2033, while its wellness infrastructure is evolving into a full-fledged longevity ecosystem. With the over-60 population expected to grow by 29 per cent by 2050, Dubai is investing in residential biosensor tech, AI-driven health solutions, and future-proof healthcare.
A global hub for family offices
The UAE’s rise is also transforming its financial ecosystem. As wealth shifts globally, Dubai and Abu Dhabi are positioning themselves as trusted anchors for family offices and asset management.
According to Sheheryar Rasul, CEO Group Wealth Management at Habib Bank AG Zurich, “We see continued growth in Dubai International Financial Centre, as it becomes the epicentre of client activity. To this effect, we opened our DIFC branch back in 2022 to improve and enhance our client engagement.”
The Dubai International Financial Centre (DIFC) has experienced rapid evolution. Habib Bank AG Zurich, which offers bespoke advice to help HNW and UHNW clients navigate wealth structuring and succession planning, has seen the benefits of these changes first-hand.
Tim Denton, senior executive officer of the bank’s DIFC branch, said: “Recent changes in the UAE in the form of common law foundations in the DIFC and ADGM have made an enormous step forward in terms of succession planning for UAE businesses. The vision of the rulers of the UAE in enabling such legislation is to be applauded, as it has moved the UAE from a situation before 2020, where succession planning and business continuity were a huge challenge, to a situation now where robust planning is readily available.”
Golden Visas and beyond
The foundation of the UAE’s migration strategy is its Golden Visa programme. Introduced in 2019 and revamped in 2022, the scheme offers five- and ten-year residency options tied to property investment, entrepreneurship, and talent.
Speakers at the Gulf Business panel further agreed that the UAE must continue to attract both locals and internationals by remaining competitive and forward-thinking. But they agreed that so far, it’s done that well.
Henley & Partners data supports this. The UAE ranks as the second most popular “address country” among its investment migration applicants, trailing only the US: a sign not just of interest, but of commitment.
Indeed, Dubai’s HNWI population has grown by 102 per cent over the past decade, according to Julius Baer.
Britain’s Wexit, America’s paradox
While the UAE enjoys a windfall of wealth, others are experiencing capital flight. The UK is forecast to lose 16,500 millionaires this year, the largest net outflow ever recorded. Policy changes, including the closure of the Tier 1 investor visa and reforms to the non-dom tax regime, have accelerated the exodus.
The US, meanwhile, continues to attract millionaires with its entrepreneurial ecosystem, drawing a projected 7,500 in 2025.
With 165,000 millionaires expected to migrate annually by 2026, the landscape is shifting fast.
As Julius Baer’s Rishabh Saksena puts it, “Dubai is not only growing — it is shaping the future of urban living.” And in a world where capital moves quickly, that may be the UAE’s greatest asset.
