Why Multi-Millionaires Flock to UAE Cities

Why Are So Many Multi-Millionaires Moving to Dubai and Abu Dhabi?

In recent years, the map of global wealth movements has undergone a remarkable transformation. An increasing number of the world's wealthiest individuals are choosing to relocate to the two most crucial cities of the United Arab Emirates: Dubai and Abu Dhabi. According to a recent study, the number of multimillionaires—individuals with at least 100 million USD—could double in these emirates over the next decade. But what lies behind this extraordinary influx?

Why Are the World's Wealthiest Choosing the UAE?

A recent study by global real estate advisor Savills indicates that Dubai and Abu Dhabi are currently the most attractive destinations globally for high net worth individuals (HNWIs). The two cities offer advantages not only in financial incentives but also in terms of quality of life, climate, security, and business environment.

Currently, Dubai is home to 81,200 millionaires, including 237 multimillionaires and 20 billionaires, as reported by Henley & Partners in their latest study. The number of extremely wealthy residents in Abu Dhabi is also steadily increasing: 75 multimillionaires currently reside in the capital, and this number could more than double over the next decade.

Dubai and Abu Dhabi: New Wealth Hubs

In the past year, Dubai has been the most dynamically advancing city in the world's top 50 wealthiest cities ranking list, jumping from 21st to 18th place. This clearly shows that the emirate is quickly becoming one of the world's most significant hubs for global wealth.

But it's not just personal wealth that's flowing in. According to Savills' dynamic wealth index, Abu Dhabi and Dubai are among the most attractive cities for corporate capital, family offices, and sovereign wealth funds. Abu Dhabi ranks 5th, while Dubai ranks 11th in terms of corporate investment and business development.

What Makes the UAE So Attractive to Millionaires?

1. Tax Benefits:

The UAE's tax system is highly favorable for both individuals and corporations, with low or zero income tax, simple administration, and a transparent regulatory environment being major draws.

2. Excellent Quality of Life:

Alongside high-level infrastructure, security, healthcare, and education, Dubai and Abu Dhabi offer an exceptional living environment, made even more appealing by the desert climate and coastal lifestyle.

3. Stability and Security:

Amid geopolitical and economic uncertainties, the UAE is considered an extremely stable and secure location. This is a crucial factor for investors aiming to preserve their wealth.

4. Innovative Economic Policy:

Governmental reforms and economic diversification, particularly reducing oil dependency, create opportunities that continue to attract new waves of capital and entrepreneurship.

Real Estate Market Boom

Demand is not only noticeable in the investment sector but also in the real estate market. In 2024, the value of premium residential properties in Dubai increased by 6.8%. The office market is also thriving, as businesses moving here require new office spaces—particularly in the financial and technology sectors.

Abu Dhabi's Special Role

While many focus on Dubai, Abu Dhabi has also become a remarkable player. Its sovereign wealth funds, which are among the largest globally, have attracted global family offices and multinational companies, further invigorating the city's office and luxury housing market.

Thus, the capital of the emirate has become one of the most significant hubs for both personal wealth and corporate capital.

Summary

Increasing numbers of multimillionaires and businesses are choosing Dubai and Abu Dhabi as their new home. Their decision is influenced not only by tax benefits but also by exceptional quality of life, economic stability, and forward-looking governmental policy. The UAE is rapidly becoming both a safe haven for wealth and one of the most important meeting points for the global business elite—and this trend seems set to strengthen over the next decade.

(The article is sourced from Savills' recent global real estate advisory research.)