In a recent report by Savills, Dubai and Abu Dhabi have been recognized as the leading global destinations for high-net-worth individuals (HNWIs) seeking relocation. This accolade is attributed to —
- the cities’ favorable tax regulations
- an unparalleled quality of life that appeals to the ultra-wealthy
Both cities have become magnets for HNWIs, with Dubai alone boasting over 81,000 millionaires as of 2024. The influx of wealth is expected to drive approximately $4.4 billion in real estate investments in Dubai by the end of the year, highlighting the robust demand for luxury properties.
The UAE’s strategic location, coupled with its business-friendly environment, has made it an attractive hub for global investors and entrepreneurs.
One of the key factors contributing to this trend is the UAE’s tax regime, which includes no personal income tax and low corporate tax rates. This financial landscape allows HNWIs to retain more of their wealth, making it an appealing choice for investors who want to maximize their financial potential. Furthermore, the UAE government has implemented various initiatives to enhance the ease of doing business, such as —
- streamlined visa processes
- incentives for foreign investors
In addition to financial benefits, the quality of life in Dubai and Abu Dhabi is a significant draw. Both cities offer a blend of —
- modern amenities
- cultural experiences
- recreational opportunities
From world-class dining and shopping to stunning architecture and vibrant nightlife, the lifestyle options are abundant. Moreover, the following factors enhance the appeal of these cities to affluent expatriates —
- safety
- cleanliness
- excellent healthcare systems
The recent surge in HNWI relocations is also reflected in the real estate market, where luxury properties are in high demand. In the first quarter of 2024 alone, over 100 homes priced above $10 million were sold in Dubai, indicating a thriving market for high-end real estate.
As the global population of ultra-wealthy individuals is projected to double by 2035, Dubai and Abu Dhabi are well-positioned to continue attracting HNWIs seeking a prosperous and fulfilling lifestyle. With their unique combination of tax advantages and high living standards, these cities are set to remain at the forefront of global wealth migration.
