12.5% Increase in Luxury Car Prices
17.4% Rise in Residential Real Estate Prices
142,000 Millionaires Expected to Move Abroad
A significant global shift is underway, with the United Arab Emirates (UAE) at the forefront. Experts from Henley & Partners estimate that approximately 142,000 millionaires will relocate internationally by 2025. Among them, the UAE is predicted to welcome the largest share, with a net migration of 9,800 millionaires who are expected to bring an estimated $63 billion in investable wealth.
Dr. Jörg Stephen, the CEO of Henley & Partners, described this trend in the company’s report titled “The Great Wealth Escape” as the largest voluntary transfer of private wealth in modern history, indicating a profound shift in economic influence. Countries are now in competition not just for talent but also for the wealth that accompanies it.
According to a report by Gulf Business, Dubai and Abu Dhabi have long been magnets for global capital. However, in recent years, the UAE has elevated its appeal to unprecedented levels. Tax incentives, a lack of income tax, and business-friendly regulations have made the country an attractive base for investors, entrepreneurs, and global citizens.
Vishwajit Patil, Chief Executive Officer of Nuvama Private DIFC, mentioned during a recent Gulf Business investment trends discussion that clients consider five key factors when contemplating a move: geopolitical stability, health and education infrastructure, cost of living and lifestyle, geographic location and global connectivity, and the ease of starting a business and securing residency. Dubai excels in all of these areas.
Patil, whose firm expanded operations to Dubai in 2024, pointed out that the emirate’s appeal lies in its efficiency and strategic position. He noted, “Whether it’s the speed of obtaining golden visas, access to top-tier healthcare and education services, or the flexibility of governmental systems, the UAE offers an unparalleled level of service and speed.”
Lifestyle Trends
This trend is reflected not only in migration statistics but also in luxury consumption indicators. The “Global Wealth and Lifestyle Report 2025” by Julius Baer lists Dubai as the seventh most expensive city globally, surpassing cities such as London, Monaco, and Zurich.
Newly arriving wealthy individuals are significantly boosting demand for luxury goods and services; luxury car prices have risen by 12.5%, while residential real estate has seen a 17.4% increase. Currently, Dubai offers more than double the luxury residential space per dollar compared to London, making it an attractive option for the affluent considering relocation.
Rishabh Saxena, Managing Partner at Julius Baer, who specializes in global asset classes, stated, “Dubai is not only growing; it is redefining the future of urban living. Its exceptional infrastructure, luxurious properties, and status as a vibrant hub for global citizens have made it a premier destination.”
This growth aligns with a long-term vision, as the Dubai Economic Agenda D33 aims to double the economy by 2033, while the city’s luxury infrastructure evolves into a comprehensive system catering to longevity.
The financial ecosystem in the UAE is also transforming alongside global wealth shifts, with Dubai and Abu Dhabi aiming to solidify their positions as trusted centers for wealth management and family offices.
Shahryar Rasool, CEO of Wealth Management at Habib Zurich Bank, noted, “We are experiencing continuous growth in the Dubai International Financial Centre, which has become a focal point for our clients. We opened our branch there in 2022 to enhance engagement and provide tailored wealth management and estate planning solutions.”
Tim Denton, the bank’s executive director at the financial center, emphasized that recent legislative changes, such as the adoption of common law principles in both the Dubai International Financial Centre and Abu Dhabi Global Market, represent a significant advancement in estate planning and business continuity. He remarked, “The leadership’s vision in the UAE to implement such legislation is commendable; we have transitioned from a challenging environment for these matters before 2020 to one that allows for clear and effective planning.”
Foundation Stone
The golden visa program is a cornerstone of the UAE’s strategy to attract talent and wealth. Launched in 2019 and updated in 2022, the program offers flexible residency options for five or ten years based on real estate investments, entrepreneurship, and specialized skills.
Participants in the Gulf Business session emphasized the need for the UAE to maintain its leading position by implementing proactive and competitive policies, and so far, it is widely agreed that the nation excels in this regard.
Data from Henley & Partners supports this assertion, placing the UAE second among the most sought-after countries for applicants to investment migration programs, following the United States. This indicates a clear commitment rather than mere superficial interest, and according to Julius Baer, Dubai has seen a 102% increase in the number of high-net-worth individuals over the past decade.
Capital Migration
As the UAE benefits from an influx of wealth, other countries face capital flight, with the United Kingdom expected to lose 16,500 millionaires this year, marking its largest recorded loss due to policies such as the cancellation of the Tier 1 investor visa and changes in tax residency rules for non-residents.
The United States, however, still retains strong appeal due to its entrepreneurship-supportive environment, with around 7,500 millionaires projected to relocate there in 2025. An expected 165,000 millionaires could be on the move annually by 2026, indicating that this dynamic is evolving rapidly. As Rishabh Saxena from Julius Baer highlighted, “Dubai is not simply growing; it is reimagining the future of urban living, and in a world where wealth moves quickly, that could be the most significant advantage for the UAE.”
Advantages of the UAE
1. Geopolitical Stability
2. Health Infrastructure
3. Cost of Living and Lifestyle
4. Geographic Location
5. Ease of Business Establishment
6. Golden Visas
7. Tax Incentives
8. Flexibility of Government Regulations