Dubai continues to dominate global wealth migration, firmly establishing itself as a top destination for high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) seeking financial security, business opportunities, and an exceptional quality of life. According to the Henley Private Wealth Migration Report 2024 by Henley & Partners, the UAE is expected to welcome over 6,700 millionaires this year—more than any other country in the world. This surge in wealth migration reflects Dubai’s growing appeal as a safe, tax-efficient, and strategically positioned hub for global investors.
One of Dubai’s biggest draws is its favorable tax environment. Unlike many Western countries where taxation on income, capital gains, and inheritance is on the rise, Dubai offers zero personal income tax, no capital gains tax, and no inheritance tax. This creates an ideal setting for wealth preservation and growth, making it particularly attractive to entrepreneurs, business owners, and investors with international assets.
Beyond its tax advantages, Dubai is backed by a strong economy and forward-thinking leadership. The Dubai Economic Agenda ‘D33’, designed to double the economy by 2030, highlights the emirate’s commitment to fostering innovation, infrastructure development, and business-friendly policies. With significant investments in technology, sustainability, and digital transformation, Dubai is positioning itself as a global powerhouse for business and investment. This long-term vision ensures economic stability and growth, making it an even more attractive destination for those looking to relocate.
However, Dubai’s appeal extends far beyond economics. The city is known for its world-class lifestyle, safety, and cultural diversity, offering residents access to luxury real estate, premier healthcare, top-tier education, and a thriving international business environment. It is also consistently ranked as one of the safest cities in the world, providing a secure and stable environment for families and investors alike.
Additionally, the UAE’s Golden Visa program has made long-term residency more accessible than ever. With options for investors, entrepreneurs, and skilled professionals, it offers a streamlined pathway to residency, allowing expatriates to establish themselves in a country that not only safeguards their wealth but also provides a thriving, opportunity-rich environment.
As economic uncertainty and rising taxation continue to prompt wealth migration worldwide, Dubai stands out as a premier destination for those seeking stability, financial efficiency, and long-term prosperity. Whether you're considering relocation for wealth preservation, investment opportunities, or lifestyle benefits, Dubai offers a unique combination of advantages that make it a top choice for global HNWIs and UHNWIs. Let us explore further to understand why Dubai continues to attract the world’s wealthiest individuals and how it could be the perfect place for you.
How Dubai Surpasses Other Global Wealth Hubs
Henley & Partners' findings indicate that the UAE has consistently ranked among the most attractive destinations for wealth migration. With 6,700 millionaires expected to relocate in 2024, the UAE is outpacing traditional financial centers and reinforcing its status as a global wealth hub.
What sets Dubai apart from long-established destinations like Switzerland, Monaco, and Singapore is its proactive approach to wealth migration. While many Western nations are increasing taxation and tightening financial regulations, Dubai continues to welcome high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) with open arms. The emirate offers an unmatched combination of zero personal income tax, capital gains tax exemptions, and inheritance tax relief, creating an optimal environment for wealth preservation.
Additionally, unlike some financial hubs where economic policies are slow to adapt, Dubai’s leadership continuously introduces reforms to enhance its business-friendly climate. The UAE Golden Visa program and streamlined residency pathways for investors make it easier than ever for expatriates to establish long-term roots. Meanwhile, world-class infrastructure, a high standard of living, and unparalleled global connectivity make Dubai not just a financial haven but also a desirable place to call home.
In contrast to cities like London or New York, where rising crime rates and political instability have become concerns for affluent individuals, Dubai provides a safe, stable, and strategically positioned base. It offers the best of both worlds—a thriving financial ecosystem and an exceptional lifestyle—making it a highly compelling destination for wealth expatriation in 2024 and beyond.
Dubai’s Economic Strength and Strategic Vision
One of the key drivers behind Dubai’s growing appeal to HNWIs and UHNWIs is its economic resilience and ambitious long-term strategy. The Dubai Economic Agenda ‘D33’ is a bold initiative designed to double the city’s economy by 2030, positioning it among the world’s top three cities for investment, business, and quality of life. This plan includes major investments in infrastructure, innovation, and digital transformation, reinforcing Dubai’s role as a global hub for finance, commerce, and technology.
Complementing Dubai’s rapid economic growth, Abu Dhabi’s Economic Vision 2030 plays a crucial role in strengthening the UAE’s overall economic stability. While Dubai thrives as a fast-paced business and financial powerhouse, Abu Dhabi provides additional economic depth with a focus on diversification, sustainable development, and industrial growth. The emirate’s emphasis on advanced industries, financial services, and energy innovation helps create a balanced, future-proof economy that further enhances investor confidence in the UAE as a whole.
The combination of these strategies has helped position the UAE as a leading destination for global wealth migration. Strong economic indicators further underscore this strength:
The World Bank projects UAE GDP growth at 3.9% in 2024 and 4.1% in 2025, reflecting steady expansion.
Fitch Ratings has assigned the UAE a strong ‘AA-’ long-term credit rating, highlighting economic stability and fiscal strength.
Dubai remains one of the fastest-growing financial and commercial centers worldwide, attracting top-tier investors, multinational corporations, and entrepreneurs.
With Dubai’s high-growth environment and Abu Dhabi’s economic depth, the UAE offers a uniquely stable, diversified, and opportunity-rich setting for wealth expatriation, making it a top choice for investors seeking long-term security and growth.
Geographic Advantage and Global Connectivity
Dubai’s strategic location between East and West is another major factor attracting wealthy expatriates. The UAE serves as a global trade and investment gateway, connecting Asia, Europe, and Africa through its world-class infrastructure.
Jebel Ali Port, the 12th largest port globally, facilitates international trade across key shipping routes.
Emirates and Etihad Airways provide unmatched air connectivity, making Dubai an ideal base for global business operations.
Free trade agreements with key markets, including the UAE-India Comprehensive Economic Partnership Agreement (CEPA), further enhance business and investment opportunities.
Favorable Tax Environment and Wealth Protection
Tax efficiency is one of the biggest motivators for HNWIs and UHNWIs choosing Dubai as their new home. In contrast to many Western countries that are increasing wealth taxes and tightening financial regulations, the UAE offers a stable, predictable, and highly advantageous tax framework, which includes:
Zero personal income tax, allowing individuals to retain more of their earnings and investments.
No capital gains tax, ensuring that profits from investments, businesses, and real estate remain fully intact.
No inheritance tax, enabling families to transfer wealth to the next generation without the burden of excessive taxation.
This tax-friendly environment is particularly appealing to entrepreneurs, business owners, and investors with international assets. In many developed nations, rising capital gains taxes, inheritance duties, and global income taxation policies are putting increased pressure on wealth preservation. By contrast, Dubai provides a regulatory landscape that supports long-term financial growth and wealth security, making it an attractive alternative for those looking to safeguard their assets.
Beyond tax advantages, Dubai offers additional layers of financial security. The emirate is home to one of the most sophisticated financial ecosystems in the world, featuring a robust banking system, access to global financial markets, and a strong legal framework for wealth protection. For HNWIs and UHNWIs with cross-border wealth management needs, Dubai provides a jurisdiction where they can strategically structure their investments, businesses, and estates without the risks of overregulation or economic instability.
As more countries introduce wealth taxes, stricter financial disclosure requirements, and inheritance levies, Dubai’s business-friendly and investor-oriented policies continue to position it as a leading global hub for wealth migration. For those looking to optimize their tax liabilities while maintaining financial flexibility, Dubai remains an unmatched destination for wealth expatriation and long-term asset protection.
The Golden Visa: A Game-Changer for Investors
The UAE’s Golden Visa program has significantly boosted its appeal as a destination for wealthy expats. This long-term residence visa is available to:
Real estate investors who purchase property worth at least AED 2 million (~USD 550,000)
Entrepreneurs and skilled professionals in key sectors
Business owners and foreign investors
With 10-year renewable residency, the Golden Visa ensures a secure and stable future for HNWIs and their families. It eliminates the uncertainty of traditional work visas, providing greater freedom for long-term financial planning.
Dubai’s Thriving Real Estate Market
The luxury real estate market in Dubai continues to thrive, making it a top investment choice for global wealth. In 2023:
1.6 million real estate transactions were recorded, a 16.9% increase from the previous year.
The total value of these transactions surpassed USD 173 billion, growing 20% year-over-year.
Non-resident investors accounted for 42% of new property owners.
With high rental yields, tax-free capital gains, and a strong demand for premium properties, Dubai remains one of the most attractive real estate markets for wealth expatriation.
Political Stability, Safety, and Quality of Life
For wealthy expatriates, political stability and personal safety are critical when selecting a new residence. The UAE ranks among the safest countries in the world, with both Dubai and Abu Dhabi offering a secure environment for residents and investors. Dubai, in particular, is recognized for its low crime rates, efficient law enforcement, and strong regulatory framework, making it a highly attractive destination for those seeking both safety and financial security. Meanwhile, Abu Dhabi is frequently rated as the safest city globally, reinforcing the UAE’s reputation as a haven for high-net-worth individuals.
Dubai offers a high quality of life, with:
World-class healthcare and education
A diverse and cosmopolitan culture with over 200 nationalities
Luxury lifestyle amenities, from fine dining to exclusive private clubs
State-of-the-art infrastructure and smart city innovations
Additionally, Dubai’s commitment to sustainability, digital transformation, and innovation ensures its long-term appeal as a global financial hub.
Conclusion: Final Takeaways from the Henley Private Wealth Migration Report 2024
Henley & Partners’ latest findings reaffirm that Dubai is the premier destination for wealth expatriation in 2024. With its tax-friendly policies, economic strength, global connectivity, and high quality of life, the UAE continues to attract the world’s wealthiest individuals.
As more high-net-worth investors relocate to Dubai, the city’s reputation as a wealth haven will only grow, solidifying its position as a global leader in private wealth migration.
For investors and families seeking financial security, tax efficiency, and long-term prosperity, Dubai remains an unparalleled choice.
For tailored guidance on wealth expatriation, book a consultation to develop a tax-efficient strategy that aligns with your residency, assets, and long-term financial goals.
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