The UAE is set to welcome a record-breaking 9,800 millionaire migrants in 2025, according to the latest Wealth Migration Report by Henley & Partners in collaboration with New World Wealth. This influx places the Emirates at the top of the global list for attracting high-net-worth individuals (HNWIs), thanks to its tax-free environment, regulatory improvements, and golden visa schemes.

Significant interest is coming from regions such as the UK, India, Russia, Southeast Asia, and Africa, reinforcing the UAE’s appeal as a top wealth haven.

The US ranks second, projected to attract 7,500 millionaire migrants by the end of the year. Meanwhile, Saudi Arabia is showing the largest growth this year, with 2,400 new wealthy residents expected—driven by both returning citizens and foreign investors settling in cities like Riyadh and Jeddah.

On the flip side, the UK is anticipated to lose about 16,500 millionaires in 2025, marking the biggest net outflow recorded by any country over the past decade. This trend is linked to recent tax reforms and growing concerns about the country’s long-term financial appeal. China, previously leading in millionaire departures for years, is projected to see a loss of 7,800 millionaires this year.

A global total of 142,000 millionaires are expected to relocate internationally in 2025.

UK's Position Declines

For the first time in a decade, a European country tops the list for millionaire outflows, said Juerg Steffen, CEO of Henley & Partners. This trend reflects not just tax changes, but a broader perception shift among the wealthy—who now see greater opportunity and stability abroad. The long-term consequences for the UK and Europe’s economic competitiveness could be serious.

Dubai and Abu Dhabi rank among the top five global relocation spots for wealthy individuals, driven by their quality of life and attractive tax incentives, according to a recent Savills report.

Dubai has seen a significant jump in wealthy residents over the past 10 years. In 2024, the city was home to around 81,200 millionaires, 237 centimillionaires, and 20 billionaires—up from 72,500 millionaires, 212 centimillionaires, and 15 billionaires in 2023.

Following the Brexit referendum, the UK shifted from being a magnet for wealth to becoming a net exporter of millionaires. The October 2024 UK budget introduced major tax hikes, including on capital gains and inheritance, and new rules targeting non-domiciled residents took effect in April—fueling what some are calling a Wexit (wealth exit).

Many wealthy individuals are now turning to jurisdictions with friendlier tax regimes like the UAE, Monaco, and Malta, or lifestyle-focused destinations such as Portugal, Italy, Greece, and Switzerland.

“High-earning professionals are increasingly choosing emerging wealth hubs like Dubai, Florida, Milan, Lisbon, St Julian’s, the Athenian Riviera, Zug, and Lugano,” the report highlighted.

On a global scale, Montenegro saw the highest millionaire population growth over the past decade—up by 124%. It was followed by Malta with 87% growth and Latvia with 70% between 2014 and 2024.

Original Source: https://www.thenationalnews.com/business/money/2025/06/24/uae-millionaires-dubai/