6,700 Millionaires Relocated to the UAE in 2024 – What’s Fueling the Shift?
Amie Roberts • July 1, 2025
Introduction: A New Global Wealth Hub
In 2024, the UAE welcomed an estimated 6,700 new millionaires, with projections suggesting that number will rise in 2025. This wave of affluent individuals isn’t just boosting property sales—it’s transforming the Emirates into one of the world’s leading wealth destinations.
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For business owners and professionals looking for growth, security, and tax advantages, this trend is more than a headline—it’s a roadmap.
Why Are Millionaires Choosing the UAE?
High-net-worth individuals (HNWIs) are drawn to the UAE for several key reasons:
- No income tax, capital gains tax, or inheritance tax
- Golden Visa programmes offering long-term, flexible residency
- Stable political and economic environment
- Strategic location—ideal for global business and travel
Strong infrastructure—from luxury property to global-standard healthcare and education
In a world where fiscal scrutiny is tightening, the UAE offers a rare combination: financial freedom and lifestyle appeal.
Where Are They Coming From?
The UAE is attracting millionaires from a range of countries, including:
- The UK and Western Europe
- Russia and the CIS region
- India, Pakistan, and other parts of South Asia
- Sub-Saharan Africa
- North America, especially those seeking secondary residence options
This diverse group reflects a global desire for geographic diversification, asset protection, and new opportunities in low-tax jurisdictions.
Where Are They Settling?
The most popular destinations within the UAE for relocating millionaires include:
- Dubai – Specifically Palm Jumeirah, Downtown, Dubai Hills Estate, and Emirates Hills
- Abu Dhabi – Saadiyat Island, Al Reem Island, and Yas Island
- Sharjah and Ras Al Khaimah – Emerging as alternatives offering lower costs and strong ROI
These areas are attractive for both residential living and investment, offering freehold ownership, security, and easy access to international airports and business hubs.
What’s Driving the Investment?
Many of these millionaires are not just moving for lifestyle reasons—they’re also investing. Key trends include:
- Luxury property acquisition as a store of value
- Business relocation or the opening of new ventures in the UAE
- Family offices being established in Dubai and Abu Dhabi
- Investment in startups, tech, crypto and sustainable industries
The UAE’s ease of doing business, absence of restrictions on foreign ownership, and progressive visa policies make it a natural choice for wealthy individuals looking to combine personal and commercial goals.
What It Means for Existing Businesses
The influx of high-net-worth residents creates demand for:
- Private banking and wealth advisory services
- Luxury goods and concierge offerings
- Education and healthcare at premium levels
- Custom property development and management
- Corporate services like tax structuring, trust setup, and business formation
If you're already operating in one of these sectors—or considering a UAE expansion—this migration wave offers a ready-made audience of affluent, mobile, and motivated clients.
Conclusion: A Defining Moment for the UAE
With 6,700 new millionaires choosing the Emirates in just one year, the UAE has moved from regional powerhouse to global wealth destination. For those looking to move a business, establish a base, or simply secure long-term residency, the message is clear:
Follow the capital. It’s heading to the UAE.
At Mosaic Chambers Group, we support clients across borders—not only in the UAE, but around the world. With hubs in both Dubai and the UK, our relocation and corporate services extend globally, making us the trusted partner for businesses serious about long-term growth. Get in touch below to find out more.
Introduction After years of deferrals, HMRC has confirmed over the weekend that Making Tax Digital for Income Tax Self Assessment (MTD‑ITSA) mandation dates will not be delayed further. From April 2026, qualifying taxpayers will be required to comply, marking the first genuinely irreversible phase of the reform. Background and context MTD‑ITSA has been repeatedly postponed due to software readiness, agent capacity, and political sensitivity. However, HMRC’s latest update – reported across professional tax press and echoed by senior HMRC officials on LinkedIn – signals that operational tolerance has ended. The UK government now views MTD as compliance infrastructure, not an optional digital upgrade. Technical analysis MTD‑ITSA applies to individuals with: Trading income, and/or UK property income exceeding the £10,000 gross threshold. Requirements include: Quarterly digital updates End of Period Statements (EOPS) Final Declarations Crucially, quarterly updates are informational, not tax‑calculating. However, errors now surface within‑year, fundamentally changing enquiry dynamics. Practical and commercial implications Accountants face workflow compression, while unrepresented taxpayers face steep learning curves. Businesses relying on spreadsheets without bridging solutions are now exposed. Risks and common mistakes Assuming MTD replaces Self Assessment entirely Believing quarterly updates determine tax due Leaving software onboarding too late Conclusion MTD‑ITSA is no longer theoretical. It is imminent, mandatory, and operationally unforgiving. Final thoughts This is not a tax change, but it will change tax behaviour. Call to action If you have trading or property income, confirm your MTD status now and migrate systems before April 2026. If you have any queries over MTD, or any UK or UAE tax matters, then please get in touch.
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