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.
In 2024, the UAE welcomed an estimated 6,700 new millionaires, according to real estate and wealth intelligence sources. These figures are expected to climb even higher in 2025. But this isn’t just a headline; it reflects a deep shift in how high-net-worth individuals (HNWIs) think about residency, taxation, and security in a changing world. Who’s Moving to the UAE? The UAE is attracting an increasingly diverse profile of HNWIs: Tech founders from Europe and Asia Crypto investors and digital asset managers Family businesses from India, Pakistan, and Africa Wealthy retirees from the UK and Europe What unites them is a desire for tax-efficient living, political stability, and lifestyle quality. Why Are They Choosing the UAE? Zero income, inheritance, and capital gains tax High-end real estate ownership with 100% foreign ownership rights Fast-tracked long-term residency via the Golden Visa programme World-class schools, hospitals, shopping and safety Connectivity: 8-hour reach to over two-thirds of the world’s population Compared to tightening tax rules in Europe or instability in other regions, the UAE offers a compelling base. Real Estate: The Preferred Asset Dubai and Abu Dhabi’s property markets have responded accordingly: Surge in prime property sales in Palm Jumeirah, Downtown, Emirates Hills Growth in luxury rentals and branded residences Family offices acquiring real estate portfolios as wealth anchors UAE real estate is increasingly viewed not just as a lifestyle purchase, but a strategic asset. Visa and Tax Planning Benefits For global citizens, the UAE offers more than sunshine. It's become a core residency strategy in global tax plans . Families are using: UAE as a non-resident base while limiting exposure to UK or EU tax systems Structures like offshore holding companies, DIFC foundations, and trusts Second passport or dual-residency applications alongside UAE residence Conclusion: UAE as a Global Wealth Safe Harbour The relocation of 6,700 millionaires is no anomaly. It’s part of a global rebalancing, and the UAE is positioning itself as the clear beneficiary. For wealth advisers , lawyers and investors, the trend is clear: more clients are asking how to make the UAE part of their long-term plan. Ready to make the move? Download our expert Relocation Guide for insider insights on moving abroad, managing your wealth, and planning your tax strategy. Want tailored advice? Speak to one of our senior advisors today. We're here to help you relocate with confidence and clarity.
The UK's non-dom tax regime has undergone one of its biggest overhauls in recent history—and the ripple effects are already being felt. With new rules kicking in from April 2025, the Government hoped for a revenue boost. Instead, it’s seeing an exodus of high-net-worth individuals. So, what’s really going on - and more importantly, what should you do about it? What Has Changed? Chancellor Rachel Reeves has scrapped the long-standing "non-dom" (non-domiciled) tax status. Under the new rules: Anyone living in the UK for more than four years will now pay UK tax on their worldwide income and gains. Inheritance tax will also apply globally for long-term residents. Transitional reliefs are being phased in, but the long-term direction is clear: the UK is no longer the tax haven it once was for international wealth. What’s the Impact? Far from delivering the forecasted £3 billion in annual revenue, the policy may actually cost the Treasury money. Why? More than 4,400 directors of UK businesses have already left in the past year. Up to 40% of non-doms are expected to follow. High-profile individuals - such as steel magnate Lakshmi Mittal - are reportedly eyeing exits. If even a quarter of non-doms leave, analysts suggest the government could lose £12 billion instead of gaining revenue. A Possible Policy U-Turn? Faced with this unexpected blowback, the Chancellor is now reconsidering parts of the policy: Inheritance tax rules for non-doms may be softened. A longer transition period for bringing overseas funds into the UK at reduced rates is on the table. New proposals are circulating, from tiered tax bands to repatriation incentives. Why This Matters to You If you're a non-dom, an international business owner, or someone with global assets tied to the UK, this is a crucial time to: Review your tax residency and exposure Reassess inheritance and estate planning Understand your options for relocating or restructuring wealth How Mosaic Chambers Group Can Help At Mosaic Chambers Group, we specialise in helping clients navigate precisely this kind of legal and fiscal uncertainty. Our team offers: Expert advice on UK tax residency and non-dom reforms Tailored inheritance tax planning International structuring solutions Ongoing support as the rules evolve Whether you're already planning a move abroad or simply looking to future-proof your wealth, we’re here to help you make confident, informed decisions. Final Thoughts The non-dom landscape is changing fast, and with more tweaks likely to come, staying ahead of the curve is essential. At Mosaic Chambers Group, we bring clarity to complexity - so you can focus on what matters most. Need advice or a personalised consultation? Get in touch with us today.