Top Countries Losing Millionaires to Dubai
From London to Dubai: Inside the Largest Shift of Wealth in Modern History
The United Kingdom faces the most significant exodus of wealth, projected to lose a record 16,500 millionaires in 2025. This unprecedented outflow stems from policy changes, including the closure of the Tier 1 investor visa and reforms to the non-dom tax regime. China follows with an expected loss of 7,800 millionaires, while India will see approximately 3,500 wealthy individuals depart.
Other notable countries experiencing wealth migration include South Korea (2,400), Russia (1,500), and Brazil (1,200). European nations aren't immune either—France, Spain, and Germany are projected to lose 800, 500, and 400 HNWIs respectively.
This shifting landscape has prompted economic experts to note that "millionaires are typically among the first to relocate when conditions deteriorate," making migration flows a leading indicator of future economic risks.
How Dubai compares to other wealth hubs
While the UAE leads with 9,800 incoming millionaires in 2025, the United States ranks second with 7,500, followed by Italy with 3,600. After years of careful planning and development, Dubai now stands firmly as the Middle East's premier wealth destination, consistently drawing affluent residents from diverse regions, including India, Russia, the UK, Africa, and China.
The impact is already visible—Dubai's HNWI population has grown by 102% over the past decade. The Dubai International Financial Centre (DIFC) has emerged as the epicentre of this wealth concentration, now hosting 120 family offices managing $1.2 trillion in assets. In just one year, DIFC saw a 33% rise in family offices, a 51% increase in foundations, and a 50% jump in hedge funds.
In contrast, traditional financial centres are showing signs of saturation. Singapore is experiencing smaller-than-usual inflows as wealthy expatriates increasingly opt for Dubai. Similarly, Canada and Australia, while still in the top 10 destinations, are recording "the lowest inflows on record".
With 165,000 millionaires expected to migrate annually by 2026, this wealth redistribution is reshaping global financial power centres, and Dubai sits at the forefront of this transformation.
Conclusion
As wealth migration accelerates worldwide, Dubai continues to strengthen its position as one of the most attractive destinations for high-net-worth individuals. Its combination of zero income tax, political stability, world-class infrastructure, and strategic location makes it a powerful magnet for those seeking to protect and grow their assets.
However, relocating to Dubai isn’t the only path to optimising wealth. Every individual’s circumstances are unique, and for some, remaining in the UK or exploring other jurisdictions may be a more strategic option. The key lies in understanding where your wealth can work hardest for you while maintaining the lifestyle and opportunities you value most.
Next steps
Whether you’re considering a move to Dubai, exploring other low-tax jurisdictions, or planning to stay in the UK, our team can help you make an informed decision. We specialise in tailored wealth strategies that balance tax efficiency, compliance, and long-term growth.
Download our Moving to Dubai Relocation Guide.
