Wealthy individuals around the world are packing their bags, and more importantly, their fortunes, and heading for the Gulf.
Dubai and Abu Dhabi are becoming the new hotspots for millionaires, as financial hubs like London and Zurich lose their appeal.
Why the Shift?
The latest Henley Wealth Report revealed that nearly 7,000 millionaires moved to Dubai in 2024.
The United Arab Emirates now ranks as the world’s top destination for migrating millionaires.
According to Ronald Graham, managing partner at Taylor Wessing’s Dubai office, in an interview with CNBC International Live, “Dubai had the largest increase in millionaires around the world, thought to be in the region of six and a half thousand.”
Graham points out that the number is especially notable when considering Dubai’s population is similar to Berlin’s.
“You’ve got to think, my goodness, are six and a half thousand millionaires moving into a city the size of Berlin?” he said.
Meanwhile, the UK saw a net loss of about 9,000 millionaires, the second highest after China.
Graham called this “very, very significant,” especially given the UK’s smaller population.
What’s Driving the Move?
There are several reasons. Wealthy families are looking for places with less regulation, more privacy, and flexible financial systems.
Dubai and Abu Dhabi check all those boxes.
“Dubai is a sunny place for bright people,” Graham said, pushing back against the idea that the city is a hub for “stealth wealth.”
He added that new wealth is driving the trend. These are not old-money aristocrats with European estates, but mobile families ready to set up shop in the Gulf.
Many are not just moving assets, but also their lives, bringing their families, enrolling kids in schools, and even transporting their cars and art collections.
“Yes, I’ve had clients who want to move car collections that have been in Europe or South Africa,” Graham said.
“They want their art collections here.”
Real Estate and Ecosystem
Graham emphasized that value-for-money is a major factor: “In terms of value per money for real estate, Dubai is very attractive.”
He compared the price per square meter in Dubai to London and Monaco and said it’s often a better deal.
Dubai isn’t just attracting money. It’s also drawing attention as a full lifestyle package, a place where families can enjoy modern infrastructure, international schools, and access to global business networks.
Who Else Is Rising?
Besides Dubai and Abu Dhabi, Singapore is gaining ground, helped by political uncertainty in China and Hong Kong.
Still, traditional hubs aren’t out of the game. Graham noted, “Although there are family offices leaving Zurich and Geneva, there’s also been a net gain in terms of the families that have gone there.”
But the trend is obvious. The UAE, and Dubai in particular, is becoming a magnet for global wealth.
So, is this a quiet exodus or a full-on wealth stampede? The numbers and the suitcases full of assets suggest the latter.