Dubai and Abu Dhabi edge out global rivals to lure ultra rich

Dubai and Abu Dhabi have emerged as the top global destinations for high-net-worth individuals (HNWIs), according to findings from international real estate consultancy Savills.

In its inaugural Dynamic Wealth Index earlier this month, Savills ranked the two UAE cities as the most attractive hubs for wealthy individuals seeking new homes, driven by their tax-friendly environments, high quality of life, and strong investment appeal.

Launched to track the cities best positioned to attract and grow individual and corporate wealth, the index highlights a shifting global landscape where lifestyle factors, favourable fiscal regimes, and geopolitical stability are increasingly influencing location decisions among the world’s affluent elite.

Dubai took the top spot globally for individual wealth migration, with Abu Dhabi closely following in second place. Both cities also scored highly for their ability to attract global businesses, with Abu Dhabi ranking in the top five worldwide for corporate relocations.

According to Savills personal tax incentives, existing high concentrations of high net worth individuals, and a good quality of life put the cities of Dubai and Abu Dhabi of the UAE in the top two positions, followed by Singapore, Zurich and Auckland to make up the top five preferred locations for individuals looking to relocate.

A separate report from Henley & Partners, in collaboration with New World Wealth, also in April, has named the UAE the second-fastest growing wealth market in the world.

The UAE has experienced a staggering 98 per cent surge in its population of dollar millionaires over the past decade, securing its position as the world’s second-fastest growing wealth market, according to the World’s Wealthiest Cities Report 2025.

At the heart of this wealth explosion is Dubai, which has seen its millionaire population more than double in the last 10 years, earning its place among the fastest-growing wealth hubs globally. The report identifies Dubai as a standout city in terms of high-net-worth individual (HNWI) growth.

The city consistently draws growing numbers of wealthy residents, arriving from diverse regions including India, Russia, the UK, the Middle East, African nations, and China. Throughout 2024, about 6,700 migrating millionaires chose Dubai as their new home, establishing it as the global leader for wealthy immigrants. According to the latest figures, Dubai is now home to 81,200 millionaires, up from 72,500 the previous year.

“Dubai’s winning approach combines low taxes, world-class physical infrastructure, advanced financial institutions, and enhanced security protocols relative to neighbouring options. Such competitive benefits suggest Dubai may eventually overtake established centers like London and Paris to emerge as the wealthiest urban area across both European and Middle Eastern regions by 2045,” says Dominic Volek, Group Head of Private Clients at Henley & Partners.

The report also highlights the UAE’s emergence as a rising centre for ultra-wealthy individuals, particularly centi-millionaires — those with wealth exceeding $100 million. Dubai, currently home to 237 centi-millionaires, and Abu Dhabi, with 75, are both projected to more than double their centi populations by 2035.

This Middle Eastern wealth shift is driven by several strategic factors: economic diversification, a booming luxury real estate sector, residency-by-investment programmes, and global investors increasingly looking east for stability, opportunity, and tax efficiency.