UAE: A Magnet for Millionaires Leaving the UK

The UAE is becoming one of the top destinations for wealthy individuals seeking comfortable living conditions, favorable tax regimes, and investment opportunities. According to data from investment experts Henley & Partners, over 800 millionaires left the UK last year and moved to the Emirates. This made the UAE the second most popular destination for millionaire migration after the European Union.

One of the primary reasons for the relocation is the UK’s announcement of new tax reforms. Starting in April 2025, the assets of non-residents, including overseas holdings, will be subject to inheritance tax. These changes have prompted many wealthy individuals to seek more favorable jurisdictions, with the UAE emerging as a top choice.

The Emirates offer a high standard of living, a mild climate, developed infrastructure, and safety. According to New World Wealth, as of early 2024, Dubai is home to over 68,000 millionaires, 202 centimillionaires (with net worths exceeding $100 million), and 15 billionaires. Dubai ranks 23rd globally in terms of the number of wealthy residents.

New World Wealth data also reveals that in 2024, the UK lost 10,800 millionaires. A survey by Oxford Economics indicated that two-thirds of them are considering emigration due to the tax regime changes.

If you are considering relocating or investing in Dubai real estate, now is the perfect time to seek professional advice. Stay Property offers a full range of real estate services in Dubai.