Dubai emerges as world’s top hub for affluent

In recent years, Dubai has emerged as a top destination for millionaires, surpassing cities like London and New York in popularity.

The UAE’s tax-friendly policies, ease of doing business, and luxury lifestyle have drawn global millionaires, particularly from Europe and North America, to settle and invest there.

According to Henley & Partners, a citizenship and investment research firm, over 6,700 millionaires are projected to relocate to the UAE by the end of this year, solidifying its position as a premier hub for the world’s wealthy.

The UAE’s appeal lies in its favorable tax environment—offering zero income and capital gains tax—as well as government policies designed to attract businesses and startups.

Reports suggest that the city’s Economic District and Dubai International Financial Center (DIFC) have seen rapid growth, with office rents climbing as demand rises.

Dubai Chamber of Commerce data shows record-breaking numbers, with over 67,000 new companies registered in 2023 alone.

Dubai’s rise has shifted the traditional dominance of wealth centers in Europe and North America. Bloomberg noted the shift with a satirical take, highlighting that the city’s rapid growth has made it akin to London’s exclusive Chelsea neighborhood for the world’s wealthy.

With a rapidly expanding millionaire population, Dubai’s real estate market has surged. High-value transactions, including the sale of 282 homes at prices exceeding $10 million each this year, underscore the city’s attraction.

The influx of wealth and global businesses marks Dubai as a modern hub for elite investors, with an economic growth model that continues to appeal to the affluent globally.