A new report has revealed a startling trend in the global wealth migration markets: a wave of British millionaires is leaving the UK at the same time that the United Arab Emirates is predicted to overtake all other destinations as the world’s most popular destination for wealthy migrants in 2025. The global competition to attract personal capital has entered a new phase, with Dubai and Abu Dhabi leading the way with incentives like tax-free living, golden visas, and legal stability. This seeming contradiction betrays a deeper reality.
By the end of this year, 9,800 new millionaire migrants are anticipated to arrive in the United Arab Emirates, according to the 2025 Wealth Migration Report published by financial intelligence firm New World Wealth and migration consultancy Henley & Partners. The UAE is now more appealing than ever to wealthy people from the UK, India, Russia, Southeast Asia and Africa due to factors like tax-free living, legal reforms and Dubai’s golden visa program.
With 7,500 incoming millionaires, the United States ranks second among nations that draw the wealthiest people. These millionaire migrants’ estimated wealth by nation is as follows:
| Country | Estimated Wealth of Migrant Millionaires (Billion USD) |
|---|---|
| UAE | $63 billion |
| USA | $43.7 billion |
| Italy | $20.7 billion |
| Saudi Arabia | $18.4 billion |
| Switzerland | $16.8 billion |
| Singapore | $8.9 billion |
| Portugal | $8.1 billion |
| Greece | $7.7 billion |
| Canada | $5.7 billion |
| Australia | $5.6 billion |
The UK has topped the list of millionaire outflows for the first time in ten years. Juerg Steffen, chief executive of Henley & Partners, said:
“For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn’t just about changes to the tax regime,”
Higher inheritance and capital gains taxes, as well as new rules aimed at family office structures and non-resident individuals, were all included in the UK’s Autumn 2024 Budget and went into effect in April. The term “Wexit” (Wealth Exit) refers to the wave of capital outflow that was triggered by these changes.
Dubai and Abu Dhabi rank among the top five global destinations for affluent migrants, according to recent research by Savills and Henley & Partners. Modern infrastructure, a posh lifestyle and tax benefits are the main draws.
According to data, in 2024, Dubai hosted:
By contrast, 2023 witnessed:
It’s interesting to note that Montenegro has topped global growth rankings with a 124% increase in the number of millionaires over the last ten years. Latvia (70% growth) and Malta (87% growth) have also seen notable increases.
Millionaires are leaving the UK, but the UAE not only draws them in but also solidifies its status as the world’s preeminent center for private wealth thanks to golden visas, astute taxation and excellent living standards. In the upcoming ten years, Dubai and Abu Dhabi seem set to emerge as the primary hubs of personal wealth worldwide.
Source: https://www.propertynews.ae
