Dubai is no longer just a luxury destination for travelers and investors; it has firmly positioned itself as a global center for wealth migration, strategic business relocation, and long-term capital anchoring.
With 130,500 resident millionaires in 2025, including 237 centi-millionaires and 20 billionaires, the emirate is experiencing a transformation unlike any other city in the world. According to Betterhomes’ 2025 report, the city’s millionaire population has surged by 98 percent over the past decade.
Forecasts suggest this number may double by 2035, underlining Dubai’s growing reputation as a preferred destination for high-net-worth individuals (HNWIs) seeking security, opportunity, and growth.
In this post, we will have a look at why Dubai is becoming the world’ preferred destination for millionaires and how it influences business setup in Dubai.
– The Global Shift in Wealth Migration to Dubai
In 2024 alone, over 134,000 millionaires worldwide with liquid assets above US$1 million relocated across borders. This number is expected to rise to 142,000 in 2025. If only 5 percent of these millionaires choose Dubai, it would mean an influx of 7,100 new residents and AED 26 billion (approximately US$7.1 billion) in capital.
This trend is not simply demographic. It marks a structural change in global capital flows, as wealth moves away from traditional centers toward more dynamic, tax-efficient, and globally connected jurisdictions.
– Who Is Coming to Dubai and Why?
Dubai is attracting a new generation of movers – entrepreneurs, investors, and family office leaders, who are looking to relocate their wealth and often their businesses via company formation in the UAE or by other investment means.
Besides seeking residency, these individuals are are setting up operations, relocating teams, and building multi-generational investment strategies. The source markets for Dubai’s new millionaires are diverse. For instance, investors from Vietnam and Southeast Asia are diversifying against growing uncertainties in their home markets.
Meanwhile, residents from developed countries such as the UK and the US are viewing Dubai as a viable base for estate planning and international investment. Top 5 countries by net inflow of millionaires in 2024:
- United Arab Emirates: +6,700
- United States: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
Top 5 countries by net outflow:
- United Kingdom: -9,500
- China: -15,200
- India: -4,300
- South Korea: -1,200
- Russia: -1,000
– What Makes Dubai Attractive to Millionaires?
Dubai’s appeal lies in its multi-dimensional offering. Its policies are designed to attract global capital, while its infrastructure supports a high standard of living. Several factors contribute to this magnetic pull including:
- Zero income and capital gains tax
- Long-term Golden Visas for investors and property owners
- Stable and diversified economy with a projected 4 percent GDP growth in 2025
- Well-regulated legal and financial frameworks
- Direct global connectivity and world-class infrastructure
- Strong safety ratings and high quality of life
The UAE’s Golden Visa system allows a 10-year renewable residency for individuals investing a minimum of AED 2 million (approximately US$550,000) in real estate. This legal framework provides long-term certainty to investors and their families.
1. Real Estate as a Strategic Anchor
Dubai’s real estate market is no longer dominated by speculative flips. It is increasingly becoming an asset class of choice for family offices and institutional investors. In 2023, the Dubai Land Department recorded 1.6 million real estate transactions worth US$173 billion, a 20 percent increase over the previous year.
Luxury property sales also soared. In 2024 alone, villa and townhouse sales totaled US$14.5 billion, a 50 percent rise year-on-year. Palm Jumeirah and Emirates Hills led the market with sales of US$381 million and US$353.9 million, respectively.
For the second consecutive year, Dubai surpassed London and New York in the number of homes sold above US$10 million. This reflects a clear pivot from temporary wealth parking to permanent relocation and legacy planning.
2. Connectivity and Lifestyle
Dubai is a tri-continental hub offering strategic access to Europe, Asia, and Africa. Within an eight-hour flight radius lie financial centers such as London, Mumbai, and Singapore. This makes it a natural choice for global entrepreneurs and business owners seeking expansion through business setup in the UAE.
Infrastructure investments are improving urban liveability through smart city planning, high-speed internet, green buildings, and sustainable transit systems. Dubai also boasts top-tier healthcare, international schools, and recreational experiences on par with leading global cities.
3. Support Systems and Legal Infrastructure
Dubai’s transformation into a wealth magnet is supported by robust migration facilitation services and legal structures. For instance, the Virtual Assets Regulatory Authority (VARA), established in 2022, is attracting crypto-wealth and forward-looking digital investors.
Real estate firms and advisory consultancies offer tailored solutions, from investment strategy and tax advisory to asset management and family office setup.
4. Long-Term Economic Vision
Dubai’s strategic policies are aligned with the broader UAE Economic Agenda (D33), which aims to double the size of the economy by 2030 and position the emirate among the top three cities globally for business and talent.
According to the International Monetary Fund (IMF), the UAE economy is expected to grow by 4 percent in 2025 and 5 percent in 2026, with inflation remaining stable at 2 percent. These fundamentals offer wealthy individuals a stable, long-term environment for wealth growth, succession planning, and global diversification.
5. Business and Trade Implications
This millionaire migration is also reshaping company formation in the UAE and cross-border trade. The capital they bring drives growth in construction, financial services, private equity, fintech, and logistics.
Many incoming residents set up investment funds, tech startups, or family offices, which contribute to the broader innovation ecosystem. On the policy level, agreements like the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India are boosting bilateral trade.
Dubai Wealth Migration – From Transit Stop to Permanent Base
Dubai is not replacing traditional financial centers like London or New York; it is complementing and, in some ways, surpassing them in appeal for mobile, wealthy individuals.
Its infrastructure, lifestyle, and legal certainty attract entrepreneurs, investors, and family offices exploring residency, asset diversification, or international expansion, Dubai has become more than a waypoint.