UAE ranked world's most popular wealth haven as mass departure of UK millionaires continues

Emirates expected to attract a record 9,800 relocating millionaires this year, Henley & Partners says

Strong demand from the UK, India, Russia, South-east Asia and Africa has reinforced the UAE's wealth haven status. AFP

The UAE is expected to attract a record 9,800 relocating millionaires this year, drawn by regulatory reforms and a tax-free lifestyle, according to a report.

Strong demand from the UK, India, Russia, South-east Asia and Africa, facilitated by golden visas, has reinforced the Emirates’ position as the world’s most sought-after wealth haven, the Wealth Migration Report 2025 by migration adviser Henley & Partners and wealth intelligence firm New World Wealth found.

The US came second on the list, with 7,500 new wealthy migrants expected to make the country home by the end of the year.

Saudi Arabia is the biggest riser on this year’s list and is projected to welcome 2,400 new millionaires. The country is benefiting from a surge of returning nationals and international investors settling in Riyadh and Jeddah, the study found.

In contrast, the UK is set to lose 16,500 millionaires this year. This is the largest net outflow of high-net-worth individuals (HNWIs) by any country in the past 10 years, driven by sweeping tax reforms, the report said.

China is anticipated to lose 7,800 millionaires after topping the millionaire-loser leader board every year over the past decade.

Globally, a record 142,000 millionaires are projected to relocate internationally this year.

UK losses

“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,” Juerg Steffen, chief executive of Henley & Partners, said.

“It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere. The long-term implications for Europe and the UK’s economic competitiveness and investment appeal are significant.”

Dubai and Abu Dhabi lead the top five preferred global locations for high-net-worth people looking to relocate, driven by personal tax incentives and a good quality of life, according to a report by global property consultancy Savills in April.

The number of millionaires living in Dubai has doubled in the past decade, making it one of the world’s fastest-growing wealth hubs, a report by New World Wealth for Henley & Partners in April found.

In 2024, Dubai had an estimated 81,200 millionaires, 237 centimillionaires – whose wealth is in the hundreds of millions – and 20 billionaires, according to the report. That compares to 72,500 millionaires, 212 centimillionaires and 15 billionaires in 2023.

Since the 2016 Brexit vote, the UK has shifted from being a net magnet for millionaires to a net exporter, the Henley & Partners report said.

The British government's October 2024 budget introduced sharp increases in capital gains and inheritance taxes, while new rules targeting non-domiciled residents and family wealth structures came into effect in April, sparking what some are calling a “Wexit” (wealth exit), it added.

Affluent individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco and Malta, as well as to lifestyle havens such as Italy, Greece, Portugal and Switzerland, it said.

“Many high-earning executives are settling in the expanding wealth hubs of Dubai, Florida, Milan, St Julian’s, Lisbon, the Athenian Riviera, Zug and Lugano,” it added.

Globally, Montenegro has topped global millionaire growth over the past decade with a 124 per cent increase in resident millionaires, the latest report found.

It was followed by Malta with 87 per cent growth and Latvia with 70 per cent millionaire growth between 2014 and 2024, it added.