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Are Millionaires Still Moving to Dubai in 2023?

Dubai has the image of a millionaires’ playground.

Luxury hotels. Spectacular villas and mansions. An abundance of golf courses, and lavish shopping malls.

Over the last two years, Dubai has seen an influx of high-net-worth individuals as the result of its lenient covid restrictions, the Ukraine war, and of course its business-friendly environment.

And as a result of this immigration of millionaires, property prices in prime areas have increased by up to 50%.

The big question is whether this trend is ongoing. Are high-net-worth individuals still moving to Dubai in the same numbers?

Keep reading to find out!

A High net worth individual is a person with net investible assets of more than 1 million USD.

Net investible assets include stocks and bonds, as well as investment properties.

Personal residences and assets such as cars, art, planes, and yachts are excluded from the balance, as well as any liabilities such as mortgages.

This year, in 2023, the UAE is projected to see a net inflow of 4500 high-net-worth individuals.

That’s the second-highest number after Australia.

Given that the vast majority of these high-net-worth individuals settle in Dubai, rather than Abu Dhabi or the other emirates, we can safely say that Dubai has by far the highest net immigration of high-net-worth individuals out of all cities, globally.

Last year, in 2022, the UAE saw net immigration of 5200 high-net-worth individuals, which is more than Canada, the United States, and Switzerland combined.

Immigration of High-Net-Worth Individuals by Country They Move to, in 2022 and 2023

The UAE is a tiny country of just 9 million inhabitants but is seeing more immigration than traditional destinations with much larger populations.

Where are high-net-worth individuals migrating from?

Just four countries are the source of most emigrating millionaires. Namely China, India, the UK, and Russia.

Emigrating Millionaires by Country, 2023

What do all of these countries have in common? Complex bureaucracies, lots of business regulations, and for the most part high taxes.

Of course, in the case of Russia, another push factor is the heavy sanctions by Western governments, and in China’s case, it is the risk of heavy sanctions in case of future disputes with Taiwan.

Why are high net-worth individuals migrating to the UAE and Dubai in particular?

The answer is quite simple. Dubai is the largest city in the world without personal income taxes, without corporation taxes on free-zone companies, without property taxes, without capital gains taxes, and without inheritance taxes.

Dubai is also ranked among the top 9 cities in the world along with New York, London, and Tokyo, and features some of the best amenities of any city worldwide.

But that’s not all. Compared to other major cities, Dubai still offers surprisingly low property prices, as we discussed in another article here on our website.

Another big reason why high-net-worth individuals are relocating to the UAE is the country’s exceptionally generous visa regime. As we discussed in another article, you can get a Dubai residence visa by simply opening a company in Dubai, or buying real estate.

All other countries from Canada to Australia make it much more difficult to secure residency.

Last but not least, the UAE, as an absolute monarchy, has one of the most politically stable governments in the world.

Sovereign Risk by Country, 2023: The UAE has one of the World's Most Stable Governments

We are experts in complex multi-country business structures that allow you to relocate your residency and your business to the UAE and reduce your tax bill.

We are familiar with global transfer pricing regulations, exit taxes, and visa regulations. Check out our advanced relocation services.

We also offer a variety of ancillary services from tax-optimized property and stock investments to international estate planning.


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