Dubai has achieved a historic milestone by being recognized as the most attractive city for the world’s wealthiest individuals, topping the global ranking for the first time. A recent study conducted by the international real estate broker Savills Plc indicates that the United Arab Emirates is drawing the elite thanks to its absence of wealth and inheritance taxes, strong security measures, and comprehensive infrastructure that appeals to families. The research assessed 30 major cities across the globe.
The city’s strong allure can be attributed to its substantial number of international schools, which play a crucial role for affluent families considering relocation. Additionally, Dubai’s “golden visa” program, which awards 10-year residency permits to those who invest a minimum of $2 million, significantly enhances its attractiveness. The number of new millionaires is skyrocketing, with 680,000 added worldwide in 2024 alone, and projections indicate this trend will continue through 2029.
The report also sheds light on a broader shift in economic centers, noting that traditional financial hubs are becoming less popular due to less favorable tax environments. Meanwhile, tech-centric cities such as Shenzhen and Bengaluru are witnessing a notable surge in millionaire populations. London, despite retaining a strong reputation for quality of life, is facing challenges due to its inheritance tax, which is detrimentally impacting the luxury real estate market.
Dubai’s unique advantages position it to maintain its status as a prime destination for the wealthy, showcasing its potential for sustained growth in attracting high-net-worth individuals in the coming years.