UAE remains magnet for global millionaires

ISLAMABAD: The United Arab Emirates (UAE) remains the world’s leading destination for millionaires, driven by generous tax policies that include zero income, capital gains, and inheritance taxes. These incentives have made the UAE a top choice for high-net-worth individuals (HNWIs), particularly from countries with wealth taxes, such as several in the European Union.

As of end-2024, the UAE is home to over 130,000 millionaires, including 325 centi-millionaires and 28 billionaires, with total private wealth estimated at $785 billion. The Dubai International Financial Centre (DIFC) alone oversees $450 billion in private assets, while Abu Dhabi’s ADGM hosts hundreds of global funds and wealth managers.\

The year 2024 saw approximately 6,700-7,200 millionaires relocate to the UAE, bringing an estimated $7 billion in fresh capital. However, as per Khaleej Times, the UAE is expected to attract the highest number of high-net-worth individuals in 2025, with more than 9,800 relocating to the Emirates.

Under the latest scenario, according to the Gulf News, a new analysis by the Dubai Chamber of Commerce has revealed that Indian-owned businesses topped the list of non-Emirati companies joining the chamber in QI 2025. 

A total of 4,543 new members from India joined during the three-month period representing year-over-year(YoY) growth of 4.4% and underlying the vital economic role played by Indian companies as Dubai’s largest foreign business community. 

Pakistan followed in second place with 2,154 new companies registering as members of the chamber during the first quarter of the year and 1,362 new Egyptian companies joined the chamber, placing the country third among the top nationalities of new companies.

According to Henley & Partners’ study released by international investment migration advisory firm Henley & Partners and global wealth intelligence firm New World Wealth, the UAE is estimated to attract $63 billion (Dh231 billion) in wealth due to the migration of millionaires in 2025. 

The millionaire migration to the UAE nearly doubled, from 98% in 2014 to 2024, it said. “The UAE retains its crown as the world’s leading wealth magnet, with a record net inflow of over 9,800 relocating millionaires expected this year — over 2,000 more than the US in second place,” the global residency and citizenship company said.

The number of millionaires with assets of over $1 million in the UAE is expected to increase to 130,500, while the population of centi-millionaires with assets exceeding $100 million is projected to reach 325. The UAE will be home to 28 billionaires.

As many as 17,000 Pakistani players have purchased 23,000 properties worth $11 billion in Dubai by 2024. Pakistani holdings are the second-largest nationality investment in Dubai after Indians. In 2025, total property owned by Pakistanis is to be valued at around $10.6-11 billion. 

About 47,000 Pakistani-owned companies are registered in the UAE, including 8,000 new ones founded in just a year. Pakistan ranked among the top sources of HNWIs migrating to the UAE — part of the projected 4,500 new millionaire migrants in 2023.

The data also discloses that in 2022, India lost around 8,000 millionaires globally, with the UAE gaining approximately 4,000 of them. Indian millionaires have migrated to the UAE in waves — around 4,000-8,000 annually — driven by tax-free living, easy business setup, and lifestyle. 

Pakistani HNWIs, while not separately counted, are major investors in UAE real estate and businesses and have joined similar migration trends for reasons of economic stability and investment opportunity.

In 2023, the Henley report projected India would lose 6,500 HNWIs, who primarily migrated to destinations like Dubai and Singapore. For 2024, an estimated 4,300 Indian millionaires moved, with 31% of the UAE’s 7,200 new HNWIs originating from India.

It said the Golden Visa options have also “reinforced the UAE’s position as one of the world’s most sought-after wealth haven.” Globally, a record 142,000 millionaires are projected to relocate internationally this year, with the UK expected to see the largest net outflow of high-net-worth individuals (HNWIs) by any country in the past 10 years. 

The study noted that the UK is forecast to lose a staggering 16,500 millionaires in 2025 — more than double the anticipated 7,800 net outflows from China, which is ranked second this year after topping the millionaire-loser leaderboard every year over the past decade.