UAE: Why Are So Many Centi-Millionaires Relocating, Investing In Dubai, Abu Dhabi?

Dubai and Abu Dhabi have taken the top spots for attracting and developing wealth for millionaires as well as where millionaires are looking to relocate , according to a new study released on Monday.

Launched by global real estate consultancy Savills, the research found that Dubai topped the list as it“combines financial incentives with a good climate and quality of life.”

Dubai now boasts 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires, Henley & Partners' latest study released this month revealed. The emirate is also the biggest climber in the top 50 over the past year, moving from 21st to 18th place.

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The study noted that Dubai and Abu Dhabi (where 75 residents are centi-millionaires) are projected to see their centi-millionaire populations more than double over the next 10 years.

Other cities that made to the top 12 list for attracting high net worth individuals (HNWI) are Singapore, Zurich, Auckland, Boston, New York, San Jose, Seattle, Miami, Dallas and San Francisco, according to Savills Dynamic Wealth Indices.

Savills noted that Abu Dhabi and Dubai are a particularly attractive option for HNWIs who bring their companies with them. These areas have a dynamic economy that's diversifying away from oil and attracting growing sums of corporate and sovereign wealth investment.

This has boosted real estate transaction volumes and values as prime residential capital values in Dubai rose by 6.8 per cent in 2024.

Interestingly, the newly launched index revealed that Dubai and Abu Dhabi are also among the top 12 cities for corporates for attracting and developing business wealth and investment. Abu Dhabi has been ranked 5th while Dubai has been placed at 11th in the index.

This means that Abu Dhabi has ranked in the top 5 for both, individuals and corporates looking to relocate, highlighting its range of benefits.

“Abu Dhabi's sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand – with new businesses requiring space – and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE's pull,” said Rachael Kennerley, director of research at Savills Middle East.

It added that fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, are increasingly influencing where high net-worth individuals (HNWIs) and footloose companies choose to locate.

“Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions,” said Paul Tostevin, director of Savills World Research.`

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