The UAE is reinforcing its status as a magnet for the super-wealthy, with thousands of millionaires migrating to the country in 2024, a wealth report will say.
The Emirates is the top place for high-net-worth individuals (HNWIs) to establish a new home, according to global analytics firm New World Wealth and investment migration advisers Henley & Partners.
The number of super-rich individuals relocating to the UAE last year significantly exceeded the 6,700 originally predicted in October, The National understands. It is almost double the projections for those moving to the US, in second place with 3,800, and third-place Singapore with 3,500. The findings will be confirmed later this year.
Leaving London
More than 950 of the millionaires relocated from the UK, also far higher than expected, New World Health said in its initial release of findings for 2024.
Tax increases in the UK, safety concerns and the “dwindling” importance of the London Stock Exchange have led to it becoming less attractive, said Andrew Amoils, head of research at New World Wealth.
“The significant increase in British [ultra-wealthy] applying for our services has materialised due to a culmination of factors," he said. "These include the Covid pandemic, political instability, the climate in the UK, the increase in crime – especially in London with phone and watch thefts, the change in government, the perceived attack on the wealthy and, of course, one of the biggest drivers, tax."
“Wealthy non-doms have been targeted with additional taxes, which has prompted many of them to leave the UK,” Mr Amoils told The National. “Capital gains tax and estate duty rates in the UK are among the highest in the world, which deters wealthy business owners and retirees from living there. These taxes also have a spillover effect on the local wealth management and family office sector, which is showing signs of decline. The healthcare system in the UK is deteriorating.
“The dwindling importance of the London Stock Exchange [LSE] is also a factor. The LSE was once the largest stock market in the world by market cap, but it now ranks 11th globally. The past two decades have been particularly poor, with a large number of delistings.”
He said that historically much of the UK’s appeal lay in its language, English, which is the first or second language of most millionaires around the world.
“Over time, this has become less relevant as the economies of the other major English-speaking countries have grown," he added. "Furthermore, there are now several other high-income markets globally where one can get by only speaking English, including the UAE."
Losing millionaires
China was projected to lose the most millionaires last year, with the UK second and India third. It comes ahead of changes to the UK tax system in April that will cause the overseas assets of current non-doms to be subjected to UK inheritance tax for the first time.
“Many fast-growing, high-income markets globally have done so with success, including the likes of Mauritius and the UAE,” Mr Amoils said. A move towards a Dubai-style healthcare system, which is largely privatised, would also be appealing, he added.
Wealth tax
The popularity of the UK for HNWIs began to wane following the 2016 Brexit referendum. Millionaires began to relocate and, after a lull during the pandemic, the number of people exiting shot up last year, when the UK experienced a summer of unrest and riots and a change in government.
Henley & Partners' head of UK operations, Stuart Wakeling, said a “perceived attack” by Prime Minister Keir Starmer’s government on the wealthy has led to an increase in people quitting the UK. He told The National a rise in thefts in London of luxury items such as watches has increased safety concerns and influenced people to leave.
If a non-dom dies, the UK-based part of their estate is subject to inheritance tax. All their overseas assets – property, trusts, cash and bank accounts held outside Britain – are not subject to UK inheritance tax. But from April 6 they will be, depending on how long they have resided in the UK.
Previously, non-doms paid a £30,000 ($36,847) annual fee to HM Revenue & Customs to protect their offshore income and gains. Mr Amoils said that if the UK were to compete with the UAE, it would need to look at scrapping capital gains tax and estate duty.
“British HNWIs are consistently telling us that they are becoming more and more disassociated with the country of their birth," he added. "They are realising that although a relocation brings about a significant change and upheaval to their lives, it is a change worth making.
“The wealthy are also becoming more and more aware that having a Plan B, or additional residence or citizenship, is vital in an ever-changing world – just in the same way as being multi-banked is a necessity, for example. Having all your eggs in one basket is risky and sometimes the grass can ultimately be greener elsewhere.”
Attracted to UAE
Philippe Amarante, head of Middle East at Henley & Partners, said the UAE’s tax-free environment, quality of life and robust financial infrastructure have been major draws.
“The UAE has been a top contender in attracting private capital and talent for quite some time,” he told The National. "However, since investment-based migration is increasingly driven by a confluence of economic, geopolitical, and domestic social factors, the UAE provides a reliable, safe, and appealing environment for high-net-worth families.
“The country's economic resilience, favourable tax policies, and world-class infrastructure, combined with its strategic location and political stability make it an ideal destination for global wealth and investment. There are multiple reasons behind the UAE’s attractiveness, such as premium real estate, investor-friendly frameworks, large industrial announcements, and a highly sought-after golden visa.”
Super-rich relocate
Last year saw a record number of millionaires (128,000) relocating globally. Before the pandemic there had been a steady increase to 110,000 but by 2023 that figure had risen to 120,000 and in 2025 numbers are predicted to rise to 135,000.
Nassef Sawiris, Egypt’s wealthiest person and a shareholder in Aston Villa football club, announced at the end of 2023 that he was moving his family office to Abu Dhabi from the UK.
The New Wealth Fund said many of the millionaires moving to the UAE are also from India, the Middle East, Russia and Africa. It said large inflows last year were from the UK and Europe, showing “its growing appeal”.
Decade of growth
For more than a decade the number of millionaires in the UAE has been accelerating alongside China and India. With golden visas and the offer of a luxury lifestyle, the UAE has continued to grow in popularity and its number of millionaires has increased by 77 per cent between 2013 and 2023.
Last month a report by Swiss banking group UBS revealed the Middle East and Africa region has attracted the most billionaire wealth globally since the Covid-19 pandemic as the uber rich sought countries offering premium health care, education, safety and ease of doing business.
UAE billionaires’ aggregate wealth rose by 39.5 per cent annually to $138.7 billion last year, with the number of billionaires growing by one to 18, UBS’s Billionaire Ambitions report found.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
Apple product price list
iPad Pro
11" - $799 (64GB)
12.9" - $999 (64GB)
MacBook Air
$1,199
Mac Mini
$799
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More coverage from the Future Forum
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Top goalscorers in Europe
34 goals - Robert Lewandowski (68 points)
34 - Ciro Immobile (68)
31 - Cristiano Ronaldo (62)
28 - Timo Werner (56)
25 - Lionel Messi (50)
*29 - Erling Haaland (50)
23 - Romelu Lukaku (46)
23 - Jamie Vardy (46)
*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.
Company%20Profile
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The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The five pillars of Islam
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
UAE currency: the story behind the money in your pockets
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