Manoj Sureka, CEO & Managing Partner, Synergy Fin. Consulting is a recognised leader in the finance and investment sector. Manoj has built a strong reputation for his strategic foresight and ability to foster sustainable business growth.
Prior to Synergy, he served as Head of Commercial Banking at RAKBANK and held key roles at institutions including Mashreq Bank and National Bank of Fujairah. He also serves as a board member and mentor to several companies across diverse industries.
At Synergy Fin. Consulting, the firm provides end-to-end fundraising advisory services through private equity, debt, and trade finance solutions. Their clientele includes SMEs and corporates seeking capital through banks, financial institutions, sovereign wealth funds, and other institutional investors. Synergy also offers specialised advisory services in mergers and acquisitions and joint ventures.
Q: Why is Dubai attracting such a large number of millionaires from around the world?
Dubai offers a unique blend of safety, tax efficiency, lifestyle, and business opportunities. In the current global climate—where high-tax regimes, political uncertainty, and economic slowdown are pushing wealthy individuals out of the UK, Europe and parts of Asia—the UAE provides stability, world-class infrastructure, and a future-focused vision. It’s not just about luxury; it’s about wealth preservation, freedom of capital movement, and access to fast-growing markets.
Q: What role does taxation play in this migration trend?
The absence of personal income tax and capital gains tax in the UAE is a game-changer for high-net-worth individuals (HNWIs). Hence, zero personal tax and corporate tax is very nominal at 9%. Tax efficiency is the magnet, but stability, lifestyle, and opportunity are the glue that keeps wealthy families anchored in Dubai.
Q: How does this influx impact the UAE’s property and investment markets?
We’re seeing direct impact already. Luxury property sales in Dubai hit record highs in 2024, with multi-million dirham villas and branded residences being snapped up by global investors. Beyond real estate, HNWIs are channeling funds into private equity, startups, and alternative assets. The real story isn’t just about millionaires moving to Dubai—it’s about how their presence is reshaping real estate, finance, and entrepreneurship.
Q: What industries stand to benefit the most from this millionaire migration?
Real estate is the most visible winner, but the ripple effect goes further. Hospitality, private banking, fintech, family offices, and even education are seeing demand rise. Wealthy families are not just buying homes—they’re setting up companies, buying existing businesses and using Dubai as a base to access Asia, Africa, and Europe. Dubai is transforming into both a lifestyle hub and a financial powerhouse.
Dubai’s magnet effect is not a short-term trend—it’s part of a larger shift in global wealth flows. Every millionaire who relocates brings not just wealth, but networks, businesses, and opportunities that ripple across the UAE economy.
