After more than two decades in the financial and real estate sectors – first in global banking, then as a serial entrepreneur – I’ve learned to recognise when a market is not just growing but undergoing a fundamental transformation. In 2025, Dubai is leading that change.
We’re witnessing a decisive shift in how ultra-high-net-worth individuals (UHNWIs) view this city. Dubai is no longer a transient hub or speculative playground – it’s become a long-term base for global wealth and legacy planning.
According to Henley & Partners’ 2024 Centi-Millionaire Report, the UAE now ranks among the fastest-growing destinations for centi-millionaires worldwide. With 6,700 new millionaires arriving in 2024 and over 7,000 expected in 2025, the financial gravity is unmistakable, bringing more than $7 billion in capital in their wake.
Why Dubai? Yes, the financial case is compelling: no personal income tax, no capital gains tax, no inheritance tax, and no tax on most dividends. But today’s UHNWIs are seeking more than tax efficiency – they want vision, permanence, and exclusivity.
The launch of Dubai’s visionary 2040 Urban Master Plan underscores just how far ahead the city is. While legacy metros like New York or London struggle with ageing infrastructure and reactive governance, Dubai is building for the future, layered with infrastructure, livability, and sustainability baked in from inception. It’s a masterclass in city-making that’s attracting the world’s wealthiest not just to visit, but to stay.
Lifestyle factors are now key. As Savills’ latest research shows, affluent buyers want cities that offer quality of life alongside economic opportunities. Dubai and Abu Dhabi have emerged as the top two relocation hotspots globally for HNWIs, outpacing Singapore, Zurich, and U.S. giants alike.
“At Reef Luxury Developments, we’ve seen this evolution play out daily. In April 2025, property sales surged 89% year-on-year, with land transactions representing half of all deals. But buyers today seek more than just so-called “trophy assets” – they’re demanding homes that reflect longevity, innovation, and privacy.” – Samer Ambar, CEO & Co-Founder, Reef Luxury Developments
That’s why Reef has committed to pioneering future-ready design, with smart systems, green technologies, and one of the most coveted features for desert living: temperature-controlled outdoor balconies. This innovation offers a new level of year-round comfort and privacy, particularly prized by UHNWIs seeking high returns on their property investments and exclusivity without compromise.
Beyond the numbers, what differentiates Dubai is certainty. With global markets grappling with volatility, tax unpredictability, and regulatory flux, the UAE delivers what few can: political and economic stability, transparent governance, and full foreign ownership rights. Add world-class healthcare, education, dining, and digital infrastructure, and it’s easy to see why families are making the move.
As Paul Tostevin at Savills put it: “A sense of place and a high quality of living are progressively the deciding factor when making location decisions.”
Looking ahead, with 142,000 millionaires projected to migrate globally this year, even a modest percentage choosing Dubai will profoundly reshape our economic and social landscape.
And the city is more than ready. From seamless property transactions to a thriving short-term rental ecosystem, Dubai is already living in the future.
