Why Dubai is the New Capital of Global Wealth: Tax-Free Living and Luxury Real Estate

Dubai is emerging as the world’s top magnet for the ultra-wealthy, with an unprecedented inflow of millionaires driven by zero income tax, political stability, and a lifestyle that many say is no longer sustainable in the West. According to Henley & Partners, the United Arab Emirates is on track to attract 9,800 millionaires in 2025, more than any other country. The surge underscores Dubai’s transformation into a global hub for high-net-worth individuals, outpacing traditional destinations such as London, New York, and Monaco.

Tax-Free Wealth and Open Luxury

Analysts point to Dubai’s zero income tax regime and a culture that openly embraces wealth as primary attractions. Mike Coady, head of Skybound Wealth Management, told AFP that some of his clients feel success has become “a liability” in their home countries.

“They're being taxed more, scrutinised more, and offered less,” he told AFP. “In Dubai, wealth isn't hidden, it's normalised. In London, my clients whisper about their net worth. In Dubai, they can live freely.”

Golden Visa and Policy Stability

As per the report in AFP, the UAE’s golden visa scheme, which grants a 10-year residence permit to wealthy or skilled foreigners, has further cemented Dubai’s appeal. Combined with low crime, political stability, and an investor-friendly environment, the policy framework has reassured families moving both capital and businesses to the Gulf state.

Lifestyle and Property Boom

Dubai’s image as a global playground, home to the world’s tallest building, mega malls, and luxury islands, remains a powerful draw for entrepreneurs, executives, and social media influencers alike. But it is the real estate market that has cemented the city’s new status.

The emirate is now ranked among the world’s top 20 cities for millionaires, with 81,200 high-net-worth residents and 20 billionaires, according to Henley & Partners. Demand for prime property has soared: 435 homes worth $10 million or more were sold in 2024, surpassing London and New York combined, according to Knight Frank.

“For $100 million in Monaco or Switzerland, buyers often get just one apartment,” said Faisal Durrani, Knight Frank’s head of Middle East research. “In Dubai, for that price, you could buy a whole building.”

Criticism of Inequalities

Behind the glossy skyline, however, critics point to glaring inequalities. Dubai’s rapid ascent rests on the labour of thousands of underpaid migrant workers, raising questions about the sustainability and inclusivity of the emirate’s economic model.

Still, Dubai’s ability to attract capital and talent is reshaping the global wealth map. With regulatory clarity, lifestyle perks, and relative affordability in ultra-prime real estate, the city has become not just a stopover but a long-term base for the global elite.