Why Dubai is the New Capital of Global Wealth: Tax-Free Living and Luxury Real Estate
Dubai is experiencing a record-breaking influx of millionaires, driven by tax-free living, luxury real estate, and a golden visa scheme. The city is outpacing traditional destinations like London and New York as the top magnet for high-net-worth individuals.
DubaiReal EstateMillionairesTaxfreeGolden VisaReal Estate NewsAug 22, 2025
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.
Frequently Asked Questions
Why are millionaires flocking to Dubai?
Millionaires are attracted to Dubai due to its zero income tax, political stability, and a lifestyle that openly embraces wealth. The city also offers a golden visa scheme, which grants a 10-year residence permit to wealthy or skilled foreigners.
What is the golden visa scheme in the UAE?
The golden visa scheme in the UAE grants a 10-year residence permit to wealthy or skilled foreigners, further enhancing Dubai’s appeal as a destination for high-net-worth individuals.
How is the real estate market in Dubai performing?
The real estate market in Dubai is booming, with 435 homes worth $10 million or more sold in 2024, surpassing London and New York combined. The city is now ranked among the world’s top 20 cities for millionaires.
What are some criticisms of Dubai’s economic model?
Critics point to glaring inequalities in Dubai, particularly the reliance on underpaid migrant workers for the city’s rapid development. This raises questions about the sustainability and inclusivity of the emirate’s economic model.
How is Dubai reshaping the global wealth map?
Dubai’s ability to attract capital and talent, combined with its regulatory clarity, lifestyle perks, and relative affordability in ultra-prime real estate, is reshaping the global wealth map. The city has become a long-term base for the global elite.
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