Dubai is fast becoming the ultimate playground for the ultra-wealthy, with record numbers of millionaires relocating to the city in search of tax-free living, political stability, and unmatched luxury. A global consultancy report shows that the United Arab Emirates, led by Dubai, is set to welcome nearly 9,800 millionaires in 2025—more than any other country worldwide.
While the UAE has long attracted regional elites, it is now experiencing a surge of wealthy newcomers from Western nations. For many, Dubai represents not just a financial haven but also a lifestyle upgrade where affluence is openly celebrated rather than criticized.
A Haven for Wealth in the Middle East
Dubai’s appeal stems from its position as a global gateway between Europe and Asia. With one of the world’s busiest airports, a thriving seaport, and 3.5 million residents—90% of whom are expatriates—the city thrives on diversity. Here, luxury property owners, global entrepreneurs, and social media influencers coexist alongside low-wage migrant workers, creating sharp contrasts.
For the wealthy, the draw is clear: no income tax, streamlined business regulations, and a safe, cosmopolitan environment. Financial advisor Mike Coady, of Skybound Wealth Management, explains that his clients feel targeted in their home countries. “In London, they whisper about their income. In Dubai, they live openly and without judgment.”
The Rise of a Global Wealth Capital
Dubai is already home to more than 81,200 millionaires and 20 billionaires, ranking it among the world’s top 20 wealthiest cities. Real estate leaders and investors alike highlight the city’s unique advantages. Max Maxwell, CEO of Paddco Real Estate, who relocated from the U.S., described Dubai as offering “a better way of life” compared to other financial hubs.
From luxury shopping to fine dining and private leisure services, the city provides an environment where extravagance is not only accepted but encouraged. Combined with political stability, low crime, and a strong pro-business legal framework, Dubai is positioning itself as a permanent home for the global elite.
Golden Visas and the Cost of Inequality
One of Dubai’s most powerful tools in attracting wealth is its Golden Visa program, granting 10-year residency to high-net-worth individuals and skilled professionals. This initiative has fueled property investments and long-term commitments from global millionaires.
However, beneath the glittering skyline lies a reality of deep inequality. Human Rights Watch and other organizations have raised concerns over the treatment of low-paid migrant workers, who form the backbone of Dubai’s rapid growth but often endure exploitative conditions. The stark divide between privilege and hardship remains a pressing challenge for the city’s future.
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