Dubai is the most welcoming place in the world for the wealthy.
According to a study conducted by real estate broker Savills, 30 global locations were assessed based on how appealing they are to high-net-worth individuals. According to Savills, the emirate is drawing a large number of wealthy relocators, many of whom are lured by the city’s tax benefits, which include zero inheritance, capital gains, and wealth taxes, as well as robust family infrastructure and high levels of security.
In Dubai, “many international schools are reporting longer waiting lists as new families move to the city,” Savills wrote to clients in a report seen by Bloomberg News. It’s “home to the most international schools of any destination in our index by some distance”, the broker said.
Asia-Pacific is expanding at the quickest rate of any area, according to Savills, as global wealth has been rebounding from a decline in 2022.
According to the estimate, there were over 680,000 new US dollar millionaires in 2024—a 1.2% annual increase—and more than five million more are anticipated by 2029.
In the meantime, businesses now consider the environment to be very important when choosing where to go next. The top two cities in Savills’ rankings, Dubai and New York, have drawn affluent people due to their pro-business climates, tax benefits, and geopolitical stability, according to the survey.
The world’s wealthy have also been drawn to the United Arab Emirates’ golden visa, which provides a low-tax 10-year residency in exchange for an investment of two million dirhams (S$710,039). According to the report, the implementation of a flat tax on global earnings in Italy has increased demand for real estate in areas like Milan.
According to Savills’ analysis, there has been a “clear pivot away from traditional financial centers” to “tech-enabled cities,” with Shenzhen and Bengaluru both reporting triple-digit increases in the number of millionaires over the last ten years.
Shanghai, Bangkok, and Tokyo have benefited from the Asia-Pacific region’s economic expansion, which has also increased the number of wealthy people living there.
Some cities languish in Savills’ rankings because inheritance tax is one of the most significant variables in selecting where elderly, wealthy people purchase houses. The UK’s tax structure, which has hurt demand for the city’s luxury real estate this year, weighed down London, which was ranked #1 for lifestyle characteristics.
According to the researchers, London’s appeal to older people has experienced “a cooling effect” due to the recent changes in the financial landscape. “By comparison, jurisdictions such as the US, where thresholds are far higher, or the Middle East where it is virtually non-existent, rank more highly.”
