The Millionaire Move to Dubai

As we enter 2025, it is important to acknowledge the wins of 2024 to manifest greater highs for 2025. According to Henley Private Management’s report on millionaire migration, the UAE ranked as the top destination for the year. In fact, immigration to the UAE has reached the point of emigration from the source countries calling it an exodus.

The number of millionaires living in Dubai has increased by 78% over the past 10 years, attracting 6700 millionaires in 2024 alone. As follows, among the top 10 countries with the highest outflows was the UK with 9500 millionaires leaving which is double the previous year. And the top destination for the UK millionaires has been the UAE.

Notably, the increase in outflows has been ongoing ever since Brexit with a total loss of 16,500 millionaires over the past six years. This has been further exacerbated by the uncertainties around the non-dom tax regime, changing the UK’s status of being a wealth magnet.

Moreover, the UK is also facing a brain drain with tech talent leaving for the UAE. The new chancellor of the exchequer - Rachel Reeves is considering increasing Capital Gains Tax (CGT) from 10% to a whopping range of 33 to 39%. Furthermore, she plans to scrap the Business Asset Disposal Relief which permitted entrepreneurs to pay reduced CGT.

Evidently, the UK’s FinTech billionaire - Nik Storonsky, has already relocated his company Revolut to Dubai. Unfortunately, the UK has managed to drive out one of its largest tech companies. Whereas Dubai continues to create and foster a supportive business environment for the technology industry with free zones designated for the industry.?

Indeed, Revolut has taken advantage of this business-friendly initiative in the country by basing itself in the free zone called Dubai International Financial Centre (DIFC) which is designated for the financial and FinTech industries. In addition, the UAE and the rest of the GCC have been working on signing a Free Trade Agreement (FTA) with the UK. The UAE minister of state and chairman of the UAE-UK Business Council stated 2024 to be a critically important year for the countries’ relationship.

The countries aim to collaborate in various industries including, climate finance, life sciences, and others. Currently, the trade between the two countries is worth over ￡25 billion ranking UAE as UK’s 19th biggest trading partner. Since the UAE has investments worth more than ￡10 billion and 13,500 UK companies export their products to the UAE, an FTA is due.

Additionally, sports exporters have been experiencing booming demand from the Gulf for goods ranging from gym equipment to specialized sports equipment. Once the FTA is implemented, bilateral is expected to rise by 16%, potentially adding ￡8.6 billion in the long run.

Overall, both countries have a lot to gain from each other, presenting a great opportunity for businesses to take advantage of. Thus, the UAE is working on smoothening the relocation of businesses and easing international trade as well. Whether you’re a millionaire or a SME, make the right choice, choose Dubai!

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