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Less tax, more luxury: millionaires flock to Dubai

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23.08.2025

Rich people are flocking to Dubai in record numbers, drawn to the desert city by its zero income tax policy and easy luxury lifestyle that has become harder to maintain elsewhere.

The United Arab Emirates and particularly Dubai have long welcomed wealthy people from nearby countries, and people helping millionaires to move there told AFP it is seeing more Westerners joining the fray.

Advisory firm Henley & Partners estimates that the UAE will attract an unprecedented 9,800 millionaires this year -- more than anywhere else in the world.

The tightly-policed UAE has moulded itself into a magnet for the wealthy, offering economic and political stability with extremely low crime rates, an easygoing business environment and even easier access to luxury.

The Gulf state's golden visa scheme, meant to attract wealthy or skilled foreigners, allows individuals to obtain a 10-year residence permit.

Mike Coady, who heads Skybound Wealth Management, an advisory firm for high-net-worth individuals, said some of his clients "feel like success has become a liability in their home countries".

"They're being taxed more, scrutinised more, and offered less," he said, but in Dubai, "wealth isn't hidden, it's........

© Al Monitor