When the global elite pick a city to call home, their decision goes far beyond skyline views and luxury shopping. They seek a blend of opportunity, lifestyle, security, tax-regime advantages, and global connectivity. In recent years, one city has risen sharply in global appeal: Dubai. Once a regional hub known for oil and trade, Dubai is now positioning itself as the destination for high-net-worth individuals (HNWIs). In many ways, it has begun to rival — and in certain analyses even surpass — iconic global cities such as New York City.
A Changing Wealth Map: Dubai’s Ascent
According to the annual World’s Wealthiest Cities report from Henley & Partners and New World Wealth, Dubai moved from 21st to 18th globally in recent years, now housing around 81,200 millionaires, including 237 “centi-millionaires” (individuals with over US$100 million in investable assets) and some 20 billionaires.
Meanwhile, New York continues to top the list with about 384,500 millionaires, which underscores the magnitude of the leap Dubai has made.
Beyond the raw numbers, a recent report by global real-estate firm Savills found that Dubai has been ranked the “world’s most attractive city for the wealthy,” with New York second.
That wording—most attractive city for the wealthy—is significant. It shows that for many wealthy individuals, living in Dubai is not just about accumulating wealth but preserving it, enjoying it, and getting value for it.
Why Dubai Is Pulling Ahead
Several key factors have fueled Dubai’s appeal to affluent residents:
1. Tax and regulatory incentives
Dubai’s tax-regime is a major draw. The UAE offers zero personal income tax, no inheritance tax, and favourable capital-gains treatment – a combination that is becoming rare among major global hubs. This makes Dubai highly competitive compared to many Western cities. For wealthy individuals seeking to preserve and grow their wealth, the financial architecture is compelling.
2. Residency & immigration friendly policies
Dubai, and the wider UAE, have introduced long-term residence visas (so-called “Golden Visas”), investor-friendly immigration frameworks, and relatively straightforward foreign-ownership laws. As one commentary noted: “Thanks to its streamlined tax and legal ecosystem, the city has positioned itself as a forward-thinking hub that encourages business.”
3. Family-oriented infrastructure and lifestyle
High-net-worth individuals often relocate with families. Dubai offers a strong package: international schools, world-class healthcare, high levels of personal safety, and large, modern housing and neighbourhoods. The Savills report emphasised that Dubai “offers the largest number of international schools of any global destination, a major advantage for affluent expatriates relocating with families.”
4. Global connectivity and business-friendly environment
Strategically located between Europe, Asia and Africa, Dubai acts as a 24/7 global hub. The presence of major finance centres (such as the Dubai International Financial Centre), free-zones, and infrastructure investments (airports, ports, logistics) make it a strong base for business, asset-management, and global entrepreneurship.
5. Property & luxury lifestyle value
For wealthy individuals, lifestyle matters. From luxury residences to exclusive neighbourhoods, Dubai offers more “space per dollar” compared to the world’s most expensive markets. It is also rising in the rankings of luxury-markets and “super-prime” property hubs.
New York has long been considered the archetypal city for the rich: culture, finance, fashion, global prestige. Indeed, the Henley & Partners report demonstrates New York’s continued dominance in absolute millionaire counts. But the emerging narrative is value, lifestyle and flexibility, where Dubai is gaining on New York in meaningful dimensions.
While New York remains number one in tally of rich residents, many wealthy families and entrepreneurs are now weighing other factors: tax efficiency, quality of life, regional access, and alternative global hubs. Dubai is increasingly seen as a viable alternative — not just for “secondary residence” but as primary domicile.
Key Data Points & Trends
- Dubai now has some 81,200 millionaires and 237 centi-millionaires according to the 2024/25 data, and it saw a 102 % increase in millionaire population over the last decade.
- Dubai edged from 21st to 18th place globally in the ranking of millionaire-resident cities.
- Dubai was ranked as the world’s most attractive city for the wealthy, surpassing New York, Singapore, Hong Kong and others.
- On the luxury property market, Dubai is among the top global cities for super-prime transactions and high-end luxury living.
The Implications of this Shift
This shift has multiple implications:
Real estate markets: As wealth flows into Dubai, luxury property prices, especially waterfront villas and high-end residences, have accelerated. Wealthy residents seek large homes, privacy, and amenities. This surge influences broader property market dynamics, rental markets, and urban development.
Business and finance: As more HNWIs, family offices and entrepreneurs relocate, Dubai’s financial ecosystem deepens. Services such as wealth management, private banking, family-office set-ups, and cross-border structuring become more important. For global businesses, Dubai is becoming a gateway for regional expansion.
Global wealth migration patterns: The rise of Dubai reflects a broader trend of wealth migration — where capital and affluence move not just into traditional Western hubs but also into newer, more dynamic cities offering benefits. Dubai’s rise signals how city-ranking factors are evolving.
Lifestyle and societal changes: High concentrations of wealthy residents bring new lifestyles, luxury consumption patterns, philanthropic activity, and demand for high-quality services (education, healthcare, hospitality). The culture of “living like a global elite” is becoming more visible in the city.
What’s Driving Wealth Inflow to Dubai?
Let’s unpack some of the core drivers in more detail.
Tax-friendly climate
For ultra-wealthy individuals, tax burdens can be enormous. Cities with high personal-income tax, inheritance tax, or capital-gains tax can become less attractive. Dubai offers a zero personal-income tax regime for most individuals, which is highly attractive. Add the absence or minimal nature of inheritance and wealth taxes, and the picture becomes clear: place your wealth where you retain more of it.
Residency and citizenship incentives
Wealthy families are increasingly global in orientation. They value mobility, high-quality services, and alternative residency options. Dubai offers long-term visas (often investor-linked), allowing wealthy residents more flexibility without naturalising (and losing their home-country nationality if that is a concern). These schemes make relocation simpler, especially compared to more tightly regulated Western immigration regimes.
High-quality infrastructure and living standards
Wealthy people don’t just look for tax benefits—they look for lifestyle. Schools (international curricula), top-tier healthcare, secure neighbourhoods, luxury leisure, world-class hotels, resorts, airports. Dubai ticks many boxes. The Savills report emphasises “strong family-oriented infrastructure” and “high levels of personal safety” as key factors.
Global business hub and connectivity
The world’s wealthy often have multi-national interests, offices, investments, and travel needs. Dubai’s geographic position, time-zone bridging East and West, strong logistics, and business-friendly regulations (especially free-zones) make it strategically placed. The presence of global banking, family offices, and asset-management firms underlines its growing financial ecosystem.
Real estate and luxury segmentation
For many wealthy individuals, the decision to relocate involves real estate. In Dubai, luxury homes (villas, beachfront properties, custom residences) offer relatively lower cost per square foot compared to some legacy cities, while delivering high amenities. And as Dubai’s market has matured, it offers not just living spaces but entire “luxury ecosystems” – from mega-resorts to bespoke mansions, private islands, super-yachts, premium retail. The recent reports show Dubai leading “$10 million-plus” property deals in some quarters globally.
Potential Risks and Considerations
Of course, no city is a perfect utopia, and wealthy individuals considering relocation should weigh certain factors.
Overreliance on real-estate and luxury sectors
While Dubai has diversified, a significant portion of its economy still depends on real-estate, tourism, hospitality and property-investment flows. Wealth migration and luxury demand are sensitive to global economic cycles, interest-rate shifts, and regulatory changes.
Geopolitical and regulatory factors
The UAE and Dubai are stable compared to many emerging markets, but geopolitical dynamics in the Middle East, regulatory shifts in immigration/ownership laws, or economic adjustments (for instance due to global oil price dynamics) can impact investor sentiment.
Local-market inflation and competition
As value creeps up, luxury real estate — especially super-prime homes — may become more expensive, potentially reducing the “value-for-money” differential compared to some legacy cities. Also, moving into a high-wealth enclave can mean higher consumption, lifestyle costs, and expectations.
Tax and domicile complexity
Even though Dubai offers many tax advantages, the wealthy must still manage tax residence rules of their home country, cross-border tax treaties, global reporting standards (e.g., CRS, FATCA), and potential exit taxes. The relocation decision is rarely simple and requires expert tax and legal advice.
Why the Narrative Says Dubai “Surpassed” New York
- While in absolute numbers New York still retains more millionaires, the narrative of “Dubai surpassing New York” can be understood in certain contexts:
- For many wealthy individuals relocating for lifestyle, tax, residency, and mobility reasons, Dubai is now seen as more attractive than New York. According to the Savills ranking, Dubai leads and New York follows.
- On growth rates, Dubai is rising much faster. For instance, the Henley data shows Dubai grew over 100 % in millionaire numbers over the past decade – one of the fastest globally.
In regional context, Dubai has overtaken many legacy cities as the preferred base in the Middle East, and luxury-market data shows it is competing with New York and London for ultra-high-net-worth real estate deals. Thus, even if New York has more millionaires, for certain segments of the wealthy (mobile entrepreneurs, global families), Dubai may functionally eclipse New York in terms of value proposition.
What the Future Holds
If current trends hold, Dubai could become the dominant global hub for the affluent in the coming decade. Some key trajectories to watch:
Family-office growth: As global ultra-wealthy families look for second homes and global bases, Dubai is likely to strengthen its appeal as a family-office hub, especially given favourable regulation and tax environment.
Alternative-asset growth: Dubai is positioning itself beyond real estate: into fintech, crypto-assets, private equity, art and luxury consumption. These sectors attract HNWIs who are not just relocating but also investing in growth sectors.
Global wealth migration flows: Countries like India, Russia/CIS, and Africa are increasingly sources of wealthy migrants. Dubai’s cultural, geographic and business bridging role make it a logical destination for many such high-net-worth individuals. In the past year’s forums, sources pointed to large proportions of migrants coming from India, Middle East, Russia/CIS.
Luxury real-estate escalation: As more ultra-wealthy residents settle in Dubai, the demand for ultra-luxury homes, custom residences, private islands, yachts, art and high-end experiences will grow. This could further attract global elite families seeking a clustered ecosystem of wealth and lifestyle.
Global perception and brand shift: The “Dubai brand” for global wealth living may become more entrenched — no longer just a Gulf curiosity, but a mainstream alternative to legacy wealth hubs (New York, London, Hong Kong). As ranking agencies and global wealth-migration advisers emphasise Dubai’s appeal, perception matters.
Dubai’s emerging prominence as a home for the rich is not just a statistical blip — it reflects changing priorities among the global affluent: more mobility, more value, more lifestyle, and less friction. While New York remains iconic, the scale-and-growth dynamics and the attractiveness of Dubai are reshaping the global wealth map.
For the wealthy looking to relocate, invest and anchor themselves in a global city that offers connection, growth and luxury — Dubai is increasingly ticking those boxes. In this sense, the narrative that “Dubai has officially surpassed New York City to become the world’s leading destination for wealthy residents” may not apply to every metric, but in terms of attractiveness, growth and value proposition, it is undeniably accelerating ahead.