UAE continues to be top destination for millionaires

ISLAMABAD: The United Arab Emirates (UAE) continues to be the top attractive destination for millionaires from across the world mainly because of huge tax incentives including zero income and wealth taxes. The UAE doesn’t tax personal income, capital gains, or inheritance.

Many EU countries have or had wealth taxes, making the UAE a tax-efficient haven for high-net-worth individuals (HNWIs).

The UAE now hosts over 130,000 millionaires, including 325 centi millionaires and 28 billionaires, contributing to a private wealth total of US $785 billion by end-2024. The Dubai International Financial Centre (DIFC) alone manages US $450 billion in private wealth, with Abu Dhabi’s ADGM handling hundreds of funds and wealth managers.

The year 2024 saw approximately 6,700-7,200 millionaires relocate to the UAE, bringing an estimated US $7 billion in fresh capital. However, as per Khaleej Times, the UAE is expected to attract the highest number of high-net-worth individuals in 2025, with more than 9,800 relocating to the Emirates.

Under the latest scenario, according to the Gulf News, a new analysis by Dubai Chamber of Commerce has revealed that Indian-owned businesses topped the list of non-Emirati companies joining the chamber in QI 2025. A total of 4,543 new members from India joined during the three-months period representing year-over-year(YoY) g