From no income tax to low crime rates: Why millionaires are flocking to Dubai

August 23, 2025

A city where wealth isn’t taxed, crime is a rarity, and luxury is a lifestyle staple. For Indian millionaires, Dubai is no longer just a glitzy getaway—it’s a new home base. As global wealth shifts, the UAE, particularly Dubai, is emerging as a haven for the ultra-rich

With high taxes at home and a quest for tax-free havens, thousands of Indian high-net-worth individuals (HNIs) are relocating to the UAE, drawn by its promise of opulent living without the financial pinch. This “desert migration” isn’t just a trend—it’s a strategic shift, as Indian millionaires seek stability amid global uncertainties.

Record numbers of millionaires choosing Dubai

According to Henley & Partners, Dubai is already home to 81,200 millionaires and 20 billionaires, making it one of the top 20 cities globally for wealthy residents. But the numbers are still climbing at a pace the world hasn’t seen before.

India has seen a steady outflow of its millionaires in recent years, with Dubai emerging as the preferred destination. Around 5,100 Indian HNIs left the country in 2023, dropping to 4,300 in 2024, and projected at 3,500 for 2025. The UAE tops the list for these relocations, attracting many due to its golden visa program. In 2024 alone, an estimated 4,300 Indian millionaires were expected to move to the UAE, bolstering its appeal as a “plug-and-play” city for wealth.

On the visa front, the UAE’s golden visa has exploded in popularity among Indians. The program issued 79,617 visas in 2022, surging to 158,000 in 2023 — a near doubling. Indians form a significant chunk; experts note 7-8% of Dubai’s annual property buyers are Indians eyeing the 10-year residency.

And it’s not just about people moving, it’s about the money they bring. Analysts estimate that this flow of wealth could inject more than $7.1 billion (Dh 26 billion) into Dubai’s economy, nearly half of the emirate’s total foreign direct investment in 2024, reports Gulf Business.

“Dubai has matured into the world’s most compelling plug-and-play city for wealth,” Louis Harding, CEO at Betterhomes, told the outlet. “What’s changed is intent; founders, operators and multi-generational families are anchoring here, not passing through.”

Why the Elite Are Choosing Dubai

Dubai’s zero income tax policy is driving a surge of wealthy migrants seeking financial freedom as other countries tighten wealth regulations.

Mike Coady, head of Skybound Wealth Management, said many clients feel “success has become a liability in their home countries.” He added: “They’re being taxed more, scrutinised more, and offered less. In Dubai, wealth isn’t hidden, it’s normalised. In London, my clients whisper about their net worth. In Dubai, they can live freely.”

The golden visa scheme, offering 10-year residency to affluent or skilled foreigners, has further boosted the appeal, providing stability and long-term opportunities. Business-friendly policies are another lure, with “very little red tape” and a clear message that “we are open for business,” said Philippe Amarante of Henley & Partners.

Then there’s real estate. Dubai’s luxury property market is booming, with 435 homes worth $10 million or more sold in 2024, outpacing London and New York combined. And compared to European hubs like Monaco or Switzerland, Dubai still feels “affordable.”

A lifestyle hard to match

For many millionaires, the attraction goes beyond money. Dubai offers a lifestyle that’s hard to replicate — top-tier schools, world-class healthcare, modern infrastructure, and a sense of safety that’s increasingly rare in global cities.

Max Maxwell, CEO of Paddco Real Estate, who relocated from the US, described it on the Building Wealth With No Borders podcast:

“We’re all chasing a lifestyle, whatever that means to everybody. After leaving the US for the UAE, I found my family could enjoy a better lifestyle than where we were, for the same amount of money.”

The Flip Side of Dubai

Over the years, Dubai has become synonymous with over-the-top displays of wealth — from the world’s tallest building to the Palm Jumeirah, an artificial island lined with luxury hotels, and a mega mall featuring an indoor ski slope.

But rapid development into a playground for the rich has drawn criticism over stark inequalities, as low-paid migrant workers form the backbone of the economy.

The UAE has also faced scrutiny over money laundering, landing briefly on a financial “grey list” in 2022. Authorities have since tightened regulations and extradited wanted figures in an effort to restore confidence.

Still, for the wealthy, these concerns haven’t slowed the migration. As Mike Coady put it:

“The UAE fits like a glove.”