Dubai vs. Other Wealth Hubs: What the Numbers Tell Us

Global wealth flows are shifting, and 2025 data suggests a marked realignment of where high-net-worth individuals are choosing to base their capital and build long-term financial strategies. Among the cities seeing the strongest momentum is Dubai, whose performance across key indicators like net migration of millionaires, real estate performance, and tax efficiency signals more than just growth. It marks a structural repositioning of Dubai as a serious contender among the world’s top wealth hubs. 

While cities like London, New York, Singapore, and Hong Kong have long held the reputation of financial capitals, Dubai is emerging not just as an alternative, but as a preferred destination for high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs).

Population and Wealth Migration: Dubai’s Ascent

In 2024, Dubai welcomed 8,700 new millionaires, pushing its HNWI population to 81,200. That includes 237 centi-millionaires and 15 billionaires. What stands out is not just the volume, but the rate of growth. Over the last decade, the number of billionaires in Dubai has increased by 102%, making it the third-fastest-growing city globally in billionaire population, trailing only behind Shenzhen and Hangzhou.

In contrast, traditional wealth hubs such as London and New York, while still home to a larger absolute number of HNWIs, are seeing a much slower rate of growth. London, with a population of over 9 million, has limited expansion potential and faces high costs. Dubai, by comparison, has a population of 3.5 million and is actively scaling up, with ambitious urban and economic development plans.

Real Estate: Price, Performance, and Potential

Dubai’s prime residential real estate is priced at approximately $930 per square foot, making it markedly more accessible compared to other global cities like Hong Kong ($3,860), New York ($2,590), London ($1,920), and Singapore ($1,810).

More importantly, Dubai’s luxury residential market is projected to grow by 8–12% in 2025, outperforming nearly all other global luxury real estate markets for the third consecutive year. For investors, this translates into stronger yields, real asset backing, and an inflation-resilient store of value.

Taxation: The Numbers Speak for Themselves

City	Personal Income Tax	Capital Gains Tax	Corporate Tax
Dubai	0%	Not Applicable	9% (with exemptions)
London	Up to 45%	Applicable	25%
New York	Up to 10.9%	Applicable	Up to 8.85%
Singapore	Up to 24%	Not Applicable	17%
Hong Kong	Up to 16%	Not Applicable	16.5%

Sources: 

PwC Worldwide Tax Summaries – Personal Income Tax (PIT) Rates

PwC Worldwide Tax Summaries – Corporate Income Tax (CIT) Rates

Dubai’s tax regime is hard to beat. No income tax, no capital gains tax, and a low corporate tax rate create a compelling case for wealth preservation and growth. In contrast, traditional hubs are dealing with increasing tax burdens, particularly for high earners and estates.

Ease of Business Setup with Global Access in Dubai

Beyond tax efficiency, Dubai offers structural advantages that make it a practical base for global business and investment operations. Its central location between Europe, Asia, and Africa makes it a strategic base for global business. The emirate has invested heavily in logistics, digital infrastructure, and regulatory reforms. Business setup in Dubai is fast, efficient, and designed to attract international capital.

While London and New York have historically served as major financial gateways, they now contend with significantly higher overheads and increasing regulatory complexity. Singapore and Hong Kong continue to offer efficient ecosystems but are constrained by land shortages, higher costs, and ongoing geopolitical considerations.

FDI and Financial Services: A Clear Lead

Dubai now ranks at the top globally for foreign direct investment (FDI) into the financial services sector. According to the Dubai International Financial Centre (DIFC), the emirate saw record growth in hedge funds, asset managers, and family offices setting up shop in 2024.

This shift highlights a reallocation of capital driven by institutional requirements. Dubai’s use of English common law within the DIFC, oversight by an independent regulator (DFSA), and consistent policy execution make it a credible and stable option for long-term wealth planning.

Lifestyle and Safety: A Growing Draw

Dubai’s appeal to global families is shaped by more than just infrastructure. The emirate offers consistent access to high-quality education, reliable healthcare, and a high standard of amenities. Importantly, Dubai ranks among the safest urban environments in the world, a factor that carries weight for families managing cross-border wealth and mobility.

By comparison, traditional hubs such as London and New York face ongoing challenges with urban congestion, public safety, and rising operational costs. Singapore continues to perform well in terms of governance and urban management, but is constrained by high population density and premium costs per square foot.

Capital Consolidation and Long-Term Allocation

Dubai recently advanced to 18th place in the global ranking of cities by HNWI population. It ranks third globally for billionaire growth, and current projections suggest the number of UHNWIs in the city will double by 2034. These gains are not short-term anomalies; they reflect strategic investment policies, demographic planning, and a consistent track record of delivering on large-scale economic goals.

Wealth Hub Comparison: Key Metrics to Evaluate before Migrating (2025)

Metrics	Dubai	London	New York	Singapore	Hong Kong
Millionaires	81,200	215,700	384,500	242,400	154,900
Centi-Millionaires	237	352	818	333	346
Billionaires	20	33	66	30	40
Real Estate ($/sq ft)	$930	$1,920/sq ft	$2,590/sq ft	$1,810/sq ft	$3,860/sq ft

Sources: 

Savills World Cities Prime Residential Index 2025

Henley & Partners: The World’s Wealthiest Cities 2025

The relatively recent influx of high-net-worth and ultra-high-net-worth individuals, coupled with an appealing and accessible real estate market, forms a key part of Dubai’s distinct proposition for wealth holders against other wealth hubs.

For investors and family offices building forward-looking strategies in 2025 and beyond, the data points to a clear and compelling case: For those seeking to grow and protect wealth, and beyond, backed by regulatory clarity, favorable tax policies, accessible real estate, and consistent investor inflows, Dubai is the newest benchmark.

Partner with Xiffin: Navigate Business Setup Opportunities in Dubai

As Dubai continues to solidify its position as a leading global wealth hub, partnering with a trusted advisor is key to maximizing the opportunities it presents. At Xiffin, we specialize in helping free-spirited elites navigate the complexities of business setup in Dubai.

Whether you’re looking to incorporate a business, invest in real estate, secure visa solutions, or benefit from Dubai’s tax advantages, Xiffin offers tailored services that align with your financial goals. With our extensive knowledge of the UAE’s regulatory environment and a commitment to providing exceptional support, Xiffin simplifies your path to Dubai’s wealth opportunities. Reach out to us to learn how we can help you make the most of your growth in Dubai.