The UAE’s Nine Types of Zero Taxation are Enticing International Millionaires
The UAE imposes no personal income tax, no capital gains tax, and no inheritance tax – an uncommon and appealing offer for high-net-worth individuals. The zero-tax framework permits millionaires to protect and grow wealth and not have to worry about tax stripping wealth away as time goes by.
Spectacular Growth in Millionaires
The UAE is expected to receive 6,700 new millionaires in 2024, per Henley & Partners – the highest in the world. And possibly 7,100 millionaires by 2025! That is a 53% increase over last year! So far in 2024, the UAE has had 130,500 millionaires. Dubai presently has 81,200 millionaires, 237 centimillionaires, and 20 billionaires, demonstrating its growth of 102% over the last ten years.
Read Also: India Targets Trade Imbalance with Anti-Dumping Duty on Chinese Chemicals
Where Are They From?
A large portion of the wealthy migrants are from India (31%), then the Middle East at 20%, Russia and CIS countries at 14% and Europe and the UK at 12%. The UAE welcomes nearly double the number of millionaires than the US, which receives on average 3,800 millionaires each year. Something beyond taxes.
Why are they selecting the UAE?
In addition to zero tax, the UAE has significant long-term Golden Visa opportunities, outstanding health care, the most prestigious international schools, and one of the safest lifestyles globally. Dubai’s ideal location enables easy access to cities such as London, Mumbai, and Singapore – all within an 8-hour flight.
The Dubai International Financial Centre is booming with over 46,000 professionals, and even more global companies are opening offices to serve this burgeoning wealthy class.
Read Also: India Defends Tariff Policy While Global Scrutiny: Sitharaman
Major Contributions Toward Dubai’s Economy
Dubai’s luxury market has never seen an increase like this. There were 435 home sales above $10 million in 2024 and more than in New York or London. The influx of this millionaire class brings billions of foreign capital, which is filling the local economy. We are also seeing large growth in wealth management companies, family offices, and investment platforms.
Bright Future
Global millionaire migration is projected at around 142,000 in 2025. If just 5% choose the UAE, that’s another 7,100 wealthy residents. In 5 years, the UAE could expect nearly 30,000 millionaires. Experts believe that Dubai could be one of the Top 10 richest cities in the world by 2030.
