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Time Out Abu Dhabi
22-05-2025
- Business
- Time Out Abu Dhabi
Abu Dhabi has been named one of the top cities for the ultra wealthy
Turns out, when the world's wealthiest are looking for their next address, Abu Dhabi is high on the wishlist. New research from Savills has ranked Abu Dhabi as one of the top two global cities for high-net-worth individuals (HNWIs) to live, work and yes – play. With its tax-free lifestyle, year-round sunshine, glittering cultural institutions, luxury real estate and the all-important sense of safety, Abu Dhabi has emerged as a magnet for millionaires and billionaires alike. According to the report, more than 6,700 ultra-wealthy individuals made the move to the UAE last year, many from the UK, where taxes can gobble up as much as 45 percent of earnings. In comparison? The UAE offers a tempting buffet of no capital gains tax, no inheritance tax and generous investment-friendly policies. Add a 10-year golden visa and a tech-savvy, forward-looking economy to the mix and you've got yourself a luxury-lifestyle jackpot. While Dubai took the top spot in the rankings thanks to its high-profile tax perks, Abu Dhabi isn't far behind – beating out heavy-hitters like Singapore, Zurich, Auckland and major US cities. What gives the UAE capital an edge? It's not just the money talk. Savvy HNWIs are now choosing cities based on quality of life, climate, safety and culture, not just tax breaks. Here's what else is fuelling the millionaire migration: A strong real estate market Access to world-class healthcare and education A stable, geopolitically neutral location in turbulent times A rich cultural calendar packed with opera, art and Formula 1 thrills With bold ambitions and a booming economy, Abu Dhabi isn't just a destination for wealth – it's a destination of choice. Whether you're drawn by art on Saadiyat, tech in Hub71, or a villa on the Corniche, the message is clear: the good life is calling. Paul Tostevin, Director at Savills said: 'Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals, and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions.' More things to do in Abu Dhabi Everything happening in Abu Dhabi in 2025 From new openings to big events, this is shaping up to be quite a year It's official: Abu Dhabi Comedy Season is returning for a second edition with some huge names Wow, look at this line-up Abu Dhabi's best restaurants: Everywhere you should eat at least once Your dinner inspo is sorted
Arabian Business
14-04-2025
- Business
- Arabian Business
Dubai and Abu Dhabi named world's best cities for HNWI relocations thanks to tax rules and quality of life
Dubai and Abu Dhabi are the best cities in the world for high-net-worth individuals to relocate to, according to Savills research. The trifecta of a fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, is increasingly influencing where high net worth individuals (HNWIs) and footloose companies choose to locate, said Savills. The real estate consultancy launched the Savills Dynamic Wealth Indices to identify the cities that are performing well at attracting and developing wealth and investment from individuals and businesses. Dubai and Abu Dhabi attract HNWI and businesses Savills said that personal tax incentives, existing high concentrations of HNWIs, and a good quality of life put the cities of Dubai and Abu Dhabi of the UAE in the top two positions, followed by Singapore, Zurich and Auckland to make up the top five preferred locations for individuals looking to relocate. Meanwhile, Singapore, Seoul, New York, London and Abu Dhabi take the top five places for corporate relocations based on their corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases. This means that Abu Dhabi has ranked in the top five for both, individuals and corporates looking to relocate, highlighting its range of benefits. Rachael Kennerley, Director of Research at Savills Middle East said: 'Abu Dhabi's sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand, with new businesses requiring space, and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE's pull.' The UAE is a particularly attractive option for HNWIs who bring their companies with them. It has a dynamic economy that is diversifying away from oil and attracting growing sums of corporate and sovereign wealth investment. This has in turn boosted real estate transaction volumes and values. Prime residential capital values in Dubai rose by 6.8 per cent in 2024, with prime office values growing by 7 per cent in Q4 alone. In 2024, the residential sector recorded unprecedented transaction volumes, with a 47 per cent year on-year increase. Of this, over 4,600 units priced above AED10m ($2.72m) were transacted during the year, marking a 23 per cent year on-year increase. Paul Tostevin, Director of Savills World Research, said: 'Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals, and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions.' Savills says that six of the top 12 locations feature in both the corporate and individual Dynamic Wealth Indices – highlighting how business and personal priorities can often overlap as businesses want to locate in destinations that can provide the necessary talent to sustain them, following skilled workers who tend to prioritise a better quality of life. While lifestyle factors appeal chiefly to the individual, the knock-on effects of creating talent clusters, or HNWIs bringing their businesses with them when they relocate, make them a magnet for corporate wealth, too.
Zawya
14-04-2025
- Business
- Zawya
Dubai, Abu Dhabi take top spots in Savills latest index tracking where global HNWIs choose to locate
The trifecta of a fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, is increasingly influencing where high net worth individuals (HNWIs) and footloose companies choose to locate, says Savills. The global real estate consultancy has launched the Savills Dynamic Wealth Indices to identify the cities that are performing well at attracting and developing wealth and investment from individuals and businesses – and highlights some key factors shaping their location decisions. Savills says that personal tax incentives, existing high concentrations of HNWIs, and a good quality of life put the cities of Dubai and Abu Dhabi of the United Arab Emirates in the top two positions, followed by Singapore, Zurich and Auckland to make up the top five preferred locations for individuals looking to relocate. Meanwhile, Singapore, Seoul, New York, London and Abu Dhabi take the top five places for corporate relocations based on their corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases. This means that Abu Dhabi has ranked in the top 5 for both, individuals and corporates looking to relocate, highlighting its range of benefits. Commenting on the UAE capital's performance, Rachael Kennerley, Director of Research at Savills Middle East says, 'Abu Dhabi's sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand – with new businesses requiring space – and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE's pull.' The UAE is a particularly attractive option for HNWIs who bring their companies with them – it has a dynamic economy that's diversifying away from oil and attracting growing sums of corporate and sovereign wealth investment. This has in turn boosted real estate transaction volumes and values. Prime residential capital values in Dubai rose by 6.8% in 2024, with prime office values growing by 7% in Q4 alone. In 2024, the residential sector recorded unprecedented transaction volumes, with a 47% year on-year increase. Of this, over 4,600 units priced above AED 10 million were transacted during the year, marking a 23% year on-year increase. 'Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate, explains Paul Tostevin, Director of Savills World Research. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals, and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions.' Savills says that six of the top 12 locations feature in both the corporate and individual Dynamic Wealth Indices – highlighting how business and personal priorities can often overlap as businesses want to locate in destinations that can provide the necessary talent to sustain them, following skilled workers who tend to prioritise a better quality of life. While lifestyle factors appeal chiefly to the individual, the knock-on effects of creating talent clusters – or HNWIs bringing their businesses with them when they relocate - make them a magnet for corporate wealth, too. Read the complete findings of the study here: Savills Dynamic Wealth Indices For further information, please contact: Savills press office:
The National
14-04-2025
- Business
- The National
Dubai and Abu Dhabi preferred locations for ultra-rich people and companies
Dubai and Abu Dhabi lead the top five preferred global locations for high-net-worth individuals (HNWIs) looking to relocate, driven by personal tax incentives and a good quality of life, global real estate consultancy Savills has found. Singapore, Zurich and Auckland round up the remaining top five cities for individuals to move to, according to the Savills Dynamic Wealth Index. The UAE capital also ranked among the top five places for corporate relocations based on corporate tax and business environments, volumes of foreign direct investment, and economies and knowledge bases, the consultancy found. Abu Dhabi came fifth, below Singapore, Seoul, New York and London. 'Alongside proactive UAE government initiatives designed to attract wealth and businesses, policy shifts in other countries are prompting relocations,' Rachael Kennerley, director of research at Savills Middle East, told The National. 'For example, [investment migration advisory firm] Henley & Partners reported net outflow of 10,800 HNWIs from the UK in 2024. It's a balance of push factors abroad and pull factors within the UAE.' The number of millionaires living in Dubai has doubled in the past decade, making it one of the world's fastest growing wealth hubs, a recent report found. The World's Wealthiest Cities Report 2025, prepared by New World Wealth for Henley & Partners, also shows a shake-up of the traditional order, with millionaires leaving London in their thousands. Their departure comes alongside changes to the tax status of non-doms – people who live in Britain but whose permanent home for tax purposes is outside the UK. Dubai now has 81,200 millionaires, 237 centimillionaires, whose wealth is in the hundreds of millions, and 20 billionaires, according to the data published on April 9, which is for 2024, in US dollars. The previous year, there were 72,500 millionaires, 212 centimillionaires and 15 billionaires. In the past decade, there has been a 102 per cent increase in the number of millionaires in Dubai. Only the Chinese cities of Shenzhen and Hangzhou have recorded higher growth, of 142 per cent and 108 per cent, respectively. The UAE attracts more migrating millionaires than any other country, according to previous data from Henley & Partners. Almost twice as many millionaires moved to the UAE last year than to the next most popular country, the US. 'Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate,' said Paul Tostevin, director of Savills World Research. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals, and will continue to play a major role, but a sense of place and a high quality of living are progressively the deciding factor when making location decisions.' For corporates, Abu Dhabi and Dubai feature among the top 12 cities globally, driven by strong business environments, low taxation and rising levels of FDI, according to Savills. The country's golden visa programme, which has expanded residency options, a good lifestyle offering, excellent health care and education, safety, and a strategic location and connectivity, have also enhanced its appeal, Ms Kennerley said. 'Technology remains the biggest driver of new wealth,' she added. "Attracting and growing a thriving tech ecosystem will further strengthen the UAE's competitiveness and appeal to the next generation of global investors and entrepreneurs." The country's projected economic growth, at 4.5 per cent for 2025, is also a key driver. 'While prime residential prices in Dubai and Abu Dhabi have seen strong growth, they still represent good value compared to other global cities,' Ms Kennerley pointed out. 'On a price per square foot basis, Dubai remains more affordable than cities such as London, New York and Hong Kong. Despite leading global rankings in terms of price growth, prime property in Dubai continues to offer relatively attractive entry points for HNWIs.' Six of the top 12 locations feature in both the corporate and individual dynamic wealth indexes. Businesses want to be in places that can provide the necessary talent to sustain them, following skilled workers who tend to prioritise a better quality of life, Savills said. 'Abu Dhabi's sovereign wealth has attracted connected family offices and global corporates,' Ms Kennerley said. "In turn, this has stimulated office demand and the luxury residential market."
Khaleej Times
14-04-2025
- Business
- Khaleej Times
UAE: Why are so many centi-millionaires relocating, investing in Dubai, Abu Dhabi?
Dubai and Abu Dhabi have taken the top spots for attracting and developing wealth for millionaires as well as where millionaires are looking to relocate, according to a new study released on Monday. Launched by global real estate consultancy Savills, the research found that Dubai topped the list as it 'combines financial incentives with a good climate and quality of life.' Dubai now boasts 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires, Henley & Partners' latest study released this month revealed. The emirate is also the biggest climber in the top 50 over the past year, moving from 21st to 18th place. The study noted that Dubai and Abu Dhabi (where 75 residents are centi-millionaires) are projected to see their centi-millionaire populations more than double over the next 10 years. Other cities that made to the top 12 list for attracting high net worth individuals (HNWI) are Singapore, Zurich, Auckland, Boston, New York, San Jose, Seattle, Miami, Dallas and San Francisco, according to Savills Dynamic Wealth Indices. Savills noted that Abu Dhabi and Dubai are a particularly attractive option for HNWIs who bring their companies with them. These areas have a dynamic economy that's diversifying away from oil and attracting growing sums of corporate and sovereign wealth investment. This has boosted real estate transaction volumes and values as prime residential capital values in Dubai rose by 6.8 per cent in 2024. Interestingly, the newly launched index revealed that Dubai and Abu Dhabi are also among the top 12 cities for corporates for attracting and developing business wealth and investment. Abu Dhabi has been ranked 5th while Dubai has been placed at 11th in the index. This means that Abu Dhabi has ranked in the top 5 for both, individuals and corporates looking to relocate, highlighting its range of benefits. 'Abu Dhabi's sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand – with new businesses requiring space – and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE's pull,' said Rachael Kennerley, director of research at Savills Middle East. It added that fluid geopolitical and economic environment; changing government policies, taxes and incentives; and quality-of-life factors, are increasingly influencing where high net-worth individuals (HNWIs) and footloose companies choose to locate. 'Traditional predictors of global wealth flows, such as government policies, taxes and incentives, and the presence of either innovative talent pools or existing communities of similar individuals, have always been key drivers of dynamic footloose companies and individuals and will continue to play a major role, but a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions,' said Paul Tostevin, director of Savills World Research.`
