TAARIQ HALIM / ASILA AL BADI (ABU DHABI)
Abu Dhabi and Dubai have become preferred destinations for high-net-worth individuals (HNWI), toppling established wealth legacy hubs like New York, London, Monaco, Singapore and Hong Kong.
This marked shift in the global wealth landscape has been driven by tax incentives and lifestyle appeal, according to a new report by Savills, the UK-based international property consultancy.
Dubai ranked No.1 and the UAE capital 5th out of nearly 100 of the top global HNWI hotspots, which were analysed based on five metrics: business environment and wealth clustering; family infrastructure and cost; legacy; lifestyle; and privacy and security.
“The top destinations: are Dubai, New York City, Singapore, Hong Kong and Abu Dhabi. Each of these cities offers the full suite of strong business and family environments, legal structures that make redistributing straightforward, strong lifestyle provisions, and high levels of security and privacy,” the authors wrote.
Abu Dhabi’s strong economic foundations and its expanding investment landscape rank it among the world’s top cities for entrepreneurs.
The emirate, alongside Singapore and Hong Kong, excelled in the business pillar of the index, with strong GDP per capita and notable economic growth, according to the report.
Dubai’s strong position in the index is underpinned by its world-class education system.
With 168 international schools - more than any other city in the rankings - the emirate attracts families from overseas, strengthening its reputation as a long-term base rather than a temporary destination.
The UAE’s tax regime, which does not require payments for inheritance, capital gains, or wealth taxes, continues to be a huge attraction for individuals who are seeking long-term financial stability.
Savills also noted the impact of the golden visa programme, which provides 10-year residency in exchange for investment starting at Dh2 million.
Apart from financial incentives, Dubai and Abu Dhabi also stand out for their exceptional lifestyle quality, safety, and access to premium services, according to the report. High-net-worth individuals worldwide prioritise health, education, privacy, and personalised experiences, all of which align closely with the UAE’s values and vision.
Wealth Hubs Around the World
The top three European locations were Monaco, London and Geneva, for various reasons.
Rising European hotspots Milan, Rome and Lisbon also broke into Savills’ top 30.
“Italy has been a popular destination in recent years, with the introduction of a flat tax on global earnings attracting attention to both the city and countryside. Portugal remains front of mind for many, given its high quality of life and excellent connectivity.
“Swiss locations feature prominently, from Geneva to Zermatt, Gstaad, St Moritz and Verbier; these established hotspots thrive thanks to appealing tax regimes, lifestyle and family environments,” said the study.
Meanwhile, the US is home to more than 38% of the world’s millionaires, making its destinations within the index high-calibre. Both city and resort destinations featured in the report, with clusters of hotspots around New York City and the Hamptons, Los Angeles and Malibu. San Francisco and the Monterey Peninsula, and Miami and Palm Beach ranked highly for their “getting-away-from-it-all” appeal, while still being close enough to urban centres.
Beijing, Shanghai, Bangkok, Shenzhen and Tokyo also made the top 30, ranking highly for top-notch connectivity, economic clustering, investment value and potential, and luxury lifestyle offerings. Wealth creation has grown fastest in the Asia–Pacific region, leading to an increase in HNWIs. Seoul, Kuala Lumpur and Sydney sit just outside the top 30.