Dubai and Abu Dhabi have secured the top two spots in the latest Savills Dynamic Wealth Indices, which track where high net worth individuals (HNWIs) prefer to relocate. This ranking comes from a report by Savills, a global real estate consultancy, which highlights how factors such as government policies, taxes, and quality of life influence location choices.

The Savills report indicates that personal tax incentives, a high concentration of HNWIs, and an appealing quality of life contribute to the preference for Dubai and Abu Dhabi. Following these cities are Singapore, Zurich, and Auckland, which complete the top five preferred locations for individuals seeking relocation.

For corporate relocations, the top five cities are Singapore, Seoul, New York, London, and Abu Dhabi. These rankings are based on corporate tax environments, foreign direct investment volumes, and robust economies and knowledge bases. Notably, Abu Dhabi’s strong positioning in both indices emphasizes the benefits it offers to both individuals and corporations.

Rachael Kennerley, Director of Research at Savills Middle East, pointed out that Abu Dhabi’s sovereign wealth has attracted family offices and global corporations, which has increased office demand and stimulated the luxury residential market. She noted that the fiscal policies of other countries have arguably made the UAE more attractive.

The UAE is especially appealing to HNWIs who often bring their businesses with them. The country is diversifying its economy away from oil and drawing significant amounts of corporate and sovereign wealth investment. This shift has led to a rise in real estate transaction volumes and values, with prime residential capital values in Dubai increasing by 6.8% in 2024. Additionally, the prime office values surged by 7% in the last quarter alone.

Paul Tostevin, Director of Savills World Research, explained that global wealth flows are adapting as individuals and businesses reassess their location choices in response to changing geopolitical and economic conditions. He emphasized that while traditional factors like government policies and tax incentives remain important, a high quality of living is increasingly becoming a decisive factor.

Savills’ findings reveal that six of the twelve locations appear in both the corporate and individual wealth indices, suggesting a convergence of personal and business priorities. This overlap occurs as businesses seek locations that attract skilled workers, who often prioritize quality of life. As a result, HNWIs relocating with their businesses contribute to the creation of talent clusters, further enhancing corporate wealth in these areas.