A recent report by real estate brokerage Betterhomes reveals that 6 700 millionaires relocated to the United Arab Emirates (UAE) in 2024. The report, titled “Dubai: No Longer a Pit Stop, But the Finish Line for Global Wealth,” highlights how shifting global geopolitical and economic dynamics are driving high-net-worth individual (HNWI) migration to the UAE, particularly impacting Dubai’s prime real estate market.

Looking ahead, Betterhomes projects that 142 000 millionaires are expected to migrate globally in 2025. If just five percent of these individuals choose to relocate to Dubai, the emirate could welcome around 7 100 new millionaires, bringing with them approximately $7.1 billion (Dhs26 billion) in capital. This potential influx would account for nearly half of Dubai’s total foreign direct investment in 2024.

Louis Harding, CEO of Betterhomes, stated that Dubai’s real estate market is transitioning from speculation to a focus on strategic, long-term capital investment. He emphasized that the region is not only attracting global wealth but also encouraging it to establish a permanent presence through investments in branded residences and high-quality developments.

The report outlines several global “push” factors that are prompting millionaires to migrate, including increasing wealth taxes, political instability, and stricter immigration policies in their home countries. In contrast, Dubai is seen as an appealing option due to its tax-efficient environment, safety, and global connectivity.

Betterhomes suggests that Dubai’s property market is evolving into a “structural asset class,” with HNWI investments increasingly concentrating on long-term residential value rather than short-term market fluctuations. As the emirate continues to attract wealth, its status as a global benchmark for residential investment is anticipated to grow.