Opinion People & Lifestyle The top hotspots for millionaire migrants Dubai, Australia and Singapore are expected to emerge as the biggest beneficiaries By Jeremy Savory January 24, 2025, 11:51 AM Unsplash/Panagiotis Falcos Dubai is well positioned to attract millionaire migrants keen to preserve their wealth Last year around 128,000 millionaires chose to relocate globally. In 2025 international wealth migration is likely to continue at a high rate, fuelled by political upheavals, tax policy reforms and the increasing allure of dual citizenship. From the West to emerging South Asian markets, today’s astute millionaires are seeking out new horizons to protect their assets, mobility and autonomy. As major financial hubs brace for the impact of these migrations, specific destinations are emerging as havens for the world’s elite. The UK’s historical appeal has been blighted by its recent crackdown on non-domicile (non-dom) tax policies. Previously, wealthy foreign nationals could reside in the UK while shielding their overseas income from taxation. However, the new overseas tax grab introduced late last year has seen GCC investors divest from UK assets at an unprecedented rate. Although there is a three-year grace period – and chancellor Rachel Reeves announced on January 23 that changes to the policy were forthcoming – GCC investors in London are still seeking to sell their current property portfolios to avoid the taxation of their overseas income after April 2025, despite the recent increase in capital gains tax. The resulting capital flight will benefit destinations such as Dubai, which is experiencing a surge in luxury property transactions. With no capital gains tax in the UAE, Dubai is well positioned to absorb this wealth and attract investors seeking more favourable tax regimes. In the US, Donald Trump’s return to office has created a highly polarising political environment, triggering a wave of government driven wealth migration. Many millionaires, uneasy about policies viewed as socially divisive and restrictive to progressive wealth redistribution, are leaving the US. They are increasingly relocating to countries with more favourable tax systems, driven by concerns over regulatory instability and rising estate taxes. A different trend is emerging in India and South Asia, where high net worth individuals (HNWIs) increasingly seek alternative relocation options to diversify their residency and asset portfolios. However, since India does not permit dual citizenship, more than 216,000 Indians renounced their citizenship in 2023 alone. For those wishing to leave but retain home ties, India also ranks among the top three countries experiencing significant millionaire outflows, with more than 4,300 HNWIs jumping ship last year. While the UK had previously been a preferred destination for Indian millionaires, the introduction of its revised non-dom tax laws is expected to shift their preference toward the UAE. Dubai, Australia and Singapore are expected to emerge as the biggest beneficiaries of 2025’s millionaire migration. Dubai, in particular, stands out as a magnet for global capital due to its zero income tax policy, modern infrastructure and strategic location. Providing a global comparison last year, the UAE had a net inflow of 6,700 HNWIs, followed by the US with 3,800, Singapore with 3,500, Canada with 3,200, and Australia with 2,500. The redistribution of wealth through migration will significantly affect departing and recipient nations. Countries losing millionaires, such as the UK, the US and India, face reduced tax revenues and diminished economic activity tied to HNWIs. Conversely, recipient nations gain capital, access to global networks and enhanced economic diversification. Ultimately, the global landscape of wealth migration in 2025 is a testament to the dynamic interplay of politics, taxation and mobility. As Dubai, Australia and Singapore are set to reap the benefits of these shifts, the race to attract the world’s wealthiest continues to intensify. For policymakers and investors alike, the message is clear: adaptability and foresight are the keys to thriving in this new era of wealth migration. Jeremy Savory is founder and CEO of Savory & Partners