Dubai Wealth Hub: The Middle East’s Answer to Wall Street and London
Dubai has emerged as the region's leading global hub for private wealth by offering the institutional strength of established
How a desert city rewrote the rules of global finance and became the world’s fastest-growing wealth magnet
Dubai has emerged as the region’s leading global hub for private wealth. It offers the institutional strength of established markets with the dynamism of emerging ones. In 2025, the city climbed to 12th place in the Global Financial Centres Index. It is now recognised alongside London, New York and Paris for its broad and deep financial capabilities.
But rankings tell only part of the story. Behind the numbers lies a fundamental shift. This shift affects how wealthy individuals and institutions think about where to base their operations.
Record-Breaking Wealth Migration
Consider the maths: the UAE is on track to become the world’s top destination for high-net-worth individuals in 2025. The country expects a net inflow of 9,800 millionaires, according to the latest Henley & Partners Private Wealth Migration Report. Meanwhile, the UK is set to lose 16,500 millionaires this year. This represents the largest net outflow of high-net-worth individuals by any country in the past decade.
This isn’t seasonal migration or temporary tax planning. Early forecasts suggest this number will rise to approximately 142,000 globally in 2025. Even if just 5 per cent of these individuals choose Dubai as their new home, the emirate would welcome around 7,100 new millionaires. This influx represents substantial liquidity. It brings an estimated inflow exceeding $7.1bn, nearly half of Dubai’s total foreign direct investment in 2024.
The city now hosts 81,200 millionaires and 20 billionaires. These aren’t just numbers on a spreadsheet. They represent a complete rethinking of where global wealth wants to live and work.
The DIFC Financial Ecosystem
Walk through the Dubai International Financial Centre today. You’ll find something that doesn’t exist anywhere else: a purpose-built financial ecosystem. It combines the regulatory sophistication of London with the growth trajectory of an emerging market.
The numbers are staggering. DIFC houses 7,700 active companies, a 25 percent increase year-on-year. The ecosystem includes over 440 wealth and asset managers, 85 hedge funds, and 1,035 family-related businesses. But here’s what makes it different: 120 family offices managing $1.2 trillion in assets have chosen to base themselves here.
That $1.2 trillion figure deserves a pause. It represents more assets under management than many entire countries’ GDP.
In just one year, DIFC saw a 33% rise in family offices. It also recorded a 51% spike in foundations and a 50% jump in hedge funds. Overall, 410 asset management firms operate in DIFC. They market over 10,000 funds globally.
The Dubai International Financial Centre (DIFC) spans 110 ha (272 acres) as a special economic zone in Dubai. The zone began operations in 2004 as a financial hub for companies operating throughout the Middle East, Africa, and South Asia (MEASA) markets. The Dubai Financial Services Authority, an independent regulator exclusive to the zone, regulates DIFC. The zone also maintains its own court system, DIFC Courts, which operates separately from the Emirate of Dubai’s legal system and that of the federal government of the UAE. The zone operates under a common law framework and conducts all business in English. DIFC guarantees clients zero taxes on corporate income and profits for 50 years. The UAE’s network of double taxation treaties complements this guarantee.
Major Financial Firms
The center is also home to a significant portfolio of companies. These firms have chosen DIFC and Dubai as their regional home to support the growth of private markets. They include Alarabi Investments, Baron Capital, BECO Capital, Cambridge Associates, CdR Capital Levent Capital, Hayfin, Middle East Venture Partners, Morningstar, Naya Capital, Pearl Diver Capital, PIMCO, Squarepoint Capital, Silver Point Capital and TVM Capital.
St. James’s Place (SJP), the UK’s largest wealth manager, recently launched its first Middle East office in Dubai International Financial Centre (DIFC). DIFC is a global financial hub housing over 410 wealth and asset management firms as of end-2024.
The Private Markets Shift
The report finds that public market listings are shrinking and concentrating. The number of U.S. publicly listed stocks has nearly halved since 1996. A handful of tech giants now account for a record share of equity wealth.
Forecasts suggest private market assets will exceed $30 trillion by 2030. Investors are looking for more reliable, higher-yielding opportunities. In parallel, global private wealth has reached a record $471 trillion. It has grown by more than $340 trillion since 1995. This represents a rate eight times faster than the expansion of public wealth over the same period.
Private markets have outperformed public benchmarks over the past 25 years. They offer an “illiquidity premium” of 2–4% on long-term returns.
Tax Environment
The Dubai income tax rate is 0. This is definitely one of the pros of living there. The UAE earns its revenue mainly through the oil industry. It uses its no-tax policy to attract skilled expats and global companies to diversify and enrich its economy further.
The UAE does not levy income tax on individuals. However, it levies 5 per cent value added Tax on the purchase of goods and services. This tax is levied at each stage of the supply chain and ultimately borne by the end consumer.
On 31 January 2022, the tax landscape of the region shifted yet again. The United Arab Emirates (UAE), Ministry of Finance (MoF) made the breakthrough announcement that a new federal corporate tax (CT) system will be implemented in the UAE. This became effective for financial years commencing on or after 1 June 2023. Barring Bahrain, the UAE has introduced the lowest corporate income tax rate within the GCC region at a standard rate of 9%.
Despite not having any income tax in the UAE, there are other taxes worth taking into consideration. A value-added tax is one of the main types of taxation that will affect the majority of expats living in the UAE (VAT). This tax was first imposed beginning on January 1st, 2018. This tax is levied at a regular rate of 5%.
Global Financial Centre Rankings
The thirty-seventh edition of the Global Financial Centres Index (GFCI 37) was published on 20 March 2025. New York leads the index, with London second. Hong Kong retains third position ahead of Singapore. Dubai and Abu Dhabi continue to take first and second places in the region. Dubai rose four rank places to 12th in GFCI 37.
Family Office Growth
British tech entrepreneur and serial investor Kingsley Advani was among many millionaires who left the UK 10 years ago. He cited “poor governance, a poor tax regime and a weak business environment” as reasons. He is now based in Dubai and runs the Advani family office that manages his wealth and investments.
“The UAE’s ability to offer secular legal structures for marriage, divorce, and inheritance has been a game-changer,” said Sunita Singh-Dalal, Partner at Hourani. “It’s helped attract global families seeking stability and long-term asset protection.”
Economic Growth Projections
By 2028, the UAE is projected to manage $1.5 trillion in assets. This will position it as the world’s sixth-largest wealth booking center. It will surpass traditional jurisdictions like the Channel Islands and the Isle of Man.
The UAE’s robust economic growth is forecast at 4% for 2025 and rising to 5% in 2026. Along with low and steady inflation of around 2%, it provides a stable environment for long-term capital preservation and growth.
Regulatory Framework
DIFC laws and regulations are written in English. They default to English law in the event of ambiguity. The DIFC Courts have judges from other common law jurisdictions, including England, Singapore, Hong Kong, and, previously, Ireland.
The UAE has solidified its position as the premier destination for high-net-worth individuals globally. It has a projected net inflow of over 6,700 millionaires in 2024, more than any other country in the world.
Industry Recognition
Reflecting Dubai’s growing influence in global finance, IPEM, the world’s leading private capital marketplace, will host its first Middle East preview at DIFC in December 2025. This will be followed by a landmark edition during Dubai Future Finance Week in May 2026.
“Dubai has matured into the world’s most compelling plug-and-play city for wealth,” said Louis Harding, CEO at Betterhomes. “What’s changed is intent; founders, operators and multi-generational families are anchoring here, not passing through.”
Infrastructure and Safety
Political stability and security are paramount considerations for high-net-worth families when choosing a new residence. The UAE boasts a low crime rate and a stable political environment. It provides a safe and secure haven for residents. The government’s proactive approach to ensuring safety and security further enhances the nation’s attractiveness as a destination for global wealth. Year after year, Abu Dhabi is ranked as the safest city in the world.
The UAE’s commitment to providing a high standard of living is evident in its world-class infrastructure, healthcare, education, and entertainment options. The nation’s ultra-modern cities, advanced transportation systems, and state-of-the-art facilities contribute to an exceptional quality of life. This makes it an attractive destination for high-net-worth individuals and their families.
Looking Forward
A defining feature of this new era is the $124 trillion intergenerational wealth transfer set to take place in the next two decades.
What we’re witnessing isn’t just another emerging market story. The numbers speak for themselves: whilst London bleeds talent and New York grapples with regulatory complexity, Dubai is building something different entirely. This Dubai wealth hub isn’t trying to be the next Wall Street or the new London. It’s creating its own model.
The traditional financial centres built their reputations over centuries. Dubai’s wealth hub has done it in two decades. That’s the kind of speed that makes established players nervous and smart money take notice.
Sources
UAE Corporate Tax Framework – PwC Tax Summaries https://taxsummaries.pwc.com/united-arab-emirates/corporate/tax-credits-and-incentives Professional analysis of UAE’s tax structure and business incentives
Henley Private Wealth Migration Report 2025 – Henley & Partners https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2025 The definitive annual report tracking global millionaire migration patterns and wealth flows
The Global Financial Centres Index 37 – Long Finance & Z/Yen Partners https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/ The authoritative ranking of global financial centres based on 140 quantitative measures
Dubai International Financial Centre Official Report – DIFC Authority https://www.difc.com/ Official data and statistics from Dubai’s premier financial free zone
“Dubai solidifies position as global private wealth hub” – Economy Middle East https://economymiddleeast.com/news/dubai-solidifies-position-global-private-wealth-hub-amidst-capital-shift-private-markets-difc/ Comprehensive analysis of Dubai’s emergence as a private wealth destination
