Dubai in the United Arab Emirates (UAE) has claimed the top spot 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 wealthy individuals.
The assessment highlighted Dubai’s tax-free environment, including no inheritance or capital gains taxes, alongside its advanced infrastructure, high security standards, and the largest concentration of international schools. A key factor cited was the golden visa program, which grants a ten-year residency permit for investments starting at 2 million dirhams (approximately $544,500).
New York secured second place, while Singapore followed in third. Meanwhile, London dropped to 10th position despite its high living standards, as the British tax system reportedly affected luxury real estate demand.
Savills noted a gradual recovery in global wealth post-2022, with the number of dollar millionaires rising by 680,000 in 2024. Analysts predict an increase of over five million by 2029.
In July, another report by Swiss bank Julius Baer 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 among the top five.
