Dubai tops New York as best city for global rich: Savills ranking
Global wealth has been recovering from a slump in 2022, with Asia-Pacific growing the fastest of all regions
[LONDON] For the world’s rich, there’s no location more accommodating than Dubai.
That’s according to research by real estate broker Savills, which ranked 30 global cities by their appeal to high-net-worth individuals. The emirate is attracting a flurry of wealthy movers, many of whom are drawn to the city’s tax advantages – zero inheritance, capital gains and wealth taxes – as well as strong family infrastructure and high levels of security, Savills said.
In Dubai, “many international schools are reporting longer waiting lists as new families move to the city,” Savills wrote to clients in a report seen by Bloomberg News. It’s “home to the most international schools of any destination in our index by some distance,” the broker said.
Global wealth has been recovering from a slump in 2022, with Asia-Pacific growing the fastest of all regions, Savills said.
Over 680,000 new US dollar millionaires emerged in 2024, an increase of 1.2 per cent year-on-year, while more than five million more are projected by 2029, according to the report.
Meanwhile, the environment for businesses has become a crucial factor when deciding where to move next. Dubai and New York – the top two cities in Savills’ rankings – have attracted wealthy individuals with their pro-business environments, tax advantages and geopolitical stability, the report said.
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The United Arab Emirates’ golden visa – which offers a low-tax 10-year residency in return for an investment of two million dirhams (S$710,039) – has also attracted the world’s elite. In Italy, the introduction of a flat tax on global earnings has strengthened demand for real estate in cities including Milan, according to the report.
Savills’ noted a “clear pivot away from traditional financial centres” to “tech-enabled cities” in its report, with Shenzhen and Bengaluru each posting triple-digit growth in millionaire populations over the past decade.
Economic growth across the Asia-Pacific region had also led to an increase in wealthy individuals there, benefiting Shanghai, Bangkok and Tokyo.
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Inheritance tax is one of the most important factors in determining where older rich individuals buy homes, causing some cities to languish in Savills’ rankings. London – rated first for lifestyle factors – was weighed down in the overall rankings by the UK’s tax system, which has hammered demand for the city’s luxury properties this year.
The shifting fiscal landscape of recent times has had “a cooling effect” on London’s appeal among the older demographic, the researchers wrote. “By comparison, jurisdictions such as the US, where thresholds are far higher, or the Middle East where it is virtually non-existent, rank more highly.” BLOOMBERG
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