UK Billionaires Migrate to Tax Haven Dubai in 2025

Dubai’s favorable real estate market and tax neutrality policies are attracting billionaires from all over the world. Most recently, UK billionaire John Fredriksen announced his leave of the UK and has moved all operations to Dubai, a significant move in response to the sweeping UK tax reforms 2025. Similar moves from other UK residents could lead to a huge paradigm shift with more UK billionaires moving to Dubai.

It seems Fredriksen’s words of a mass migration from Western countries towards the Middle East, and the Emirate of Dubai, UAE, in particular, is a growing sentiment amongst the UK’s wealthiest investors. According to Henley & Partners, Fredriksen’s exit is just one of many, as several high-net-worth individuals have already begun settling in Dubai and calling it home.

In detail, the UK lost 10,800 millionaires in 2024, and is projected to lose 16,500 more in 2025, an estimate much higher than any other country. Notable billionaires reportedly joining the exodus include Richard Gnodde of Goldman Sachs, Lakshmi Mittal of ArcelorMittal, Ian & Richard Livingstone real estate tycoons, and owner of the Aston Villa – Nassef Sawiris.

This wealth flight could total over £66 billion, leading to the UK’s billionaire count falling to 156 in 2025. This is a significant drop from 165 in just a year, the steepest drop since records began.

In contrast, the UAE's millionaire population has surged 98% over the past decade, second only to Montenegro.

The UK’s Shift in Tax Regime

The UK is ending its long-standing ‘non-dom’ tax regime in April 2025, marking a major shift in its appeal to global wealth. Previously, non-domiciled residents could live in the UK without paying tax on foreign income unless it was brought into the country. This system, along with tools like offshore trusts and asset rebasing, made the UK—especially London—an attractive destination for high-net-worth individuals moving abroad.

However, the new rules, introduced by the Labour Party, will replace the domicile-based system with a residence-based one. All UK residents will now be taxed on their worldwide income and gains as they arise. Only new arrivals who haven’t lived in the UK for at least ten years will get a limited four-year exemption under the new Foreign Income and Gains (FIG) regime.

This reform ends the UK’s structural tax advantage, prompting wealthy individuals to explore relocation and alternative jurisdictions offering better tax and asset protection. So, for many UK residents and investors, Dubai real estate is emerging as a tax haven. Ultimately, wealth migration to Dubai and other favorable countries is no longer just a reaction to tax increases; it is a rational reassessment of risk, opportunity, and the value of remaining in an increasingly complex fiscal environment.

Global Migration Data Confirms UK Residents Flocking to Dubai

The UK saw a net loss of around 9,500 millionaires in 2024, the largest outflow globally, based on figures from Henley & Partners. This increasing trend reflects a broader shift, with high-net-worth individuals increasingly opting for destinations like the UAE, Singapore, and Switzerland, drawn by their favourable tax environments, stable regulations, and strong wealth protection frameworks.

With the recent scrapping of the UK’s non-dom tax rule, the global wealth landscape is rapidly evolving, prompting many investors to reassess where they base their assets. Dubai, in particular, has emerged as a top choice for UK-based HNWIs seeking tax efficiency, asset security, and long-term financial planning. The trend of affluent individuals relocating to Dubai continues to gain momentum.

Dubai’s Unique Property Offers Lower Barriers to Investment

In terms of UK billionaires moving to Dubai, presently, it may be mostly high-net-individuals moving to Dubai, but soon, Dubai’s many thoughtful options for real estate investments will likely allow for more average net-worth UK citizens to consider making the move as well. For instance, Dubai’s tokenized real estate platform allows investors to start with as much as AED 2,000, giving new investors the chance to familiarize themselves with investing in the Dubai property market.

Once new investors grow more familiar with the ease with which the Dubai real estate market operates, they can aim to unlock greater perks from investing their time and wealth in the UAE. To highlight, thoughtful options such as the 10-year Dubai Golden visa and its benefits, high real estate returns, simplified tax neutrality, political stability, and a proven promise to generate wealth are just some of the few benefits one can experience by migrating to Dubai.

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