Five Reasons Why Dubai is the Top Destination for High Net Worth Individuals Leaving the UK to Protect their Wealth

Insight | by Stephen Kiggins

Smiling man with mobile phone and laptop

The outflow of High Net Worth Individuals leaving the UK has reached a record high in 2024 - whilst Dubai has benefitted from the highest net inflow.

The UK is currently experiencing a record exodus¹ of High Net Worth Individuals (HNWIs) and Ultra High Net Worth Individuals (UHNWIs), with the trend expected to accelerate dramatically over the next four years. Fiscal policy is acting as a catalyst for this exodus, with Britain under its heaviest tax burden since the 1940s² and concerns growing about how Labour's tax plans will add to this burden when they are announced in its first Budget, later this month.

“The outflow of high-net-worth individuals already generated
by the economic and political context is now being accelerated.”
Hannah White - CEO, Institute for Government (IfG)

In 2024, the UAE (and Dubai specifically) has benefitted from the highest net inflow of HNW individuals globally¹ and has established itself as the most popular destination for HNWIs and UHNW individuals leaving the UK to protect their wealth - by far surpassing other UHNWI havens such as Monaco, Miami and Switzerland.

Why Dubai?

Dubai has established itself as a global hub for business and finance, offering an attractive lifestyle paired with strategic tax advantages. With zero income tax, no capital gains tax, and a well-established infrastructure for international business, it's no surprise that Dubai has become the most popular destination for (U)HNWIs and entrepreneurs leaving the UK.

1. Tax Efficiency

The UAE levies no personal income tax, capital gains tax, or inheritance tax so, as the the UK braces itself for even higher taxes in this month's Budget, it's easy to see why Dubai's tax environment presents an appealing alternative for HNWIs, UHNWIs and entrepreneurs.

2. Lifestyle

Dubai boasts luxurious living, world-class amenities, and a safe, cosmopolitan environment. Dubai also offers exceptional healthcare, education, and entertainment options, making it an ideal destination not just for executive expats and entrepreneurs, but for their families as well.

3. Residency Options

The UAE has made it easier than ever to obtain residency, especially for investors and entrepreneurs. The introduction of long-term visas offers stability and from a financial perspective the ability to plan for the future with greater certainty.

4. Business Opportunities

Dubai offers exceptional business opportunities, with thriving sectors ranging from finance to real estate presenting lucrative opportunities for entrepreneurs and investors.

5. Logistics and Time Zone

Situated within easy reach of Europe, Asia, and Africa, Dubai’s time zone facilitates convenient international travel and communication with other global business centres. For HNWIs and entrepreneurs managing international operations, this geographic advantage enhances productivity and logistical efficiency, making it easier to run businesses seamlessly from Dubai.

Speak with us to explore your options

The outflow of HNW and UHNW individuals from the UK in 2024 is set to accelerate over the next four years, driven by their desire to protect their assets, reduce tax liabilities, and enhance their quality of life.

At Forth Capital, we understand that global mobility requires careful financial planning, and as international wealth management experts we are here to guide you through the challenges and complexities of relocating from the UK - to ensure that you are able to protect and grow your wealth in the years ahead.

Consideration of how potential tax reforms could impact your future wealth make it more important than ever to review your long term financial strategy and put in a robust plan in place. So if you're thinking about relocating away from the UK, contact us today to schedule an initial consultation, or email us at [email protected].

1. Source: The H&P Private Wealth Migration Report 2024
2. Source: Institute for Fiscal Studies [13 June 2024]

This communication is for information purposes only and does not constitute financial, legal, or tax advice. Please schedule a meeting to receive advice on international financial planning and wealth management.