Dubai Overtakes New York as Top Global City for the Elite: Savills

DUBAI, UAE: Dubai has officially overtaken New York as the most desirable city for the world’s wealthy, according to the latest Savills Global Cities Index, which ranks 30 leading destinations by their appeal to high-net-worth individuals (HNWIs).

The report highlights Dubai’s unique combination of tax advantages, family-friendly infrastructure, and high levels of safety as the driving forces behind its rising global dominance. The emirate’s zero inheritance, capital gains, and wealth taxes have made it an unmatched haven for global investors and affluent families seeking long-term stability and opportunity.

A Magnet for Global Wealth

In its latest assessment, Savills noted that Dubai has become the “most accommodating city” for the global rich, consistently attracting new residents seeking both lifestyle and business opportunities. The report pointed out that many international schools in Dubai are now reporting longer waiting lists as more families relocate to the city.

“Dubai is home to the most international schools of any destination in our index by some distance,” Savills wrote in its client report.

The emirate’s thriving property market, growing luxury sector, and steady flow of new residents reinforce its position as a leading destination for wealth creation and preservation.

Global Wealth Rebounds

Savills reported that global wealth is rebounding strongly after the downturn of 2022, with the Asia-Pacific region leading growth. Over 680,000 new millionaires emerged in 2024, marking a 1.2% year-on-year increase, while projections indicate that an additional five million millionaires will be created worldwide by 2029.

Pro-Business Climate Driving Elite Migration

Dubai and New York topped Savills’ rankings, largely due to their favorable business environments, geopolitical stability, and pro-investment frameworks. The United Arab Emirates’ Golden Visa program, which grants 10-year low-tax residency in exchange for an investment of $545,000 (AED 2 million), continues to draw entrepreneurs and investors seeking both freedom and security.

Meanwhile, Italy’s flat tax on global earnings has similarly strengthened demand for luxury real estate in cities such as Milan, indicating a broader shift toward pro-business jurisdictions.

Shift Away from Traditional Financial Hubs

Savills observed a “clear pivot away from traditional financial centres” like London and Hong Kong toward tech-enabled cities such as Shenzhen and Bengaluru, both of which recorded triple-digit growth in millionaire populations over the past decade.

Asia-Pacific hubs including Shanghai, Bangkok, and Tokyo have also benefited from this wave of economic expansion and wealth creation.

In contrast, London, while still ranking first for lifestyle, suffered in the overall index due to the UK’s heavy taxation system, which has subdued demand for luxury properties.

Dubai’s Winning Formula

The report concludes that Dubai’s success lies in its policy clarity, lifestyle appeal, and investor-friendly framework. By fostering a low-tax environment, maintaining security, and supporting infrastructure growth, the city has created a self-reinforcing cycle of wealth attraction.

Savills researchers wrote that London’s tightening fiscal policies have had “a cooling effect” on older, wealthier buyers, whereas “jurisdictions such as the US, where thresholds are far higher, or the Middle East, where inheritance tax is virtually non-existent, rank more highly.”

As global wealth continues to decentralize, Dubai’s blend of modernity, safety, and opportunity ensures its place as the world’s leading hub for high-net-worth individuals, a position that shows no sign of slowing.