Lakshmi Mittal has moved to the UAE, highlighting Dubai’s growing appeal as a destination for the UK’s richest, who are drawn by business opportunities, tax advantages, and luxurious lifestyle options.
Lakshmi Mittal Relocates to UAE: Why Dubai Attracts the Wealthiest from the UK.
Why the UAE Is Luring Britain’s Wealthiest
In recent years, the United Arab Emirates has emerged as a prime destination for affluent individuals from the United Kingdom, particularly millionaires and billionaires looking for more favorable living and business conditions. The country’s appeal extends far beyond its iconic skyline and luxury lifestyle; it is increasingly viewed as a strategic hub for financial planning, investment, and long-term wealth preservation.
One of the main factors drawing high-net-worth individuals (HNWIs) to the UAE is its tax-friendly environment. Unlike the UK, which has seen progressive increases in income and capital gains taxes, the UAE imposes minimal personal taxes. For entrepreneurs, executives, and investors, this translates into more of their wealth staying in their own pockets, rather than being absorbed by government levies. The prospect of legally reducing tax burdens while maintaining high-quality living standards is a compelling incentive for anyone managing significant financial portfolios.
Beyond taxation, the UAE’s political stability and economic resilience play a crucial role. The country has maintained a strong and predictable regulatory framework, which appeals to investors seeking certainty in their business ventures. For British nationals accustomed to more volatile regulatory changes at home, the UAE’s consistent policies offer reassurance that long-term plans will not be disrupted by sudden shifts in law or governance. This stability extends to infrastructure, public services, and safety, all of which are critical considerations for families and entrepreneurs relocating internationally.
Another major draw is the UAE’s investor-friendly policies. The government has developed an environment that encourages business formation, property investment, and financial innovation. Special free zones, flexible ownership structures, and streamlined visa processes for investors make it simpler for wealthy individuals to establish businesses or manage existing ones from Dubai or Abu Dhabi. These policies provide not only financial benefits but also the operational freedom needed for high-net-worth individuals to continue managing complex, multi-country enterprises effectively.
Meanwhile, conditions in the UK have prompted many of the country’s wealthiest residents to consider alternatives. Rising taxes, stricter regulations, and an increasing administrative burden have created friction for high-net-worth individuals who seek to optimise their wealth and lifestyle. As a result, many are choosing to diversify their residences, establishing dual bases: one in the UK and another in a jurisdiction that offers more favourable fiscal and business conditions. Dubai, with its strategic location bridging Europe, Asia, and Africa, is particularly attractive in this regard, allowing individuals to conduct international business efficiently while enjoying a comfortable and tax-efficient personal life.
The trend is not merely about taxation; it also reflects lifestyle and opportunity. Dubai offers luxury living, world-class healthcare, international schools, cultural experiences, and state-of-the-art amenities that make relocating feasible and desirable for families, not just business owners. Combined with a thriving business ecosystem, this makes the UAE a unique destination where professional ambitions and personal lifestyle goals can be aligned.
In summary, the UAE has solidified its reputation as a magnet for Britain’s millionaires and billionaires due to a combination of tax advantages, stable governance, economic opportunity, and an attractive lifestyle. In contrast, challenges in the UK, including higher tax rates and regulatory pressures, are motivating wealthy individuals to seek alternative bases. Many now operate from dual locations, strategically balancing business interests in Europe with the benefits of a UAE residence. This trend is likely to continue, positioning Dubai and the wider UAE as key hubs for the world’s affluent in the coming years.
Recent findings from Henley & Partners reveal a significant trend: the United Kingdom is experiencing an unprecedented departure of high-net-worth individuals, reflecting growing financial and lifestyle pressures at home. Rising taxes, stricter regulations, and evolving economic conditions are prompting wealthy UK residents to reconsider their base of operations, leading many to explore more favorable international destinations. Among these, the United Arab Emirates—and Dubai in particular—has emerged as a prime choice for affluent expatriates and investors seeking both security and opportunity. The emirate’s robust infrastructure, tax-efficient environment, and business-friendly policies make it an attractive hub for those managing substantial global portfolios. Coupled with high-quality living standards, international schools, and a cosmopolitan lifestyle, Dubai continues to consolidate its status as a magnet for globally mobile capital. This shift marks a historic moment, highlighting the UAE’s growing role as a preferred destination for the world’s wealthy seeking stability, flexibility, and long-term prosperity.
UAE Emerges as Prime Destination for Global Wealth as UK Loses Millionaires
The latest Private Wealth Migration Report 2025, published by Henley & Partners, has highlighted a remarkable shift in global wealth patterns, underscoring the changing priorities of ultra-high-net-worth individuals. According to the report, the United Kingdom is expected to experience a significant outflow of affluent residents this year, with approximately 16,500 millionaires projected to leave the country, taking an estimated $91.8 billion (Dh337 billion) in wealth with them. In contrast, the United Arab Emirates, and Dubai in particular, is set to welcome around 9,800 millionaires, bringing in nearly $63 billion in associated capital.
This trend reflects more than just financial calculations; it points to a broader realignment in the global landscape of wealth, where tax considerations, lifestyle opportunities, and investment-friendly policies are driving high-net-worth individuals to reconsider their country of residence. The migration of affluent individuals is no longer limited to traditional financial hubs like Switzerland or Singapore. Increasingly, the UAE is emerging as a preferred destination, combining strategic business advantages, robust infrastructure, and high-quality living standards.
Among the latest high-profile relocations is Lakshmi Mittal, the UK-based steel magnate and one of the world’s wealthiest individuals. Mittal’s move signals the growing attractiveness of the UAE for ultra-high-net-worth individuals seeking not only a favourable tax environment but also stability and a strategic base in the Middle East. His relocation has drawn attention to the broader trend of wealth migration from the UK to Dubai, illustrating how major capitals are competing to attract global talent and capital.
Shivkumar Rohira, CEO for EMEA at Klay Capital, explained the broader significance of this movement. “Yes, the global map of wealth is shifting—perhaps subtly, but in a direction that is unmistakable,” he said. Rohira highlighted that, globally, approximately 142,000 millionaires are expected to relocate this year, and the UK’s share of these outflows is disproportionately high. “The permanence of these moves may vary, but the trend is clear. We are witnessing a reorganisation of global wealth, and the UK is increasingly on the losing side of this realignment.”
Rohira’s insights underline the fact that these relocations are not just isolated financial decisions but part of a broader global pattern. High-net-worth individuals are seeking jurisdictions that provide both fiscal advantages and long-term stability, and where personal wealth can be preserved and grown without excessive regulatory or tax pressures. In this context, the UAE—and Dubai specifically—has emerged as a clear leader.
Nicholas Wright, head of institutional sales at Saxo Bank MENA, also commented on this growing trend. He observed that while British expatriates still represent a relatively small proportion of the UAE’s overall high-net-worth population, their impact is increasingly visible in economic and investment circles. “Wealthy individuals are relocating to regions where the tax environment is favourable and the business ecosystem supports growth,” Wright noted. “Dubai, in particular, has performed exceptionally well in attracting this segment, exceeding expectations in both the number of arrivals and the amount of capital invested.”
The appeal of Dubai goes beyond simple tax benefits. It offers world-class infrastructure, excellent connectivity, and a cosmopolitan lifestyle that appeals to globally mobile entrepreneurs and investors. International schools, luxury residences, and high-quality healthcare facilities make it easier for families to relocate, while Dubai’s strategic location at the crossroads of Europe, Asia, and Africa facilitates global business operations. Combined, these factors create a compelling package for high-net-worth individuals seeking a base that supports both business ambitions and personal lifestyle preferences.
This shift in wealth patterns also reflects broader economic and political trends in the UK. Rising taxes, stricter regulatory frameworks, and uncertainty surrounding future fiscal policies are pushing some of the country’s wealthiest residents to seek alternatives. High-net-worth individuals are increasingly taking a dual-residency approach, maintaining ties in the UK while establishing a primary base in a more favourable jurisdiction like Dubai. This strategy allows them to continue managing UK-based businesses while benefiting from the tax efficiency and operational advantages offered abroad.
Experts predict that the migration of wealthy individuals will continue in the coming years, particularly as other nations implement policies to attract mobile capital. The UAE’s proactive approach—including investor-friendly visas, flexible residency options, and a transparent business environment—has positioned the country as a natural beneficiary of this trend. Analysts also point out that these migrations are not merely financial; they bring knowledge, business expertise, and entrepreneurial activity, which can have long-term positive effects on the host country’s economy.
In conclusion, the UAE’s growing appeal to the world’s wealthiest individuals represents a strategic reshaping of global capital flows. With the UK experiencing a significant outflow of millionaires and Dubai consistently attracting high-net-worth individuals, the balance of global wealth is slowly but unmistakably shifting. High-profile relocations, such as that of Lakshmi Mittal, underscore the broader movement, highlighting how the combination of fiscal benefits, stable governance, and lifestyle considerations is redefining where the world’s elite choose to live and invest. For Dubai and the wider UAE, these trends signal both economic opportunity and an ongoing transformation into a global hub for mobile, high-value capital.
UK’s Push Factors Driving Wealth Outflows
Nicholas Wright highlighted that global tax reforms are a key factor shaping the relocation decisions of wealthy individuals. He explained that the UK’s recent changes to the Non-Dom tax regime—introducing higher tax rates and far stricter reporting requirements—have significantly reduced London’s appeal as a hub for international wealth. “The tightening of fiscal policies across the UK and Europe has created a strong push factor,” Wright said. “As a result, many high-net-worth individuals, family offices, and international entrepreneurs are actively reconsidering their options and exploring more favourable jurisdictions.”
Shivkumar Rohira attributed the trend to an increasing imbalance between the UK’s push factors and the UAE’s growing pull factors. He emphasised that the abolition of the non-dom regime marked the most substantial change in recent years. “With the removal of the remittance basis and the expansion of UK tax exposure to cover global income, capital gains, and worldwide assets, a key incentive that once attracted international entrepreneurs and wealthy families has effectively been dismantled,” Rohira said.
He added that this shift was reinforced by recent changes to inheritance tax. The Spring Budget introduced worldwide estate taxation after a decade of UK residency, eroding a critical estate-planning advantage that had historically anchored global families in the country.
The Autumn Budget 2025 further tightened the fiscal environment, introducing caps on trusts, increasing tax rates on dividends, savings, and property income, and implementing a mansion surcharge on homes valued at £2 million or more. Threshold freezes accelerated fiscal drag, while pension salary sacrifice was capped at £2,000 starting in 2029. Rohira described these measures collectively as a decisive move toward a higher-friction and less predictable environment for preserving wealth.
“These reforms fundamentally alter the UK’s long-standing reputation as a stable, tax-efficient base for affluent individuals and families,” Rohira explained. He added that the constant changes in tax rules, residency requirements, and investment regulations make long-term planning far more complex for globally mobile business owners and family offices.
Rohira also pointed out the rising cost of doing business as an additional deterrent. Employer tax obligations, increased compliance demands, and stricter regulatory oversight all add layers of complexity for high-growth firms and international entrepreneurs. “The cumulative effect of higher personal taxes, diminished trust flexibility, non-dom abolition, and tighter settlement rules has weakened the UK’s ability to attract and retain top global talent,” he said. “Historically, this competitiveness was a cornerstone of the country’s economic appeal, but these reforms have reshaped the landscape, pushing wealth and entrepreneurial activity toward jurisdictions with lower friction and more predictable policies, such as the UAE.”
In essence, the combination of higher taxation, stricter regulatory oversight, and diminished financial incentives has created a climate where the UK is increasingly seen as a challenging environment for long-term wealth preservation. Wealthy individuals and families are responding strategically by considering relocation to countries that offer tax efficiency, policy stability, and business-friendly frameworks, with Dubai and the wider UAE emerging as clear beneficiaries of this global realignment.
UAE’s Pull Factors for Global Wealth
From the perspective of attracting international wealth, Shivkumar Rohira highlighted that the UAE’s allure lies in a mix of tax advantages, regulatory predictability, and a rapidly developing wealth-management infrastructure.
“With no personal income tax, minimal capital gains taxation, and the absence of wealth or property levies, the UAE provides a clear structural edge compared to higher-friction jurisdictions such as the UK,” Rohira explained. “Programs like the Golden Visa, coupled with a stable regulatory framework and advanced infrastructure, make it highly accessible for entrepreneurs, ultra-high-net-worth families, and family offices to establish a base here.”
He emphasized that taxation alone does not explain the UAE’s appeal. Dubai’s strategic location, modern lifestyle, and extensive global connectivity make it a convenient hub for individuals conducting business across Europe, Asia, Africa, and the Middle East. “Many wealthy individuals are now adopting a dual-hub model—keeping commercial operations in the UK or Europe while residing in the UAE to maximise efficiency and mobility. As more capital flows into the region, the wealth ecosystem strengthens itself. Private banking, family offices, real estate, and professional service sectors are expanding, solidifying the UAE as a self-sustaining and increasingly influential centre for global wealth.”
Why Dubai Has Become a Magnet for Globally Mobile Wealth
Dubai has steadily established itself as a top choice for ultra-high-net-worth individuals and international investors seeking a favourable combination of tax efficiency, stability, and global connectivity. According to Nicholas Wright, head of institutional sales at Saxo Bank MENA, the emirate’s success lies in offering a well-balanced financial environment that appeals to those managing wealth across multiple jurisdictions.
“Dubai has created a tax framework that is extremely attractive to investors,” Wright explained. “There is no personal income tax, which immediately provides substantial relief for individuals with high earnings, and the federal corporate tax aligns with OECD standards. This ensures that the emirate remains competitive on the global stage while maintaining a high level of transparency, which is increasingly important for internationally mobile wealth today.”
Wright highlighted that the balance achieved by Dubai is unusual in the global context. Many regions either maintain highly investor-friendly environments but lack regulatory oversight, or enforce strict compliance and transparency but burden residents with heavy taxation. Dubai, in contrast, has struck a middle ground. “The combination of tax efficiency and transparent regulations makes it a compelling base for entrepreneurs, family offices, and high-net-worth individuals who need to manage complex global portfolios while remaining compliant with international standards,” he said.
Beyond fiscal considerations, safety and stability form another key pillar of Dubai’s appeal. Wright noted that the city consistently ranks among the safest in the world, a factor that resonates strongly with wealthy individuals who prioritize security for both themselves and their families. “The sense of personal safety, combined with a robust legal framework and effective law enforcement, reassures residents that their assets and personal well-being are well-protected,” he said. “For globally mobile individuals, these elements are just as critical as tax efficiency, as they reduce risk and allow people to focus on business and lifestyle goals.”
Another important aspect Wright highlighted is Dubai’s strategic geographic location. Sitting at the crossroads of Europe, Asia, and Africa, the city offers a time zone that facilitates convenient interaction with major markets around the world. For executives, investors, and entrepreneurs with interests spanning multiple continents, this connectivity is invaluable. “Dubai functions as a bridge for international trade and finance,” Wright explained. “Its location allows professionals to coordinate operations efficiently across different regions, ensuring real-time access to business opportunities in Europe, Asia, and Africa.”
The city’s infrastructure further complements its strategic location. Dubai boasts world-class transport links, including one of the busiest airports globally, extensive road networks, and modern ports that facilitate trade and logistics. High-quality office spaces, advanced telecommunications, and reliable digital infrastructure provide the operational backbone that global investors require. “For anyone running multinational businesses or managing diversified portfolios, these elements make Dubai an exceptionally convenient base,” Wright said.
Lifestyle factors also play a significant role in Dubai’s attractiveness. The city offers modern amenities, luxury residential options, high-quality healthcare, and international education institutions, making it easier for families of wealthy individuals to relocate comfortably. Cultural diversity, leisure opportunities, and global-standard facilities create an environment that combines business efficiency with a high quality of life. “It’s not just about money,” Wright noted. “Affluent individuals want a place where their families can thrive, where they can access top-tier services, and where living standards match their expectations.”
Wright also emphasized the self-reinforcing nature of Dubai’s appeal. As more high-net-worth individuals and family offices establish themselves in the city, the wealth ecosystem grows, attracting private banks, professional service firms, real estate developers, and other businesses that cater to global investors. This dynamic creates a virtuous cycle, where increased wealth attracts more services, which in turn attracts more affluent residents. Over time, Dubai has developed into a fully-fledged hub for global wealth, capable of supporting complex financial, business, and lifestyle needs in a single location.
Ultimately, Dubai’s success in attracting internationally mobile wealth is the result of strategic planning, a stable regulatory environment, and geographic advantages. The combination of a tax-friendly regime, personal and financial security, modern infrastructure, and connectivity to global markets makes it a uniquely attractive destination for entrepreneurs, investors, and ultra-high-net-worth individuals looking to optimise both their business and lifestyle.
Wright concluded that these factors together explain why Dubai continues to outperform expectations in drawing global capital. “It’s a blend of predictable, efficient policies, safety, world-class infrastructure, and location benefits. For anyone managing wealth internationally, Dubai offers a compelling proposition that few other cities can match. That’s why we are seeing an increasing number of high-net-worth individuals choosing it as their base,” he said.
