Dubai and Abu Dhabi have claimed the top two spots in the newly launched Savills Dynamic Wealth Indices, which track global cities attracting high net worth individuals (HNWIs) and footloose companies.
The report by global real estate consultancy Savills highlights how global wealth and business flows are increasingly shaped by taxes, incentives, and lifestyle quality.
Top cities for HNWIs
According to Savills, Dubai and Abu Dhabi stand out as the most attractive cities for HNWIs looking to relocate. Their appeal is driven by personal tax advantages, strong existing concentrations of wealth, and a high quality of life. Completing the top five for individuals are Singapore, Zurich, and Auckland.
Leading hubs for corporates
When it comes to corporate relocations, the top five cities are Singapore, Seoul, New York, London, and Abu Dhabi.
These rankings are based on favorable corporate tax regimes, strong business ecosystems, and access to skilled talent and investment.
Abu dhabi shines on both fronts
Abu Dhabi is one of the few cities to appear in the top five for both individual and corporate relocations — a testament to its dual appeal.
Rachael Kennerley, Director of Research at Savills Middle East, said: “Abu Dhabi’s sovereign wealth has notably attracted connected family offices and global corporates. In turn, this has stimulated office demand – with new businesses requiring space – and the luxury residential market. Arguably, the push of fiscal policies of other countries has heightened the UAE’s pull.”
Wealth migration boosts real estate
The UAE’s growing popularity among HNWIs and businesses has had a direct impact on the property market. Dubai’s prime residential capital values rose by 6.8% in 2024, while prime office values increased by 7% in Q4 alone.
Residential transaction volumes hit record highs last year, with a 47% year-on-year increase. Notably, over 4,600 properties priced above Dhs 10 million were sold — a 23% jump compared to the previous year.
Quality of life is a key factor
Paul Tostevin, Director of Savills World Research, noted: “Against an increasingly changeable geopolitical and economic backdrop, global wealth flows are evolving, as HNWIs and businesses adapt their decisions on where to locate… a sense of place, and a high quality of living, are progressively the deciding factor when making location decisions.”
Lifestyle and business go hand in hand
Savills also revealed that six of the top 12 cities feature in both individual and corporate indices — highlighting the overlap between personal lifestyle preferences and business decisions.
As wealthy individuals bring their businesses with them, cities offering both a thriving economy and strong lifestyle appeal are becoming magnets for global wealth.
tanvir@dubainewsweek.com
