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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.
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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.