Key Takeaways
- • The UAE is expected to attract a record 9,800 relocating millionaires in 2025, according to the Wealth Migration Report 2025 by Henley & Partners and New World Wealth, while the UK is set to lose 16,500 millionaires, the largest net outflow of HNWIs by any country in the past decade.
- • Dubai had an estimated 81,200 millionaires and 20 billionaires in 2024, and family office formation is accelerating on the back of tax-free status, pro-innovation regulation, and the DIFC and ADGM regimes.
- • Family offices in the region are shifting allocations toward private credit, private equity, venture capital and private deal flow, with some advisers now recommending small crypto allocations.
- • Family offices are hiring strategy consultants from Bain, McKinsey and BCG, as well as ex-military chief-of-staff candidates, as the UAE's talent pool deepens.
Summary
The UAE is emerging as a leading destination for family offices and wealthy relocators, driven by tax advantages, regulatory reforms and a pro-crypto stance, according to reporting by The National. The Wealth Migration Report 2025, produced by advisory Henley & Partners and wealth intelligence firm New World Wealth, projects the UAE will attract a record 9,800 relocating millionaires this year. In 2024, Dubai had an estimated 81,200 millionaires and 20 billionaires. By contrast, the UK is forecast to lose 16,500 millionaires this year, the largest net outflow of high-net-worth individuals by any country in the past decade, which the report attributes to sweeping tax reforms.
Several family office principals interviewed for the article cite the same drivers. Kingsley Advani, a British tech entrepreneur who left the UK roughly a decade ago and now runs the Advani family office in Dubai, said the UAE offered easier and faster entity setup than Singapore, which he had considered in 2018, along with a 10-year golden visa. He added that a US family office would cost roughly ten times more to build, and that the UAE's proximity to Asia gives access to cost-effective talent. Arjun Mittal, founder of Dubai-based multi-family office Abbey Road Investment Group, said the UAE has rapidly built capability in investments, law and wealth structuring, and is attracting hedge fund talent. Shalini Wood, a blockchain entrepreneur who moved from the Netherlands in 2023, cited tax-free status, full foreign ownership and the DIFC and ADGM frameworks as key factors.
Investment allocations are shifting. According to Mr Mittal, most wealthy families still invest passively through exchange-traded funds, but interest in private markets, including private credit, private equity, venture capital and direct deal flow, is rising. Mr Mittal said his firm has begun advocating small crypto allocations for family balance sheets over the past year. Mr Advani said the next generation is increasingly investing in higher-risk assets, including Bitcoin and private companies such as SpaceX, OpenAI and Anthropic. Ms Wood said her family focuses on emerging technologies such as blockchain and artificial intelligence, and that impact considerations are gaining weight in investment decisions.
The sector is also building out its professional infrastructure. Oscar Orellana-Hyder, co-founder of executive search firm Cordell Partners, said family offices are hiring strategy consultants from firms including Bain & Company, McKinsey and Boston Consulting Group, as well as former military personnel for chief-of-staff roles. Zahra Clark, head of MENA at Tiger Recruitment, said demand spans executive assistants, finance professionals and drivers, and that some employers are recruiting from London. Compensation is generally below hedge funds and sovereign wealth funds, though the article notes better work-life balance. Mr Mittal said investment-side candidates typically need financial services experience and credentials such as the CFA, while structuring candidates benefit from legal qualifications and regulatory experience.
Several family office principals interviewed for the article cite the same drivers. Kingsley Advani, a British tech entrepreneur who left the UK roughly a decade ago and now runs the Advani family office in Dubai, said the UAE offered easier and faster entity setup than Singapore, which he had considered in 2018, along with a 10-year golden visa. He added that a US family office would cost roughly ten times more to build, and that the UAE's proximity to Asia gives access to cost-effective talent. Arjun Mittal, founder of Dubai-based multi-family office Abbey Road Investment Group, said the UAE has rapidly built capability in investments, law and wealth structuring, and is attracting hedge fund talent. Shalini Wood, a blockchain entrepreneur who moved from the Netherlands in 2023, cited tax-free status, full foreign ownership and the DIFC and ADGM frameworks as key factors.
Investment allocations are shifting. According to Mr Mittal, most wealthy families still invest passively through exchange-traded funds, but interest in private markets, including private credit, private equity, venture capital and direct deal flow, is rising. Mr Mittal said his firm has begun advocating small crypto allocations for family balance sheets over the past year. Mr Advani said the next generation is increasingly investing in higher-risk assets, including Bitcoin and private companies such as SpaceX, OpenAI and Anthropic. Ms Wood said her family focuses on emerging technologies such as blockchain and artificial intelligence, and that impact considerations are gaining weight in investment decisions.
The sector is also building out its professional infrastructure. Oscar Orellana-Hyder, co-founder of executive search firm Cordell Partners, said family offices are hiring strategy consultants from firms including Bain & Company, McKinsey and Boston Consulting Group, as well as former military personnel for chief-of-staff roles. Zahra Clark, head of MENA at Tiger Recruitment, said demand spans executive assistants, finance professionals and drivers, and that some employers are recruiting from London. Compensation is generally below hedge funds and sovereign wealth funds, though the article notes better work-life balance. Mr Mittal said investment-side candidates typically need financial services experience and credentials such as the CFA, while structuring candidates benefit from legal qualifications and regulatory experience.
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