Why Millionaires are Leaving the UK for Dubai

Yes, millionaires are leaving the UK in record numbers. In 2025, an estimated 16,500 high-net-worth individuals are projected to leave the UK: the largest exodus of wealthy individuals from any country in a single year. The UAE, particularly Dubai, has become the top destination globally for relocating millionaires, with nearly 10,000 expected to arrive in 2025 alone.

But here's what the headlines don't tell you: this isn't just about billionaires. It's about successful entrepreneurs, content creators, and digital business owners, people just like you.

The Real Numbers Behind Millionaires Leaving the UK

The data comes from Henley & Partners' Wealth Migration Report. Dubai's millionaire population has grown by 102% over the past decade, with 81,200 millionaires now calling the emirate home.

Meanwhile, London has lost 11,300 millionaires in 2024 alone: a 12% decline over ten years.



The 2025 projections tell an even starker story. The UK is set to lose 16,500 millionaires this year, more than double any other country. China comes second with 7,800 departures. At the same time, the UAE is projected to gain 9,800 millionaires, making it the world's top destination for wealthy migration.

Whether it's 16,500 or 10,800, one thing is clear. Thousands of wealthy individuals are voting with their feet.

Why Are Millionaires Leaving the UK?

Through our tax residency consultations at Capture Accounting (we speak to potential movers every week), we've identified the key drivers:

1. The Tax Burden Has Become Unbearable

The effective tax rate in the UK can hit 50% or more when you factor in income tax, National Insurance, corporation tax, dividend tax, and capital gains tax.

For online entrepreneurs earning £200,000+ annually, nearly half disappears to HMRC. The abolition of the non-dom regime in April 2025 was the final straw for many. Now, even foreign income and assets are subject to UK inheritance tax.

2. You Can Work From Anywhere

If you're running a content creation business, digital agency, or e-commerce brand, you don't need to be in the UK. Your clients are global. Your team is remote.

As Daniel Priestley mentioned on Steven Bartlett's podcast, "We live in a world where you can sell to anyone in the world, you can hire anyone in the world, you can live and work from anywhere."

3. Dubai Offers More Than Just Tax Savings

Yes, the 0% personal income tax is attractive. So is the 0% corporate tax for businesses under AED 375,000 (roughly £82,000) in profit, and the 9% rate above that threshold.

But people are also moving for: safety (one of the world's safest cities), infrastructure that actually works, year-round sunshine, business-friendly setup processes, and a dense concentration of ambitious entrepreneurs.

Who's Actually Moving?

From our conversations with clients, we see three main groups:

• The Digital Entrepreneurs: Content creators, course creators, and consultants earning £150,000+ who've realised their income is portable.

• The E-Commerce Operators: Amazon FBA sellers, Shopify store owners, and dropshippers with global customer bases.

• The Agency Owners: Digital marketing agencies and online service providers who can operate from anywhere with solid WiFi.

These aren't mega-rich oligarchs. They're successful business owners in their 30s and 40s who've worked hard to build something, and they're tired of giving half of it away.

The Reality Check: Is Dubai Right for You?

Moving to Dubai isn't for everyone. The challenges include:

• Setup costs: Visa fees, Emirates ID, company formation, and accommodation deposits can easily run £5,000-£7,000 upfront
  
  
• Banking headaches: Opening business accounts can be slow, with high fees and compliance hurdles
  
  
• Licence confusion: Mainland vs Free Zone – choosing wrong can cost you thousands
  
  
• Physical presence requirements: You need to spend at least 90 days per year in the UAE to qualify as a tax resident
  
  
• HMRC still exists: Just because you move doesn't mean HMRC forgets about you

What Makes Financial Sense?

The break-even point varies:

• Under £75,000 profit: The setup costs probably aren't worth it
  
  
• £75,000-£150,000: It starts making sense, but run the numbers
  
  
• £150,000+: The tax savings become substantial

For someone earning £200,000, the annual tax savings alone could be £60,000-£80,000.

What this Means for the UK

The exodus of entrepreneurs and wealth creators has real consequences: reduced tax revenue, brain drain, investment loss, and competitiveness concerns. Other countries are actively competing for this talent whilst the UK makes it harder to stay.

In a September 2025 episode of The Diary of a CEO with billionaire investor Ray Dalio, Steven Bartlett directly addressed this trend: "We do have a millionaire exodus that's widely reported in the UK, where I think this year we're set to lose roughly 16,000 millionaires. When you look at the big countries like China, America, the UAE, the UK, we're losing more millionaires than anybody else."

Daniel Priestley has also discussed on Bartlett's podcast how the UK tax system is driving out successful business owners, noting how digital platforms have made location-independent businesses the new reality.

What You Should Do If You’re Thinking About Making the Move

If you're earning £100,000+ from an online business and you're curious about Dubai, here's what we recommend:

Step 1: Visit Dubai first. Spend a week or two. It's not for everyone.

Step 2: Run the numbers properly. We offer tax residency consultations specifically for this.

Step 3: Understand HMRC's rules. You can't just register a Dubai company and stay in the UK. Your company is taxed where it's "managed and controlled" from.

Step 4: Plan your exit properly. Split year treatment, the Statutory Residence Test, and the 90-day rule all matter.

Step 5: Get professional help. The stakes are too high for a DIY approach.

Should You Move to Dubai?

The millionaire exodus to Dubai is real, but it's not about mega-yachts. It's about hardworking entrepreneurs who want to keep more of what they've earned.

Is it right for you? That depends on your situation, income, and goals. Most people who move don't completely abandon the UK; they maintain ties whilst spending up to 90 days per year back home.

If you're thinking about making the move, you need proper advice and planning. That's exactly what we do at Capture Accounting.

Book a tax residency consultation with us, and we'll run the numbers and help you make an informed decision.