Why So Many Australian Millionaires Are Moving to Dubai and Abu Dhabi
In recent years, an increasingly noticeable trend has emerged. A rising number of Australian millionaires are moving to Dubai and Abu Dhabi. While Australians have long been adventurous travellers and expatriates, this new wave is distinctly shaped by financial strategy, lifestyle aspirations, and global trends in wealth migration.
According to the 2024 Henley Private Wealth Migration Report, the UAE, particularly Dubai and Abu Dhabi, is expected to attract a record number of high-net-worth individuals (HNWIs) this year — with Australians ranking among the top nationalities making the move. But what is driving this surge? Let’s explore the key reasons behind this phenomenon.
The UAE as a Global Magnet for Millionaires
The United Arab Emirates, and Dubai especially, has firmly established itself as a magnet for global wealth. In 2024 alone, it was forecasted that UAE was to attract 6,700 millionaires, more than any other country in the world. This remarkable inflow is driven by a combination of attractive policies: zero income tax, a safe and stable environment, a high standard of living, world-class infrastructure, and strategic global connectivity (henleyglobal.com).
For Australians — many of whom are looking for ways to preserve and grow their wealth in a volatile global environment — the UAE offers an unparalleled proposition. In fact, while South Africans, Britons, Indians, and Russians also feature prominently in the UAE’s millionaire inflow, Australians are increasingly joining this elite migration wave.
Key Drivers Behind Australian Wealth Migration to the UAE
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Tax Efficiency and Financial Freedom
One of the most compelling draws is the UAE’s famously friendly tax regime. Unlike Australia, where top marginal tax rates are high and discussions around further wealth taxes are intensifying, the UAE imposes no personal income tax, no inheritance tax, and no capital gains tax.
For affluent Australians, the opportunity to maximize wealth without punitive taxation is highly appealing. The Henley Private Wealth Migration Report highlights that many HNWIs globally are prioritizing jurisdictions where their wealth can grow without additional government encroachment — and the UAE stands out as a leader.
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Strategic Business Opportunities
Beyond personal wealth management, Dubai and Abu Dhabi offer expansive business opportunities, especially in finance, technology, real estate, and tourism sectors. Both cities serve as business hubs linking East and West, providing access to markets in Europe, Africa, and Asia.
Australian entrepreneurs and investors see these cities not just as places to live, but as springboards for international business expansion. The relative ease of setting up companies, the proliferation of free zones, and access to a wealthy consumer base make the UAE an attractive commercial landscape.
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Exceptional Lifestyle and Safety
Safety, security, and lifestyle quality are crucial factors for wealthy individuals when choosing a new home. The UAE consistently ranks high for personal safety and political stability. These factors can no longer be taken for granted elsewhere.
Add to this the luxurious lifestyle offered in Dubai and Abu Dhabi — including world-class healthcare, top-tier education, and exceptional dining, shopping, and entertainment — and it’s easy to see why Australian millionaires are drawn to the UAE. With luxury real estate, year-round sunshine, pristine beaches, and a vibrant cultural scene, everyday life feels like a five-star experience.
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Global Mobility and Travel Accessibility
Dubai and Abu Dhabi International Airports serve as major global transit hubs, offering direct flights to almost every continent. This connectivity is invaluable for Australians. It allows seamless travel for business and pleasure without the geographic isolation often experienced when living Down Under.
Furthermore, the UAE’s Golden Visa program provides long-term residency options to wealthy investors, entrepreneurs, and skilled professionals. This enhances mobility security for Australian expats who wish to maintain flexible international lifestyles.
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Shift in Australian Domestic Policy Climate
Australia’s changing political and economic landscape is another push factor. Rising taxes, increasing regulatory scrutiny of wealth, and concerns about political stability are causing some wealthy Australians to look offshore.
The Forbes article on global wealth migration, points out that affluent individuals are highly sensitive to national policy changes that threaten their financial freedom (henleyglobal.com). Australia has introduced measures such as a 15% tax on unrealised gains within certain superannuation accounts. As a result, many Australian high-net-worth individuals (HNWIs) are now considering relocating their wealth, including their personal residence to more favourable jurisdictions like the UAE.
Spotlight: Australians in Dubai and Abu Dhabi
Several Australian families and business leaders have already made headlines for relocating to the UAE. The growing expat community ensures a familiar social environment, and Australian schools, cultural organisations, and businesses are thriving across Dubai and Abu Dhabi.
Australian influence is visible across key sectors such as hospitality, construction, education, and professional services. From tech startups launched by Australians to established companies expanding into the region, the Australian entrepreneurial spirit is well-represented.
Moreover, the UAE’s openness to multiculturalism makes it easy for Australians to integrate without losing their cultural identity. Events like ANZAC Day commemorations, Aussie brunches, and AFL match viewings keep the spirit of Australia alive amidst the glittering skyline of Dubai and the grandeur of Abu Dhabi.
Challenges and Considerations
While the UAE offers immense benefits, Australians considering the move must carefully plan their relocation. Key considerations include:
- Tax residency laws: Careful structuring is required to avoid unintended tax consequences in Australia.
- Cultural adaptation: While the UAE is progressive, it remains a traditional Muslim society, and expats must respect local customs and laws.
- Cost of living: Although the UAE offers no income tax, luxury living comes with a price tag, particularly in premium areas of Dubai and Abu Dhabi.
Proper professional advice — legal, financial, and immigration — is critical to ensuring a smooth transition.
Why So Many Australian Expats Moving to Dubai and Abu Dhabi work with the Atlas Wealth Group?
There are a number of reasons why Australian expats choose to work with the Atlas Wealth Group. The first, is that we are the only Australian firm in the UAE and GCC region that is dual licensed. That is, we hold an Australian Financial Services License with the Australian Securities & Investment Commission (ASIC). We also hold a license with the Dubai Financial Services Authority (DFSA).
Our advice to clients is fully compliant. In addition, they are protected by our membership with the Australian Financial Complaints Authority (AFCA). They are also covered by our global professional indemnity insurance.
The second reason is that no other firm has the on the ground experience of Dubai, Abu Dhabi and greater UAE region than the Atlas Wealth Group.
When working with an Atlas Adviser, not only does our skill and experience extend to complex financial and tax considerations, but local considerations as well. This is one of the reasons we produce the most comprehensive Relocation Guide for Australian expats.
Conclusion: A Trend Set to Continue of Australian millionaires moving to Dubai and Abu Dhabi
The migration of Australian millionaires to Dubai and Abu Dhabi is not just a flash-in-the-pan trend. It is part of a broader realignment of global wealth.
The UAE offers Australian HNWIs a compelling mix of advantages. These include favourable tax conditions, attractive business opportunities, lifestyle benefits, and enhanced global mobility. Together, they create an irresistible combination of security and freedom.
As Australia’s domestic policies continue to evolve, the UAE is solidifying its reputation as a premier destination for wealth. In turn, we can expect even more Australians to call cities like Dubai and Abu Dhabi home in the years ahead.
Australian millionaires are increasingly drawn to the UAE for several reasons. Some are motivated by wealth preservation, while others seek opportunities for business expansion. For many, it’s simply the allure of a dynamic international lifestyle. Whatever the reason, the UAE’s strategic appeal is undeniable. It is growing stronger by the day.
Contact us
As the only Australian financial services firm in the UAE, we have the expertise and local market knowledge to guide you through every step of your journey. Connect with us today.
Relevant Information
- Financial Considerations When Moving From Australia to Dubai: A Comprehensive Guide
- Living and Working in Abu Dhabi: A Guide for Australian Expats
- Australian Expat Mortgages in the UAE
- Australian Expat Relocation Guide | Dubai
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