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More and more billionaires from around the world are moving to the United Arab Emirates, especially to Dubai and Abu Dhabi. The main reason? Taxes. Countries like the UK have changed their tax rules, ending special benefits that once allowed foreign-born millionaires to avoid paying taxes on money earned outside. In response, many rich individuals have chosen to leave and are still choosing to leave.
The UAE, on the other hand, offers a much friendlier option. It has no personal income tax, no capital gains tax, and no inheritance tax. On top of that, it provides long-term residency through programs like the Golden Visa, making it easy for wealthy people to live and invest there.
Top business owners from tech, real estate, finance, and shipping are setting up homes and offices in Dubai and Abu Dhabi. With modern infrastructure, global connectivity, and a fast-growing investment market, the UAE is quickly becoming the go-to place for the ultra-rich looking for stability and tax savings. (Image: X/LinkedIn) -
Shravin Bharti Mittal
Shravin Bharti Mittal, aged 37, a billionaire heir and major shareholder in UK telecom giant BT Group, has shifted his base from the UK to the United Arab Emirates. His move comes as the UK ended its long-standing tax breaks for wealthy foreign-born residents. Under the old system, ultra-rich individuals could avoid taxes on overseas income for up to 15 years. That benefit has now been scrapped.
Starting from April, people like Mittal had to pay UK tax on global income and assets, including those held in trusts, as per media reports. In contrast, the UAE offers a tax-free environment with no personal income tax, no capital gains tax, and no inheritance tax—making it very attractive for global investors. (Image: X) -
Asif Aziz
Asif Aziz is the founder and CEO of Criterion Capital. He had shared his plans to launch a high-quality, scalable co-investment platform focused on “Build To Sell” projects in Abu Dhabi. He made this announcement during Abu Dhabi Finance Week (ADFW) last year, which was organised by the Abu Dhabi Global Market (ADGM). The move had then highlighted Abu Dhabi’s growing importance as a global center for big, forward-looking investments.
Aziz has noted that the global real estate market is currently facing major changes, and the Middle East, especially the UAE, offers string potential for growth. He also said he is excited to form strategic partnerships through ADGM that match his company’s goals in the residential sector, both in Europe and the UAE. (Image: adgm website) -
John Fredriksen
John Fredriksen, a billionaire shipping tycoon originally from Norway and one of the UK’s richest people, has also moved major parts of his business from London to the United Arab Emirates. He too reporedtly made this decision mainly because the UK government ended its long-standing “non-dom” tax policy, which earlier allowed wealthy foreign residents to avoid paying taxes on overseas income.
Fredriksen, who is worth over $10 billion, is known for building one of the largest oil tanker businesses in the world. His move to the UAE is seen as a sign of a bigger trend—wealthy individuals and businesses shifting away from the UK due to recent tax changes. (Image: X) -
Pavel Durov
This Russian tech entrepreneur, who created the encrypted messaging app Telegram, has been living in Dubai since 2017. Telegram also set up its global headquarters there. Durov left Russia in 2014 because of growing political pressure. He and his brother Nikolai later chose the UAE as their permanent home. Now a citizen of the UAE, Durov was ranked by Forbes in August 2024 as the 120th richest person in the world, with a net worth of $15.5 billion.
In 2022, Forbes named him the richest expat living in the UAE. A year later, in February 2023, Arabian Business recognised him as Dubai’s most powerful entrepreneur. (Image: X) -
Bassim Haidar
Bassim Haidar, a Lebanese businessman born in Nigeria, started his first company, Intercomm Ltd., in 1991. In 1995, he co-founded GMT, a top procurement, finance, and logistics company in West Africa. According to The Guardian, he was looking for a new home in Dubai last year.
Haidar had told The Guardian that he had decided to urgently leave the UK to avoid paying large amounts in taxes. His decision too had come after the UK government and the Labour Party announced plans to end the “non-domicile” or “non-dom” tax rule. This rule, which was in place for 225 years, allowed around 68,800 wealthy foreign residents like Haidar to avoid paying UK taxes on income earned overseas.
Haidar, who has lived in the UK on and off since 2010, has said that he had no choice but to move. He explained that the tax changes would cost him millions every year on income and businesses built outside the UK. He then began searching for a new home in places that don’t charge personal taxes, starting with Monaco and Dubai. He said it doesn’t make sense to stay in the UK when other countries offer a tax-free environment. (Image: LinkedIn) -
Nassef Sawiris
Egyptian billionaire Nassef Sawiris, the richest person in Egypt with a net worth of around $9.6 billion, has made a major shift in his business operations. He owns 30% of OCI NV, one of the biggest producers of nitrogen fertilisers in the world. He also holds major shares in global companies—6% in Adidas and 3.4% in LafargeHolcim, the world’s largest cement firm.
In late 2023, Sawiris moved his family office, NNS Group, to the Abu Dhabi Global Market (ADGM), showing his strong trust in the UAE as a growing center for managing global wealth. He shared with Forbes Middle East that this move reflected a long-term commitment to the UAE and praised ADGM’s role in helping his company grow. He pointed out the 2021 stock market listing of Fertiglobe PLC—done with longtime partners ADNOC and OCI Global—as an example of the value created through this partnership. (Image: X) -
Michael Edward Platt
Michael Edward Platt is a British billionaire and one of the founders of BlueCrest Capital Management, one of the biggest hedge fund companies in Europe. He started the firm in 2000 and helped it grow into a major global player, managing over $35 billion at its highest point.
With a personal wealth of $18.8 billion, Platt moved his main home and family office to the United Arab Emirates in June 2025. His company, BlueCrest, had already started growing its presence in Dubai after getting official approval in 2022. (Image: X)
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