More than just a city, it’s a lifestyle: Tuomas shares his London to Dubai transition

Tuomas is a former finance professional. He left his investment banking job and life in London to relocate to Dubai as a content creator and freelance coder. He has been regularly giving updates on his change of lifestyle and location on his YouTube channel.

The UK has traditionally been seen as one of the top destinations for migrating millionaires. From the 1950s to the early 2000s, the European country consistently brought in a number of rich families from mainland Europe and other continents.

But things have been changing for the UK in recent years. Especially, from 2017 to 2023 post Brexit (the UK leaving the European Union bloc), the country lost a total of 16,500 millionaires to migration. Concerningly, 9,500 rich people are expected to emigrate this year alone.

Dubai’s rising appeal among the richie rich

Tuomas has been documenting the big transition in his life on YouTube. In one of the videos, he highlighted multiple factors that lead an increasing number of millionaires to Dubai. He mentioned taxes, business freedom, safety, people’s attitude and community.

“The elephant in the room is obviously that Dubai has no income tax,” said Tuomas, but underscored that it is not the entire story at all – because the neighbouring countries of the UAE also have either zero or very little tax.

He then ponders about the “outsized influx of millionaires in the UAE specifically.” But before noting the factors that led him and possibly several other foreigners to Dubai, he highlighted the mass millionaire migration seen in the UK and other highly populated economies.

The number one destination for migrating millionaires

Released on June 18 by international investment migration advisory firm Henley & Partners, the millionaire migration report states that China is on track to be the biggest millionaire loser globally as an anticipated 15,200 rich people could leave this year.

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The UK comes in second at 9,500 millionaire migrations expected – more than double the 4,200 cases recorded in the country last year. India, South Korea and Russia come next on the list at 4,300, 1,200 and 1,000 cases, respectively.

On the other hand, the UAE has made itself the number one destination for migrating millionaires and is ready to attract a record 6,700 rich individuals this year alone. The Gulf state is supported by its zero income tax, luxury lifestyle, golden visas and strategic location.

Five factors helping UAE attract more millionaires

1. Tax regime

Unlike several other countries’ income and capital gains taxes, the UAE has a near tax-free environment. People get a number of financial benefits here.

2. UAE Golden Visa programme

This lucrative programme, expanded in 2022 to include more skilled professionals, offers a long-term residency visa, letting foreign talent stay and enjoy exclusive benefits.

3. Boon for entrepreneurs and content creators

Toumas also highlighted in one of his videos Dubai’s appeal among entrepreneurs and content creators. Dubai has also established a national small-business programme.

4. Business-friendly policies

The UAE’s business-friendly environment makes the country a fertile ground for entrepreneurs and established businesses alike.

5. Safety and climate

Toumas underscored the safe environment in Dubai and strict punishments for criminals. He also talked about the absolute abundance of sunshine in the emirate.