Mohammed Al-Essa, a Saudi billionaire, is significantly expanding his family office, Al-Essa Group, in Dubai. This move includes opening a new office and increasing hiring in the emirate, highlighting a broader trend of ultra-wealthy individuals and their financial operations relocating from London to the Gulf region. Al-Essa, with an estimated net worth of $6.5 billion, is making Dubai a central hub for his investments, which span a diverse portfolio including real estate, technology, and private equity across various continents.
This expansion comes amidst a notable exodus of high-net-worth individuals from the UK, partly driven by the abolition of the non-domicile tax regime in April 2025. The UK is projected to lose a net 16,500 millionaires in 2025, the largest outflow on record for any country. In contrast, the UAE is expected to attract a record net inflow of 9,800 millionaires in the same year, making it the leading destination globally. Dubai, specifically, has seen its millionaire population approximately double over the past decade, now hosting an estimated 81,200 resident millionaires.
The strategic shift of Al-Essa Group mirrors actions by other prominent billionaires, such as Egyptian billionaire Nassef Sawiris, who closed his London family office and moved his residency and investment base to Italy and Abu Dhabi. These moves underscore the Gulf's growing appeal as a financial hub due to its low-tax environment, political stability, and attractive lifestyle infrastructure, which increasingly draw wealthy individuals seeking to establish "sovereign portfolios" across multiple jurisdictions. The UAE offers compelling advantages like no personal income tax, capital gains tax, or wealth tax, alongside independent residency options like the Golden Visa.
