The war is pushing the world's wealthiest to emigrate: Turkey hopes to be their next destination

The war in the Persian Gulf has been a wake-up call for many multi-millionaires who immigrated to the UAE in search of zero taxes and luxury conditions. Ballistic missiles, drones, a ban on criticizing the government, along with the suspension of flights and the reduction of international activity, have undermined the security that tens of thousands of millionaires — many of them from the financial sector — felt in the luxury towers and magnificent villas in the Gulf state. Now, they are looking for new destinations to settle in, and the competition for their choice is becoming global.

Nearly 10,000 "high-net-worth individuals," as people with more than a million dollars in liquid assets are defined, moved to the UAE last year, according to data from the consulting firm Henley & Partners, which tracks millionaire migration around the world.

The Swiss company has been collaborating with the UAE for many years in creating residency programs for foreigners, with the stated goal of attracting business and investment. Part of the program's conditions are zero percent income tax and zero percent tax on income from outside the UAE. "For many, Dubai was Plan B," said the company's CEO, Christian Kaelin, in an interview with the German FAZ, "but now they need to formulate a Plan C."

Switzerland: Prioritizing Security

Kaelin revealed details about the accelerated migration dynamics currently taking place among the tens of thousands of multi-millionaires who have moved to Dubai in recent years. "It varies depending on the countries they came from: Europeans tend to return to Europe, although not necessarily to the country they originally left. The British, for example, are less inclined to return to London and more inclined to move to Switzerland, Italy, or Monaco. Greece has also become more popular. Asians tend to be drawn to Singapore, Thailand, and the Maldives. Mauritius and the Seychelles are also attractive destinations. French-speaking Europeans sometimes choose Mauritius because of its French influence."

Many Germans, according to him, also choose to move to Switzerland, and not just because of the language. "Although it is more expensive in Switzerland than in Abu Dhabi, the country is much more attractive in terms of security, political stability, and quality of life."

— 195,000 millionaires left their homeland in 2025.

— 10,000 millionaires immigrated to the UAE in 2025.

— 20 years of tax exemption on income outside of Turkey — among the benefits offered to millionaires.

This movement of millionaires is part of a global trend in which the wealthiest are trying to navigate between countries where they will pay the lowest taxes but receive the highest standard of living. The UAE and other Gulf states were among the countries that invested the largest sums in attracting them, but, as mentioned, the magic factor has worn off.

195,000 millionaires emigrated

According to estimates, nearly 195,000 millionaires left their homeland last year, looking for a new destination to settle in. The largest countries of origin are Russia, China, and India. The UK, which passed a law preventing tax benefits for millionaires with foreign citizenship, and Norway, which imposed a wealth tax, have also become countries that millionaires prefer to leave in the last two years. The same goes for France, where there is a chance of a wealth tax being imposed.

In Germany, there are also other considerations that have made the interest in emigration tangible. The fear of a future war with Russia and the restarting of the recruitment process for young people into the army, according to Kaelin, are causing many wealthy families to look for options "outside of Europe," as he put it. The company offers, among other things, "cheap" passports of Caribbean countries (at a price of several hundred thousand euros), where it is not required to spend much time to be considered a citizen.

What Turkey Offers

Countries in Europe are trying to balance the desire to attract wealthy people looking for a new destination and the fear of a mass influx, local public anger over non-payment of taxes, and a rush on luxury real estate. This is the reason why Italy, from the beginning of 2026, raised the annual payment required to receive an exemption on income from abroad to 300,000 euros. Greece left it at 100,000 euros but requires investments of hundreds of thousands of euros to receive a "golden visa" that will allow residency; and in Portugal, it is possible to receive a tax exemption on income outside the country for a decade in certain business areas, but these are becoming increasingly limited.

Turkey has also recently joined the race for the world's wealthy. According to details in Bloomberg, Ankara recently launched a series of tax benefits for foreign millionaires who will immigrate to it. Among them: minimal inheritance tax, 20 years of tax exemption on income outside the country, and a period during which undeclared investments and assets can be transferred to the country. Until now, the agency notes, Turkey was actually an "exporter" of millionaires who tried to find safer places to invest their money, but it is trying to change this image.

"Turkey has essentially decided that it can no longer stand on the sidelines in this global competition," said Ayse Nurili, from a law firm in Istanbul dealing with the issue, to the agency. "If you ask me who is most likely to be the target audience for the program, I would first point to the Turkish diaspora abroad."

Erdogan, who has managed a controversial policy in the fight against inflation, announced his intention to turn the country into a financial center. In Turkey, they hope that the cheap prices and proximity to Europe will attract not only Turks who have become wealthy in countries like the UK and Germany, but also Britons and Germans.