- From a financial perspective, Dubai holds an edge due to its ultra-luxury offerings and tax incentives
- Miami’s lifestyle appeal, with its access to the Caribbean, offers a more relaxed, but equally high-end, alternative for buyers who value proximity to the Americas
- Singapore stands out in terms of the sophistication of its financial system, appealing to investors seeking stability and long-term growth potential
- The bigger shift in the global real estate market lies in the emergence of “wealth migration hubs”
By Neeraj Mishra, Founder & CEO of AMIS Development

The world’s wealthiest buyers are often attracted to a select group of global cities that combine financial opportunity, a high standard of living, and an environment that supports luxury living. In recent years, Dubai, Miami, and Singapore have emerged as key contenders in this battle for the richest buyers. Each city brings something unique to the table, creating a healthy competition that is reshaping the luxury real estate market globally.
Dubai: A magnet for luxury with unmatched amenities
Dubai’s luxury real estate market has experienced a meteoric rise over the last two decades. With towering skyscrapers, extravagant malls, and an opulent lifestyle, the city offers a brand of luxury that appeals to high-net-worth individuals (HNWIs) seeking both investment opportunities and an unparalleled lifestyle.
The government’s commitment to creating a tax-free haven has drawn an influx of global wealth. According to Knight Frank, Dubai set a new record in 2024 with 435 luxury homes sold for more than $10 million, totaling approximately $7 billion in sales. This surpassed the previous year’s total of 434 such transactions. This is a city where private beaches, world-class golf courses, and a strong focus on personal security and privacy are just a few of the many offerings.
What makes Dubai particularly attractive to the ultra-wealthy is its innovative edge. Dubai’s Vision 2030, which includes massive investments in technology, healthcare, and sustainability, suggests that the city is setting itself up as a global leader for years to come. For HNWIs, it’s not just about purchasing a property, it’s about securing a stake in a forward-thinking city with an international flair.
Miami: The Latin American bridge to global wealth
Miami’s rise as a global luxury real estate hub is deeply connected to its strategic location at the crossroads of the Americas and Europe. The city has long been a popular destination for wealthy Latin Americans, but over the last decade, it has expanded its appeal to billionaires from New York, Europe, and even Asia.
The appeal of Miami lies in its proximity to the Caribbean, Latin America, and the U.S. East Coast, but it also boasts favorable tax policies, making it an ideal location for ultra-wealthy individuals seeking to protect their assets. According to The World Property Journal, Miami recorded 149 transactions of ultra-luxury homes in 2024, a significant increase from 41 such sales in 2019, indicating a robust demand at the highest price points. Miami’s luxury real estate market has seen growth driven largely by international buyers looking for a second or third home.
Luxury buyers in Miami are also attracted to the city’s cultural scene, world-class art galleries, and high-end dining options. Miami is positioning itself as a city of global influence, especially with major cultural events such as Art Basel drawing the world’s elite to its shores. Miami’s proximity to the Caribbean has also made it a desirable destination for those seeking a more laid-back, tropical lifestyle, while still enjoying the conveniences of a global city.
Singapore: Southeast Asia’s luxury powerhouse
While Dubai and Miami cater predominantly to Western buyers, Singapore has carved out a distinct niche in the luxury real estate market by attracting wealthy buyers from across Asia, particularly China, Indonesia, and India. Singapore has been recognized as a financial powerhouse, offering stability, world-class infrastructure, and political transparency that appeal to HNWIs seeking secure investments in a thriving global city.
In recent years, Singapore’s luxury real estate market has also been a magnet for the ultra-wealthy, seeing an increase in demand for high-end apartments and penthouses in prime districts such as Orchard Road and Sentosa Cove. In the third quarter of 2024, Singapore’s private residential property index recorded a year-on-year growth of 4.44%, indicating a steady increase in property values, according to Global Property Guide. However, the quarter-on-quarter change showed a slight decline of 0.68%, suggesting a temporary market correction.
One of Singapore’s greatest advantages is its status as a regional hub for both business and education. The city offers an exceptional quality of life with its state-of-the-art medical facilities, international schools, and low crime rate. On top of that, Singapore’s unique blend of East and West creates a cosmopolitan environment that appeals to wealthy buyers looking for a modern and vibrant lifestyle in Asia.
The battle for the world’s richest buyers
Each city offers something unique, making the battle for the richest buyers both complex and fascinating. Dubai’s growth is driven by a tax-free environment and a strong focus on luxury and innovation, making it a major player in attracting global wealth. Miami, on the other hand, benefits from its position as the gateway between Latin America and the U.S., and its favorable tax regime has made it an appealing destination for international buyers. Singapore, with its financial stability and political transparency, is attractive to Asian HNWIs looking for a safe and secure investment environment.
But how do these cities compare when it comes to attracting the wealthiest buyers?
From a financial perspective, Dubai holds an edge due to its ultra-luxury offerings and tax incentives. For those looking to make high-value investments, the UAE’s regulatory framework provides a level of security and flexibility that many other cities can’t match. However, Miami’s lifestyle appeal, with its beach-front properties and access to the Caribbean, offers a more relaxed, but equally high-end, alternative for buyers who value proximity to the Americas. Singapore stands out in terms of the sophistication of its financial system, appealing to investors seeking stability and long-term growth potential.
The future of global wealth migration
While Dubai, Miami, and Singapore battle for the richest buyers, the bigger shift in the global real estate market lies in the emergence of what could be called “wealth migration hubs.” These cities, strategically placed at the intersection of geopolitical stability, economic opportunity, and cultural richness, are becoming more than just desirable destinations for luxury buyers—they are positioning themselves as the future centers of wealth creation and redistribution.
In the near future, it will no longer be enough for these cities to offer luxury homes and amenities; they must evolve into global wealth ecosystems. This includes everything from offering a wide array of tax incentives and creating seamless pathways for residency to fostering innovation through government partnerships with private sectors. As the world becomes more interconnected and wealth continues to move across borders, the cities that will thrive are those that cater not only to the richest buyers but also provide an environment that nurtures their businesses, lifestyle, and family needs.
The true winners in this contest will be the cities that understand that wealth, and the migration of it, is not a fleeting trend but the future of global influence and economic power.