The end of the UK’s non-domicile tax status is doing more than reshaping Britain’s tax base — it is actively rerouting global private wealth toward Singapore and the UAE. The Henley Private Wealth Migration Report forecasts a net loss of around 16,500 millionaires from the UK in 2025 alone, one of the largest single-year outflows on record, according to IQ-EQ Singapore’s 2026 family office predictions.
Where the money is landing
The receiving end of that migration is visible in the data on both sides of the Gulf-Asia corridor. Singapore-based single family offices already average close to $900 million in assets under management, and the same IQ-EQ analysis argues that mobile UK wealth is deepening capital pools further while giving the UAE “a clearer role… as a global asset management and family office hub.”
Singapore’s own family office sector has expanded from roughly 400 offices in 2020 to more than 1,650 by August 2024, according to reporting via Malay Mail, with assets under management in Singapore climbing 10% to SGD 5.4 trillion in 2023 alone. More recent entrants continue arriving: Angeles Wealth Management and Avestar both moved to establish or expand Singapore operations in 2026, according to Markets Group’s coverage.
Singapore’s own reform push
Singapore’s growth has not been friction-free. Following the country’s largest-ever money laundering case, the Monetary Authority of Singapore imposed S$27.45 million in fines on nine financial institutions and withdrew tax benefits from six family offices linked to convicted individuals, according to Hubbis’s analysis of Singapore’s regulatory reforms. In response, MAS introduced a target to process family office tax incentive applications within three months — a deliberate trade-off between speed and the scrutiny needed to protect Singapore’s reputation as capital inflows accelerate.
The Dubai side of the ledger
DIFC’s own growth data tells a parallel story on the Gulf side: 775 new companies registered in Q1 2026 alone, a 62% jump year-on-year, with family offices explicitly cited among the drivers, according to Gulf News. Dubai’s pitch to relocating wealth rests partly on English common law jurisdiction and partly on tax structure — a combination competing directly with Singapore’s offer to the same pool of mobile capital.
What family offices are actually buying
Where this capital goes once it lands matters as much as where it lands. UBS’s Global Family Office Report finds 81% of family offices in Southeast Asia plan to change their strategic asset allocation in 2026, with artificial intelligence, power and resources, and automation and robotics as the top three themes, according to UBS Singapore.
