Desk Report,
Why are millionaires flocking to Dubai?
Nowhere in the United Arab Emirates, including Dubai, does one have to pay income tax. In addition, while living a luxurious life is becoming increasingly difficult in other cities around the world, such a lifestyle can be easily enjoyed in the country.
Why are millionaires flocking to Dubai?
The United Arab Emirates, especially the city of Dubai, has long been welcoming the rich from neighboring countries. However, now the number of millionaires moving here from Western countries is increasing. Those who help millionaires move to Dubai told AFP.
According to the calculations of the consulting firm Henley & Partners, this year an unprecedented number of millionaires from different parts of the world will move to the United Arab Emirates. This number could reach 9,800, which is more than any other country in the world.
The security system in the United Arab Emirates is quite strict. The country has established itself as an attractive place for the rich. The country is a popular destination for millionaires due to its economic and political stability, low crime rate, business-friendly environment and unlimited luxury. The United Arab Emirates has introduced a golden visa to attract rich and skilled foreigners. This gives you the opportunity to get 10 years of residency status.
Mike Cody, head of consulting firm Skybound Wealth Management, said that many of his clients feel that being successful in their own country has now become a burden.
The security system in the United Arab Emirates is quite strict. The country has established itself as an attractive place for the rich. The country is popular with millionaires due to its economic and political stability, low crime rate, business-friendly environment and unlimited luxury.
Cody said that in their own countries, taxes and surveillance are increased on the rich, while facilities are reduced. However, in Dubai, there is nothing to hide wealth; on the contrary, being wealthy is the norm.
Cody added, “My clients in London whisper about their wealth. But in Dubai, they can live freely.”
Dubai is also a top destination for luxury influencers. It is home to huge shopping malls, the world’s tallest building and the artificial island ‘The Palm’ – dotted with rows of five-star hotels.
Dubai has also been criticized for quickly becoming a destination for the wealthy. Its economy is sustained by the sweat of low-wage migrant workers. But these workers face widespread discrimination.
