European millionaires are looking for a secure haven away from populism.
Dubai presents itself as a sanctuary for wealthy individuals. It offers a business-friendly environment with excellent global flight connections. The city boasts safer streets compared to New York and London, along with exceptional cleanliness. To top it off, Dubai imposes no taxes on income, property, or capital gains.
It’s no surprise that the United Arab Emirates (UAE), particularly Dubai, is expected to attract 6,700 millionaires this year, as per Henley & Partners, a wealth consultancy. This number is nearly double the amount heading to the traditional wealthy haven of America, with 5.5 million residents worth $1 million or more. While Dubai has long been a refuge for affluent Russians, Indians, and Arabs, it is now becoming a sought-after destination for a new wave of European elite escaping political uncertainty in their home countries.
2024-06-27 08:40:52
Originally published on www.economist.com