Why Dubai is Winning ?
American billionaire and entrepreneur Elon Musk, CEO of Tesla, commented on a report about the migration of millionaires from Britain to Dubai by saying, “Dubai is Winning.”
Emirati businessman Hassan Sajwani published a report in English about Dubai attracting increasing numbers of millionaires from around the world.
Especially from Britain recently, due to security, safety, transparency, and no income tax.
Elon Musk commented, “Dubai is Winning”, celebrating the emirate’s success in securing its place at the forefront of the world’s cities attracting the wealthy.
Dubai is preparing to welcome more wealthy individuals from Britain, according to a report by CNBC.
The report confirmed that “Henley & Partners” stated that the UAE is on the right track to become the top destination for the world’s wealthy for the third consecutive year.
Swiss bank UBS also predicted that 17% of millionaires will leave the United Kingdom by 2028.
Quote from CNBC report
The United Arab Emirates is on track to be the world’s top wealth magnet for the third year running.
According to the Henley Private Wealth Migration Report.
At the same time, the U.K. – already the source of many of the UAE’s expatriates – is projected to see its millionaire population drop by 17% by 2028, according to Swiss bank UBS.
High-net worth individuals are in many cases voting with their feet, seeking greener pastures – or in the case of tax-free expat hubs like Dubai, sandier beaches – as costs and taxes rise in their home country.
The trend is likely to accelerate in the wake of the landslide election victory for the U.K.’s Labour Party in June, according to some financiers.
“There are push and pull factors for this trend of millionaires opting to relocate to Dubai,” Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC.
Dubai is winning with its extreme safety
“Push factors include the prospect of higher taxes under a new Labour government.
For example, one of Labour’s campaign pledges was to levy VAT on private school tuition, which would raise the cost by 20%,” he said.
“Pull factors include Dubai’s perception of being extremely safe and visa reforms that encourage migration.”
Dubai sets new record with 9.31 million visitors in H1 2024
The exceptional and strong performance of Dubai’s tourism sector reflects the vision of His Highness Sheikh Mohammed bin Rashid to enhance its position as a leading global city for business and entertainment in support… pic.twitter.com/ATGxFxsWEG
— UAE Voice (@uae_voiceeng) July 30, 2024
The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024.
This is according to the Henley report, which was released in June.
That’s nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.
As always, Dubai is winning because it is attracting people from all over the world …
Do you think so ?
let us know your opinion in the comments !
