Dubai seduces a growing number of millionaires, attracted by the favorable environment for the issues of the Gulf Emirate, the absence of income tax and the possibility of carrying out a lifestyle as sumptuous as disinhibited.
For a long time, the United Arab Emirates, and even more their bright window that is Dubai, capture the main regional fortunes. From now on, these are increasingly joined by numerous western ones, according to specialized consulting agencies. The Henley & Partners consulting company estimates that the United Arab Emirates will attract an unprecedented number of 9,800 millionaires, more than any other country in the world.
International trade hub and strategic crossroads between Europe and Asia, Dubai has one of the most busy airports in the world and a port for intense activity. In this megalopolis of 3.5 million inhabitants, including 90% of expatriates, which live together low -cost work, influential and millionaires.
In Dubai, wealth is “normalized”
Dubai already has 81,200 millionaires and 20 billionaires, which makes it one of the 20 richest cities on the planet. Many of these rich immigrants “consider that success has become a disability in their country of origin. They are more taxed, more analyzed and offered less,” says Mike Coady, who directs Skybound Wealth Management, a company specialized in wealth management. In Dubai, he continues, wealth is “normalized”, in reverse of a “growing hostile rhetoric to the rich” in other places.
For the same income, Dubai “offers a better way of life” than in other places, also highlights Max Maxwell, CEO of Paddco Real Estate, who left the United States for the Emirates, in the British podcast “Building wealth without borders.”
Mimded Millionaires and Maltrate Workers
By absence of income tax, a flexible commercial environment is added and an access without obstacles to luxury between the advantages of Dubai a very low crime rate and political stability.
Philippe Amarante, by Henley & Partners, emphasizes that the place allows you to do business with “very few administrative formalities.” A “Gold Visa” program also offers rich or highly qualified foreigners a 10 -year residence permit. What feed the criticisms of abyssal inequalities between these emigrants and the armies of poorly paid migrant workers, who form the backbone of the economy. They are exposed to “generalized abuses”, alerts the Human Rights clock.
$ 100 million apartments
The city has been experiencing a frenzy of real estate for years: sparkling skyscrapers, luxury villages, artificial islands and prestigious residential complexes. Last year they sold exceeding New York and London, 435 houses worth 10 million dollars or more, which made it the most active market for high gas properties, according to Faisal Durrani, of the Knight Frank real estate consulting firm.
From now on, the rich worldwide established their families, their companies and their private offices, “which is new,” he says. He affirms that buyers ask him, of rich bastions like Monaco or Switzerland, that “they are looking for an apartment at $ 100 million.”
Strengthen the fight against money laundering
Mike Coady explains that its customers installed in the Emirates are mostly professionals for their ages or forty -many people: founders of new technology companies, heirs of family businesses, consultants or fund managers. One of them, a British chief of a 42 -year -old software company, decided to emigrate for fear of a capital gains tax during the sale of his business. Great Britain is expected to lose a record of 16,500 millionaires this year, Henley & Partners estimates.
However, in Dubai, the authorities had to strengthen their fight against money laundering after registration in 2022 of the Emirates in an international “gray list”, due to the suspicions of opaque transactions and the influx of Russian capital due to the invasion of Ukraine. Since then, the Emirates have extradited several individuals sought, including drug barons, and obtained their retirement from this list.
Source: BFM TV
