The report explained that the emirate has become a primary destination for the wealthy looking for modest tax advantages, advanced infrastructure services suitable for families, in addition to a high level of safety. It also pointed out that international schools in Dubai are experiencing an increase in waiting lists with the relocation of more affluent families to the city.
The report considered that both Dubai and New York are strongly competing to attract wealth, thanks to supportive business environments and stable economic policies. The UAE’s Golden Visa program, which grants a 10-year residency in exchange for an investment of no less than two million dirhams, also played a crucial role in enhancing the influx of wealthy individuals.
The report also pointed to a shift in global wealth destinations towards cities linked to technology, such as “Shenzhen” and “Bangalore,” which have witnessed rapid growth in the number of wealthy individuals during the last decade.
In contrast, London’s attractiveness has declined despite the quality of life, due to tax systems, especially inheritance tax, which has led to a decline in demand for luxury real estate.
The ranking of the most attractive cities for the wealthy is as follows: Dubai in first place, followed by “New York,” then “Singapore,” followed by “Hong Kong,” while Abu Dhabi ranked among the top five thanks to stability, safety, and a luxurious lifestyle.
(Bloomberg)
