US EditionLess tax, more luxury: millionaires flock to Dubai
Dubai's zero income tax and golden visa scheme attract 9,800 millionaires in 2024, boosting luxury property sales and injecting over $7 billion into its economy, Henley & Partners reports.
- The UAE is attracting unprecedented numbers of wealthy individuals in 2024, with roughly 9,800 millionaires relocating there, making Dubai a top luxury property market.
- This surge follows tightening taxation and scrutiny in countries like Britain, pushing high-net-worth individuals to seek Dubai's zero income tax and stable economic environment.
- Dubai offers an easy luxury lifestyle, minimal bureaucratic hurdles, and amenities like world-class healthcare, modern infrastructure, and iconic landmarks, attracting diverse professionals and entrepreneurs.
- Mike Coady said his clients feel taxed and scrutinized more elsewhere while wealth is 'normalised' in Dubai, and billionaire John Fredriksen called Britain 'gone to hell' before moving there.
- The surge of millionaires has driven a thriving luxury real estate market in Dubai, where sales of properties valued at $10 million or more reached 435 units last year, potentially injecting $7.1 billion into the economy and reinforcing the city’s appeal to the global wealthy.
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14 Articles
14 Articles
From no income tax to low crime rates: Why millionaires are flocking to Dubai
Dubai is emerging as one of the world’s biggest magnets for the ultra-wealthy. According to advisory firm Henley & Partners, the UAE capital city is already home to 81,200 millionaires and 20 billionaires, making it one of the top 20 cities globally for wealthy residents. But why do the global elite prefer Dubai so much?
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Absence of income tax and the possibility of leading a life course as luxurious as it is decomplexed: the Gulf emirate continues to attract rich people served by cheap labour Dubai
·France
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Total News Sources14
Leaning Left1Leaning Right4Center4Last UpdatedBias Distribution44% Center, 44% Right
Bias Distribution
- 44% of the sources are Center, 44% of the sources lean Right
44% Right
11%
C 44%
R 44%
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