Luxury, safety and tax benefits draw world’s millionaires to Dubai
The whole world has been shaken by the devastating effects of the COVID-19 pandemic on life as well as economy. We are all well-versed in subjects like isolation, quarantine and social distancing. One major impact of the Corona virus pandemic was travel bans all throughout the world. And despite it causing immense heartaches to all those who are bitten by the wanderlust bug, it had not stopped millionaires from around the world to flock to one of the best cities in the world to live- Dubai.
The New World Wealth is an organization that tracks the global movement (personal and of their wealth) of millionaires, multi-millionaires and billionaires. The reasons why Dubai is an ideal place to live as per New World Wealth (NWW):
- Dubai was named one of the two safest cities to live in in Middle East along with Abu Dhabi on The Safe Cities Index in 2021 by the Economic Intelligence Unit. With a score of 64.6, Dubai had ranked 35th safest city globally (as per timesoutdubai.com). Safety of a city is imperative when it comes to decide where to live.
- The excellent healthcare system of Dubai along with its resilience and preparedness to combat a pandemic situation expertly make Dubai a perfect place to live.
- The luxurious lifestyle along with the allure of Dubai’s beaches draws the wealthy population to its shores.
- Dubai is one of the top financial centres and thus allows ease of operation for businessmen and individuals alike.
- Another huge perk of living in Dubai is the exemption from income taxes and other tax benefits.
- Dubai boasts world-class services and infrastructure thus making it an appealing place to be.
The international city Dubai is one of the most sought after tourist destinations in the world. But it is not only tourists who are interested in visiting, many are interested in settling down in this dynamic city. This includes millionaires, multi-millionaires and billionaires as well. Despite the COVID-19 pandemic situation about 2000 millionaires had moved to Dubai in less than a year recently.
After influx of millionaires:
- High net-worth individuals (HNWIs) population in Dubai: increased about 3.8% from 52000 in December 2020 to 54000 in June 2021.
- Number of Multimillionaires (individuals with at least $10 million) in Dubai: increased about 2% from 2430 in December 2020 to 2480 in June 2021.
- Number of centi-millionaires (individuals with at least $100 million) in Dubai: increased about 8.5% from 152 in December 2020 to 165 in June 2021.
- As per NWW, combined wealth of all residents with at least $1 million (including their cash, business and equities, properties and interests stood) in Dubai in June 2021 is about $530 billion (2.5% higher than last December).
- The total of private wealth in Dubai had enhanced $30 billion in half a year.
Dubai is the 29th richest city in the world and the second richest city in the Middle East and Africa (MEA) region. With such wealthy clientele residing in the city it is a perfect spot to set-up a new business.
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