Dubai is often portrayed as a haven for wealthy individuals looking for a glamorous and convenient lifestyle. With its easy business environment, extensive flight connections, and safe streets, it is no wonder that many millionaires are choosing to make it their home. In addition, the lack of taxes on income, property, and capital gains make it even more appealing to the wealthy.
As the glitzy business hub of the United Arab Emirates (UAE), Dubai is predicted to see a significant increase in the number of millionaires moving there this year. Henley & Partners, a wealth consultancy, forecasts that 6,700 millionaires will choose Dubai as their new home, compared to only 5.5 millionaires expected to move to the United States. Historically, Dubai has been a popular choice for rich individuals from Russia, India, and neighboring Arab countries. However, there is now a new trend of Europeans seeking refuge in Dubai due to political uncertainty in their home countries.