The UAE is in the TOP TEN countries that millionaires are choosing to make their new home.
Many millionaires are leaving behind what were once stable & thriving economies in search of better opportunities in the Middle East.
There are many reasons why this could be happening and while I am no certified economist, this is my take:
1. The UAE handled the pandemic amazingly well. Through structured procedures, we were able to make lockdown a minimal experience, keep businesses turning over and get back to a level of normality much quicker than other major countries worldwide.
2. People like to be surrounded by high value, motivating and inspiring people. With the UAE already home to a substantial amount of millionaires, it makes sense for High Net Worth Individuals to follow suit.
3. The UAE has introduced many incentives to drive the economy. The recent Visa changes has made it easier for people to obtain Freelance Visas, Golden Visas and most notably in the Real Estate industry the 2Million AED investor visa when purchasing property.
4. Dubai may be one of the fastest growing cities in the world but is still planning on growing further and becoming bigger and better.
The Dubai 2040 Urban Master Plan focuses on enhancing people’s happiness and quality of life as well as reinforcing Dubai as a global destination for citizens, residents and visitors over the next 20 years.
The UAE government also plans to increase the population from 3.3 million to 7.8 million by 2040 through this Master Plan and a number of additional initiatives.
5. Finally, in most major economies, the more money you make, the more tax you pay. Not here! Dubai has 0% income tax making this the ideal place to not only earn money but to see exactly what you earn reflected in your bank balance.
Would be interested to hear the various opinions around this and if you are looking to be one of the millions moving to Dubai in the coming years, get in touch!