Dubai has been named the world’s most attractive city for the rich, clinching the top spot in a new global ranking. The emirate is attracting the world’s elite thanks to its zero wealth and inheritance taxes, high levels of security, and a well-developed infrastructure for families, according to a study by international real estate broker Savills Plc, Bloomberg reported on November 7.
According to the Savills report, which analyzed 30 global cities, Dubai is actively attracting wealthy migrants due to its key advantages:
- Zero taxes: The emirate has no inheritance, capital gains, or personal wealth taxes.
- Infrastructure for families: Dubai leads the index in the number of international schools, ahead of other cities, “by a significant margin.” Savills notes that “many international schools report long waiting lists as new families move to the city.”
- High level of safety.
An additional incentive is the UAE’s “golden visa” program, which offers a 10-year residence permit with low taxes in exchange for an investment of 2 million dirhams (about $544,550).