Dubai has long been a city that has attracted wealth and prestige, but since the pandemic, the wealthy have been flocking to the city in droves. With over 200,000 new immigrants moving to Dubai every year, the number of expats continues to grow, and only 15% of the city are actually Emiratis.  

There are many reasons why millionaires and billionaires choose to make the move to Dubai. Among the most notable reasons are the golden visa, no income tax, location, and quality of life. 

Golden Visa

During the pandemic, money and jobs began to disappear due to uncertainty in the market and the health of many individuals. As a result, many expats began to move home, and the United Arab Emirates (UAE) became concerned about the potential contraction of their economy. This concern led the UAE to create the “Golden Visa”. 

The “Golden Visa” is a 10 year visa that focuses on incentivizing high achievers. This visa began to appeal to many individuals. It also incentivized bringing families and businesses. 

As a result, the individuals moving to Dubai were now considered more stable, long term-residents.  

No Income Tax

An additional appeal that draws expats and wealthy individuals to the area is the fact that the UAE has no income tax. For individuals who are millionaires and billionaires, this is especially appealing. 

Of course,with no income tax, the country must find a way to compensate for this loss. As a result, there are permits that must be obtained for a variety of things. These permits, however much a nuisance, do not offset the savings for the uber wealthy and what they save on their income taxes. 

Location

Another appealing aspect of living in Dubai is the location. It is very centralized in terms of the rest of the world, and is often a layover location for many exciting destinations. 

In addition to the ease of travel from Dubai, it also has a wonderful climate. Of course, during the summer months there can be extreme heat, but this doesn’t deter the super wealthy. 

It is during these months that holidays are scheduled for individuals to escape the heat.

Quality of Life

When you have high expendable income, there are many excesses to spend money on. From golden luxury vehicles, to having everything drip in diamonds, dining at some of the best restaurants in the world, and having unparalleled entertainment, showcasing wealth has become a part of the culture. 

One way that individuals choose to showcase their wealth is through the number on their license plates.  The lower your number is on your license plate in Dubai, the more money it costs to purchase it. In fact, many license plates cost more than luxury custom cars. In fact, the number 1 license plate sold at auction for over $14 million and is expected to appreciate in value over time.

Other quality of life aspects to consider include an amazing education system, low crime rates, and an effective medical system.

Conclusion

Dubai ranks third in cities that are expected to grow in wealth, and is expected to be a major financial center. With all the growth and incentives for businesses and individuals, as well as the location and quality of life, it is no surprise that many wealthy expats choose to make Dubai their home.