Dubai has become the leading city for the wealthy thanks to its zero taxes

For the first time in history, Dubai has been named the most attractive city for the world's wealthiest people, taking first place in the global ranking. According to a study by international real estate broker Savills Plc, the UAE attracts the elite due to its lack of wealth and inheritance taxes, high level of security, and developed infrastructure for families. The study covered 30 major cities around the world.

Source Minfin

Dubai ranks first thanks to its large number of international schools, which are an important factor for wealthy families. The “golden visa” program, which grants 10-year residence permits for investments of $2 million, also contributes to the city's appeal. In 2024, there were 680,000 new millionaires worldwide, and forecasts indicate further growth in the number of wealthy individuals through 2029.

The report also highlights a general trend toward a shift in economic centers—traditional financial hubs are losing popularity due to unfavorable tax policies, while technology-oriented cities such as Shenzhen and Bengaluru are seeing significant growth in the number of millionaires. London, although highly rated for quality of life, is suffering losses due to inheritance tax, which is negatively affecting demand for luxury real estate.