Dubai has been ranked the world’s leading city for the global elite, surpassing New York to claim the “top spot.”
The list was unveiled by a real estate broker Savills Plc, reported by Bloomberg.
The reason behind the city’s top ranking is due to the city's attractive tax policies and high-quality of life that have made it the most accommodating location for high-net-worth individuals (HNWIs).
The annual rankings which assess 30 major global cities, signals Dubai’s powerful draw.
The city is experiencing a “flurry of wealthy movers,” as per the report, who are majorly drawn by its financial advantages. It includes zero income tax, as well as no inheritance, capital gains, or wealth taxes.
Beyond the favorable fiscal environment, Savills directed to the city’s “strong family infrastructure” and “high levels of security” as a major factor cementing its appeal.
This combination of financial advantages and a safe, luxurious living environment has proven to be a powerful magnet for the world’s rich seeking to optimize their wealth and lifestyle.
The ascent of Dubai signifies a major shift in the landscape of global wealth hubs.
For years, traditional centers such as New York and London have influenced such lists, but the rise of Middle Eastern hubs shows a change in priorities among the ultra-rich.
The report suggests that modern HNWIs are increasingly valuing cities that provide both business-friendly regulations and an improved quality of life.
This top ranking causes Dubai’s successful strategy to position itself as a preeminent global destination for investment, entrepreneurship, and luxury living, solidifying its status as the new premier address for the world’s financial elite.