Why Millionaires are Secretly Moving to Dubai (it's not taxes)

millionaires are secretly moving to Dubai and the West does not like it according to recent statistics around 4,500 millionaires moved to the United Arab Emirates in 2023 making it the second most popular destination for millionaires in the world now I'm not a millionaire yet but I also am over to the United Arab Emirates and I do happen to know quite a few Millionaires and non-m millionaires who have done the same it feels like everyone is moving to Dubai right now so while everyone has their own reasons and like I always say different places are right for different people the trends are clear and having observed this in my personal circles I think I can give a pretty good guess as to why this many especially successful people are leaving the West leaving China leaving different countries and moving to Dubai specifically now the elephant in the room is obviously that Dubai has no income tax which is a rather nice perk but while you might think that that's the only reason it's not actually the whole story at all after all like the neighboring countries of the UAE like Saudi Arabia Qatar Oman also have either no or very little tax why is there such an outsized influx of millionaires in the UAE specifically so in this video I wanted to dive deeper to show you how Dubai and the UAE have very carefully and deliberately crafted their image and their society to specifically appeal to these kinds of people but before we get into Dubai let's first understand why they're leaving in the first place you can see that at the top of the list we have have countries like China India Russia and the UK now understanding why people are leaving China or Russia is not that difficult it's actually a lot of issues that come with being rich in one of these countries where at any given moment there is high risk that the governments could just take all of your money if you worked your entire life to make this money basically your first goal in one of these countries is usually going to be to like leave as fast as possible so you can protect your money and not lose it to the government but then we have the UK and for this I have a lot to say because I also personally left London in favor ofi which I've talked about a bunch in this channel before the fact that the UK is on the same list with all these countries with much higher populations Etc really just shows what a absolute train wreck the UK economy has become and this highlights a trend amongst all of the Western countries they are declining I've started make a lot of people look at these places and think like okay so I'm paying 45% tax for high crime for declining Society for cult that doesn't really appreciate me anymore a lot of people have been like okay I don't think this is a good deal anymore so to understand why millionaires are choosing to move to Dubai specifically we need to understand what is it that these people actually look for like overall if you are an entrepreneur if you're growing a business or you've already made a bunch of money ideally you're going to look for economic freedom so freedom to do business without like governments like taxing everything and like having all these restrictions of what you can do you want to be in a place that is bus business friendly that appreciates people who actually go out there and create businesses and in turn create jobs and all these kind of things they're want to be in a place that is going up so the West is declining at least especially Europe whereas the UAE and the Middle East and a lot of Asia is now going up and that is the first reason why people are moving to Dubai Dubai treats millionaires well but of course this doesn't entirely explain why millionaires are moving to Dubai because there are other countries that are much more free like Singapore and brings us to the next Factor so again if you put yourself in the shoes of a wealthy person or maybe if you're a wealthy person yourself what is something that you would want from the place where you live well considering you have a lot of money that you have worked your entire life for you might have a family that you want to protect you would prefer to be in a place that is very safe and that is exactly what Dubai offers it's been listed as one of the safest cities in the world alongside Abu Dhabi and the other cities in the UAE by the way this is not just a wealthy person thing like I think every single person person in the world would rather be in a safe place than an unsafe place it's a super super safe place especially for women by the way it's been listed as the safest city in the world for women by having very strong laws against any sort of crime on one hand and on the other hand by making a system where it's pretty much impossible to be homeless in this country like as much as this might offend some people most of the time the people who commit crimes are people who are not doing that well in their life so if you have a society where everyone is doing well relative to what they were doing but perhaps in their home countries no one wants to commit crimes and if they do they're just going to be deported and they don't want to be deported because the opportunities they have here are so much better than what they had elsewhere so next we have people's attitudes so Dubai it seems like it's a place where everyone just has an very positive attitude towards growth everyone wants to move forward everyone wants to make things better to be healthy people here are really fit they exercise they take care of themselves and again this is Fosters an environment where people push each other to move forward whereas again we see the opposite in places like the UK where the culture is more like bringing other people down rather than pushing them up and again this is exactly the kind of environment where you want to be if you're an entrepreneur or a wealthy individual next we have networking industries develop in clusters like there is a reason why for every aspiring Tech startup founder the go-to place is still San Francisco and Silicon Valley despite all the problems they have Tech Founders still flock to this place because of Network effects because all the other tech people are there all the other investors are there it makes sense to go there and a similar thing is sort of happening in many Industries in Dubai if you are an internet entrepreneur if you are a content creator if you are a crypto entrepreneur Dubai is becoming a hub with these kinds of Industries which makes it very useful to be in this place if you are in one of these industries like just in the past year I know so many other concer creators who have chosen to move to Dubai as well alongside me Dubai is literally purpose built to attract Builders to attract people who want to build a better future for themselves and do big things in life which has made it a self-fulfilling cycle of people like this flocking to Dubai to network with each other so to me these factors explain a lot but we're still missing one really big piece and to understand that if you go back to to the millionaire migration data here we remember I told you before that UAE was not at the top at the top we actually had Australia which might seem kind of strange because on the surface I mean Australia is a Western country that has a lot of the same problems as the other Western countries like the UK so then why are so many millionaires moving to Australia well obviously I don't know and again everyone's going to have their own reasons but if I had to guess a big part is going to be the climate so climate is of course personal preference but I would bet that most people in the world would prefer to live in warm climate where it's something like 25° C to 30 de C or something like that over a really cold climate like the UK or Finland where I'm from and this is also I believe the last factor that makes Dubai so attractive as well because Dubai also has insanely amazing climate for the winter months at least now the caveat to that is that in the summer months it is actually too hot so the one big caveat is that if you're looking for a place to stay for the entire year Dubai might not actually be the one simply because the summer is so scorchingly hot but again most people are who here they don't actually spend the Summers here they actually like to go back to their home countries in the summer so it's not really a big issue in practice but for most of the year the climate here is amazing it is sunny every single day I cannot describe to you how amazing it is to open the curtains every single morning and it's clear blue skies sunshine it like for me at least it affects my mood so much like so positively and I think most people would prefer that and most people given the choice would prefer to be in a climate like this which is another reason why millionaires are moving to Dubai but to me these are the reasons why so many millionaires are flocking to Dubai like if you're here like it's very exciting place to be because so many successful and interesting people are moving here every single year of course it's not for everyone but for what most of these people want Dubai is really really great because they want to make this into the best city in the world so right now it is a very very exciting place to be but now let's be clear Dubai is not perfect by any means there's still a lot of problems that exist here and if you're considering moving here you want to be aware of the potential issues that you might have if you do come here and for that I recommend you watch this video right here that I made before on the problems that you might hear about when you're considering moving to Dubai and some reasons why you might actually not want to move here so go watch that video next

Channel: Tuomas

Views: 4,652

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Id: tXMrp27UOmA

Length: 8min 39sec (519 seconds)

Published: Thu Jan 25 2024