1. Effectively run tax havens. (UAE, Singapore, Switzerland)
2. Spacious and secure English talking international locations. (Australia, US, Canada, New Zealand)
3. Straightforward entry factors to the EU. (Portugal, Greece)
4. The Jewish homeland. (Israel)
Something I missed?
The Monetary Occasions has an article on how three cities are booming within the post-Covid world:
Millionaire populations dropped by 12 per cent final 12 months in New York, 14 per cent in Hong Kong, and 15 per cent in Moscow. Dubai, Singapore and Miami are intentionally exploiting this migration by opening their doorways to capitalists. These international cities rank among the many most interesting to millionaire migrants — and make up the highest three amongst luxurious property markets the place costs are anticipated to rise quickest this 12 months.
It’s not simply the pull of those comparatively low tax/regulation cities, it’s additionally the push of badly run cities elsewhere:
Cracks in New York — excessive taxes, surging crime, simmering anti-capitalist hostility — are mirrored within the flight to no taxes and a heat welcome in Miami. An analogous impact is seen in Moscow, the place a heavy-handed Kremlin and world response to the battle in Ukraine are chasing wealthy Russians out. As an alternative they’re choosing extra hospitable choices, together with Dubai. In the meantime, regulatory stress from Beijing is driving tycoons to purchase second houses in Singapore.
Different locations would additionally like to draw millionaires, however that’s simpler stated than performed:
Many different international locations wish to emulate Dubai’s success, together with Zimbabwe, which hopes to remake Victoria Falls as the same hub.
Zimbabwe? I’m undecided if corruption, crime and hyperinflation is the appropriate mixture to draw the worldwide elite.
