3 cities attract rich people in the world
Dubai, Singapore and Miami are taking advantage of this migration by opening their doors to capital.
Shrouq
The cities of Dubai, Miami and Singapore compete for international centers to attract the rich in the world with their warm welcome and the facilities they provide.
The number of millionaires decreased last year, 12% in New York, 14% in Hong Kong and 15% in Moscow.
global cities
Dubai, Singapore and Miami are taking advantage of this migration by opening their doors to capital. These global cities are ranked among the most attractive cities for wealthy immigrants, as they represent the top three positions among the luxury real estate markets, and prices are expected to rise faster this year.
Development indicators
The head of the Rockefeller International Capital Management Company, Roshir Sharma, said in an article in the American newspaper, the “Financial Times”, that the migration of jobs and capital is one of the main indicators of development or decline.
He added Wealth-chasing cosmopolitan cities will end up sabotaging their economic prospects in favor of more welcoming competitors like Miami, Dubai and Singapore.
New York City's local elite believe that Manhattan will always be the center of gravity for cultural diversity, a destination for the world's wealthy, and that the city would be better off without all the "rich millionaires migrating to Miami."
He explained that this deep satisfaction with the expelling situation of capital could spoil the greatest cities in the world, as the Corona pandemic revealed that remote work could become a full-time job, making it easier for anyone to move to live in cheaper places and maximize their income.
cities attract wealth
These cities are gaining momentum, said Ruchir Sharma, and are attracting the wealthy. Easy lifestyles, warm climates and efficient governments are attracting immigrants from all over the world, who in turn are attracting new restaurants, luxury malls and art festivals.
Dubai golden visas
Dubai now offers "golden visas" that allow the wealthy to buy real estate and reside, which attracts immigrants from Russia, South Asian countries and the Middle East, while the real estate market is witnessing a boom driven by record purchases. 80% of transactions are in cash, which makes the real estate market more stable than it was in 2008.
Tax tolerance in Miami
Miami managed to attract a large number of the world's wealthy, taking advantage of tax tolerance, in addition to closing deals in the booming financial district, walking on white sands and shopping in the first luxury purpose-built neighborhood in the United States.
