Dubai is making headlines once again, this time with a boost from none other than tech mogul Elon Musk. Known for his groundbreaking work with Tesla and SpaceX, Musk recently shared his admiration for Dubai, calling the city a big winner in attracting wealth and talent.

c who shared a report on the wealthy migrating from the UK to Dubai.

The buzz started when Musk praised Dubai for its ability to draw a significant number of millionaires from around the globe. According to a recent report by Henley Private Wealth Migration, the UAE is set to welcome a record 6,700 millionaires by 2024. This impressive influx, primarily from the UK and Europe, places Dubai far ahead of other major destinations.

So, what’s drawing so many wealthy individuals to Dubai? Several factors contribute to the city’s growing allure. For starters, Dubai offers zero income tax, which is a massive incentive for high-net-worth individuals looking to protect their wealth. The city’s golden visa programme also allows for long-term residency, adding to its appeal.

Dubai’s luxurious lifestyle and strategic location are other key attractions. The city is known for its opulent lifestyle, world-class amenities, and vibrant cultural scene, making it a desirable place to live and work. Its position as a major global hub also adds to its attractiveness for international business and investment.

Musk’s comments come at a time when the UAE is celebrating its third consecutive year as the top destination for millionaires, according to Henley and Partners. This achievement underscores Dubai’s growing reputation as a leading global city for wealth and innovation.

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In contrast, the UK is facing challenges, with predictions that 17% of its millionaires might leave by 2028. The country’s changes in tax laws and economic uncertainties are contributing to this shift, making Dubai’s rise even more notable.