We all know of Dubai, one of the most luxurious cities in the world, if not the most luxurious, but have you ever asked yourself why is Dubai so rich?
Dubai has been a city of commerce for the last 200 or so years. Its positioning allowed it to progress in the trade industry long before it ever discovered oil. But let’s start from the beginning; how did Dubai become what it is, and how has it progressed over the years?
Dubai Then And Now
Starting from the 1700’s Dubai was one of the leading places for pearl production and pearl distribution. The people were skilled in fishing and pear diving, this did bring some wealth and success to the city, but it’s nothing compared to today.
The Dubai we know started in 1950 when oil was found on its territory. After that breakthrough and after exporting that oil for the next 20 years, Sheikh Rashid bin Saeed Al Maktoum, the Father of Modern Dubai, decided that Dubai’s portfolio needed to be expanded. He built the first airport and started working tirelessly on improving the infrastructure. Highways were built, ports, factories and many buildings, and all that laid the foundation for what Dubai is today.
The Sheikh focused on bringing tourism to this city. He made the largest free zone in the world, gave the best tax breaks to companies, and had the infrastructure possible development for the companies. It surely looked like Dubai was on the right path to becoming the jewel of the middle east.
Today, 50 years after the Sheikh’s plan was devised, Dubai is everything he could have imagined and more. Dubai has the tallest building in the world, the best highways, the biggest shopping malls, the best restaurants, hotels, private islands, and even a ski slope… This was all made possible with the magnetic attraction Dubai has, with over 3.4 million residents, and is ranking the 1st richest city regionally and the 23rd richest city in the world.
But after striking oil, Sheikh Rashid bin Saeed Al Maktoum said, “My grandfather rode a camel, my father rode a camel, I rode a Mercedes, my son rides a Land Rover, and my grandson is going to side a Land Rover, but my great-grandson is going to have to ride a camel again.”
The Sheikh’s words speak about Dubai’s supposed dwindling oil reserves after decades of excavation. While it’s impossible to speculate when Dubai will run out of oil, we can speak about why rich people and extremely rich people are constantly moving to Dubai.
Why Are Rich People Moving to Dubai?
There are many reasons why the rich are moving to Dubai, but we can sum everything up into one bigger reason – the quality of life for rich people. Let’s get started:
It’s Easy to Get a Resident Visa.
Since we are talking about rich people, in Dubai, you can buy a property (and some of the properties aren’t that expensive, to begin with), and the state will provide you with a resident visa for 3 to 5 years, depending on the property you bought.
The Quality of Life
As we mentioned earlier, the quality of life in Dubai (especially when you are rich) is amazing. There, you can find the best restaurants, shopping centers, and hotels. The buildings, the parks and the whole scenery of the city have been almost made perfect.
The UAE and Dubai have adopted a 0% income tax policy, and as they said, that won’t change anytime in the near future. This means that you will get 100% of your salary. Also, besides a 0% income tax for individuals, there’s a 0% tax policy for companies which is the main reason why business owners move or open up new companies there.
The UAE is the third richest country in the world per capita, only behind Luxemburg and Qatar. This is very good news if you are going there for networking. A large percentage of the people you are going to meet there are rich or are getting there. It’s not easy finding like-minded business people who wouldn’t want to live in a city where most people have an entrepreneurial fire in them. Many of today’s business deals and business meetings are happening there, right place, right time, right?
Another important part for business people is the events. Being in the same building as the industry giants, pitching an idea, and looking for investors for your new company all comes from networking at these events. Dubai currently has the biggest cryptocurrency events, construction, medicine, business, sales, textile, gas, oil; you name it. Why travel every time when you can be next door to an event like this?
There are more than plenty of good reasons for any rich person to consider moving to Dubai, even partially. The options provided to get richer and enjoy life while doing it can not be compared to any other city.
We can’t tell you if you should or shouldn’t move to Dubai, but we were just trying to state the obvious facts. It’s no secret that the business climate in Dubai is the best in the world, and its future is looking even brighter, but if you are an individual who is trying to make it, maybe you should consider this as a valid option.