1. Well run tax havens. (UAE, Singapore, Switzerland)
2. Spacious and stable English speaking countries. (Australia, US, Canada, New Zealand)
3. Easy entry points to the EU. (Portugal, Greece)
4. The Jewish homeland. (Israel)
Anything I missed?
The Financial Times has an article on how three cities are booming in the post-Covid world:
Millionaire populations dropped by 12 per cent last year in New York, 14 per cent in Hong Kong, and 15 per cent in Moscow. Dubai, Singapore and Miami are deliberately exploiting this migration by opening their doors to capitalists. These global cities rank among the most appealing to millionaire migrants — and make up the top three among luxury property markets where prices are expected to rise fastest this year.
It’s not just the pull of these relatively low tax/regulation cities, it’s also the push of badly run cities elsewhere:
Cracks in New York — high taxes, surging crime, simmering anti-capitalist hostility — are reflected in the flight to no taxes and a warm welcome in Miami. A similar effect is visible in Moscow, where a heavy-handed Kremlin and world reaction to the war in Ukraine are chasing rich Russians out. Instead they are opting for more hospitable options, including Dubai. Meanwhile, regulatory pressure from Beijing is driving tycoons to buy second homes in Singapore.
Other places would also like to attract millionaires, but that’s easier said than done:
Many other countries want to emulate Dubai’s success, including Zimbabwe, which hopes to remake Victoria Falls as a similar hub.
Zimbabwe? I’m not sure if corruption, crime and hyperinflation is the right combination to attract the global elite.
