Wealthy Asians are moving money out of Dubai to Singapore
With the Middle East conflict heating up, especially after Iranian missile and drone attacks on Dubai, a lot of wealthy Asians are starting to move their money out of the U.A.E., choosing safer spots like Singapore and Hong Kong instead.
Concerns about stability in the U.A.E. are growing as tensions between the US Israel, and Iran continue.
Safety trumps tax perks
This matters because even Dubai's big draw, its tax perks and fast-track business setup, isn't enough when safety is at stake.
Two Indian entrepreneurs tried to move more than $100,000 each to Singapore; one later succeeded while the other's attempt was initially scuppered by technical glitches.
While Dubai gained nearly 10,000 new millionaires in recent years and its financial center hosts more than 120 family office structures (and around 1,289 family-related entities, depending on the metric used), many now see Singapore as a safer bet for their wealth.
The trend shows how quickly priorities can shift when global events get shaky.