How The Smart Money Is Fleeing Dubai

Wolfgang Douglas, Founder of the Wolf Mindset Business Academy   AS investors scramble to move capital out of the Gulf, the world’s most glamorous tax haven’s image is crumbling. For a decade the dominant story in global finance was how the wealthy were leaving London for Dubai and the wider Gulf, drawn by low taxes, glittering skyscrapers and promises of security. Entrepreneurs, influencers and investors joined this Middle East exodus, seduced by social media images of rooftop pools, Lamborghinis and flagship developments such as Dubai’s Palm Jumeirah. As a former Dubai resident and entrepreneur myself, I witnessed the unstoppable momentum. Even the UAE’s flagship airline Emirates embodied the boom. Seen as the most successful international airline, its fleet includes 100 Airbus A380s, the world’s biggest airliner – few other airlines can afford to operate even a dozen of these monster planes. Yet Emirates recently posted record half-year pre-tax profits, up 17 per cent on six pe...