The massive flight of investors and millionaires suggests that he has achieved it

For years, Dubai has been the promised land for millionaires from all over the planet who saw the United Arab Emirates as a idyllic place to live without paying taxes. The Iranian attacks with missiles and drones on different infrastructures in Dubai in recent weeks have changed that perception and the financial elite, especially Asian millionaires, are putting their feet (and fortunes) on the run.

The city that seduced more than 81,000 millionaires Since 2014, it is now facing an unprecedented flight of capital and talent. The prestige that took decades to build is being tested in a matter of days.

​Explosions in the heart of the city. The last few weeks have left us images that few would have imagined in February. The Fairmont The Palm hotel, located in one of the artificial islands off the coast of Dubai, was hit for an explosion. Days later the remains of an Iranian drone demolished set fire to the iconic Burj Al Arab, the international airport has suffered damage from drone attacks and the american consulate has been the target of another drone attack. The city that boasted of being the safest in the world, in a matter of weeks, has become a scene of war.

“The US-Israel war against Iran is undermining that crucial sense of security in Dubai. Dubai’s economic model relies on expatriate residents providing talent, muscle and investment capital. Stability and security are needed to attract skilled foreigners.”, assured to CNBC Jim Krane, researcher at the Baker Institute at Rice University.

​Asian money in retreat. However, the most visible impact is being felt among Asian investors, who had become one of the pillars of Dubai’s financial growth. According to data by Henley & Partners, Dubai is currently home to 237 centimillionaires (people with wealth of $100 million or more) and at least 20 billionaires

Asia accounted for 47% of all multinational companies attracted to Dubai International Chamber in 2025, and around a quarter of the more than 2,270 foundations created in the Emirates have Asian ownership, according to data from the consulting firm BSA Law. Bloomberg published that the United Arab Emirates had attracted some 700 billion dollars from millionaires around the world, especially Asians.

Singapore and Hong Kong, new chosen destinations. Grace Tang, CEO of Phillip Private Equity, pointed out to Reuters that between 10 and 20 of their customers, mostly Asian, are asking about how transfer your assets to Singapore to protect the value of its assets. Hong Kong also emerges as an alternative.

For his part, Felix Lai, from the consulting firm JMS Group, counted to Bloomberg who had organized a private jet flight to transport 15 clients from Oman to Hong Kong at a cost of approximately $300,000. “They didn’t even care about the price,” Lai explained. “They just wanted to leave.” An advisor in Singapore who declined to be identified added that more than half of his 13 clients in the Emirates are seriously considering moving their assets: “Flying back and forth will be complicated even if the conflict ends tomorrow. It’s about trust.”

Dubai’s economic model faces its biggest test. Dubai does not depend as directly on the oil industry as its neighbors, but its economy is based on its ability to attract expatriates, your investments and his talent. At the beginning of the year, the Dubai International Finance Center housed 1,289 entities linked to family offices (61% more than the previous year), and the 120 main families in the center jointly managed more than 1.2 billion dollars, according to CNBC.

Although stock markets around the world have felt the earthquake resulting from the attacks in an area of ​​strategic resources for trade and energy, the impact of the conflict with Iran has been much more severe and direct for the Gulf markets. The Dubai Stock Exchange (DFM) has fallen more than 16.6% since the start of the war between the US and Israel against Iran. Fitch Ratings had already predicted before the war a real estate correction of up to 15% in 2025 and 2026. Everything indicates that they have fallen short the worst estimates of the financial consequences.

Passing panic or structural change? Not all actors in the sector believe that this will lead to a permanent mass flight. Dhruba Jyoti Sengupta, CEO of Wrise Private Middle East in Dubai, pointed out to Reuters that his firm had not observed “serious conversations about capital flight” as its clients remain confident in the country’s long-term resilience.

​Nirbhay Handa, CEO of migration agency for millionaires Multipolitanpointed in Bloomberg “If uncertainty lasts a few weeks, some companies may pause their expansion, but stability will likely return quickly to Dubai as the situation improves.” What does seem clear is that the city will have to rebuild something much more difficult to build than its skyscrapers for millionaires: trust of those who chose it as a home for their money.

In Xataka | A company wants to build a €4 billion megacasino in Dubai. The problem is that Dubai prohibits gambling

Image | Unsplash (Wael Hneini)