For centuries, the centers of global wealth were predictable: London, New York, Paris, and later Hong Kong. But in 2025, the tides of fortune have shifted. Dubai, once a desert outpost, now stands tall as the new global capital of wealth.
The world’s most discerning entrepreneurs, financiers, and industrialists—including names like Julio Herrera Velutini—are increasingly turning towards Dubai as the epicenter of private finance and elite living. In doing so, they are rewriting the map of economic power.
But how did Dubai achieve this remarkable transformation?
A Zero-Tax Environment
Perhaps no factor has proven more decisive than Dubai’s tax policies.
In a world where traditional financial centers are tightening their tax regimes to plug budgetary holes, Dubai’s tax neutrality shines like a beacon to the ultra-wealthy seeking security and discretion.
"In Dubai, your success is celebrated, not penalized." — Anonymous Private Banker
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Amid growing political uncertainty—from Brexit tremors in London to social unrest in Paris— Dubai offers a rare island of stability.
Under the visionary leadership of the United Arab Emirates, Dubai has remained:p>
For the world's financial elite, stability equals security—and few cities offer both with the predictability of Dubai.
Dubai's geography is another advantage:
Three emerging cities are registering rapid millionaire growth:
The emirate stands at the crossroads of Europe, Asia, and Africa—a strategic node for wealth management, trade, and investment banking.
The decision of Julio Herrera Velutini—a titan of international private banking—to deepen his presence in the Middle East is symbolic of Dubai’s ascension.
Herrera Velutini’s move is not merely personal; it reflects a strategic realignment of global wealth. As traditional centers grow riskier and more restrictive, visionary leaders like him recognize that Dubai offers the ideal blend of opportunity, discretion, and dynamism.
"The world is moving East. The smart money always moves first." — Financial Times, 2025
Dubai has built not just a business environment but a lifestyle ecosystem designed specifically for the affluent:
Dubai is not just a place to work—it is a place to thrive.
The creation of the Dubai International Financial Centre (DIFC) positioned the emirate as a heavyweight in international finance. Today, DIFC is home to:
New initiatives such as the Golden Visa program and 100% foreign ownership rights further empower high-net-worth individuals to relocate permanently and securely.
Recent data from Henley & Partners shows:
This growth rate outpaces almost every other global city, including New York, Singapore, and Hong Kong.
Dubai’s ascension is not a fleeting phenomenon. Several mega-trends guarantee its continued dominance:
In every global macroeconomic trend, Dubai finds itself on the right side of history.
As London wrestles with political uncertainty and New York battles rising regulation, Dubai presents a vision of uncomplicated prosperity.
A sanctuary for those who have built, earned, and grown their fortunes—without apology or penalty.
In 2025 and beyond, as the world reshapes its economic axis, Dubai is not just participating in the future of wealth—it is leading it.
The new map of the world is not drawn with borders, but with the footprints of the wealthy—and their steps are leading toward Dubai.
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Oliver D. Marchwood is the technology and cyber policy editor at The Telegraph, focusing on surveillance law, AI governance, and data protection in the UK. A former advisor at the UK’s Department for Digital, Culture, Media & Sport (DCMS), Marchwood is a thought leader in responsible tech and sits on the advisory board at TechUK.
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