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International Business Times UK

World

Jim Manzon

'The Ultra-Rich Are Worried': Wealthy Expats Flee Dubai for Switzerland as War Fears Grow and Fortunes at Risk

Switzerland Dubai Iran United States Economy Gulf Pictet UAE

The Swiss franc surged to its strongest level against the euro since 2015 after the US-Israeli strikes on Iran. (Credit: GrokAI)

Wealthy expats who once flocked to Dubai's tax-free lifestyle are now racing to move their money to Switzerland as the US-Israeli war with Iran shatters the Gulf's reputation as a safe place to park a fortune.

The exodus accelerated after US and Israeli strikes on Iran in late February, which killed Supreme Leader Ayatollah Ali Khamenei and triggered retaliatory missile and drone attacks across the Gulf. Debris from a downed Iranian drone set fire to Dubai's Burj Al Arab hotel. Airports were damaged. And the ultra-rich began looking for the exit.

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