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The world’s most powerful passports for 2025
  + stars: | 2025-01-08 | by ( Maureen O'Hare | ) edition.cnn.com   time to read: +5 min
CNN —Who’s the itty-bitty city-state with the global passport the world thinks is great? There’s new year cheer for Singapore as it reclaims its place at the top of a quarterly ranking of the world’s most powerful passports. It’s held by seven EU countries, each with visa-free access to 191 destinations: Austria, Denmark, Ireland, Luxembourg, Netherlands, Norway and Sweden. 106, Afghanistan remains locked in bottom place, with visa-free access to just 26 destinations, two fewer than a year ago. Arton’s Global Passport Power Rank 2025 puts the United Arab Emirates in the top spot, with a visa-free/visa-on-arrival score of 180.
Persons: CNN —, It’s, Squeaking, , H, Kaelin, Organizations: CNN, Henley, EU, Henley & Partners, International Air Transport Association, Henley and Partners, United, United Arab Emirates, United Nations Locations: bitty, Singapore, Japan, China, France, Germany, Italy, Spain, Finland, South Korea, Austria, Denmark, Ireland, Luxembourg, Netherlands, Norway, Sweden, Belgium, New Zealand, Portugal, Switzerland, United Kingdom, London, Afghanistan, Syria, Iraq, Australia, Greece, Malta, Poland, Canada, Czechia, Hungary, United States, Estonia, Latvia, Lithuania, Slovenia, United Arab, UAE, Venezuela, Vanuatu, Arton, Taiwan, Macao, Hong Kong, Kosovo, Palestinian, Territories
Dubai’s millionaires are fueling a private jet boom
  + stars: | 2024-09-26 | by ( Lucy Cormack | ) edition.cnn.com   time to read: +9 min
Dubai, UAE CNN —It’s 3am at the VIP airport terminal of Dubai’s Mohammed Bin Rashid Aerospace Hub and an ultra-long range aircraft is readying for take-off. The luxury, 14-seat private jet is headed for Europe, just as soon as its main passenger and his entourage arrive. It’s an elite club that enjoys private jet travel, which can cost anywhere from $50,000 to $200,000-plus for a single leg. Mouallem said the private aviation industry was accustomed to “different kinds of shifts across the world with banning private aviation,” insisting that the focus should be not on banning flights but ensuring greater adoption of sustainable aviation fuel (SAF). So that’s really an operator decision and a supplier decision,” Avetkiyan said, adding that her customers shouldn’t feel guilty about the environmental impact of private aviation.
Persons: UAE CNN —, Mohammed Bin Rashid, it’s, , Lilit Avetikyan, Lilit, Voyex, Vanessa Budah, , Knight Frank, they’ve, Faisal Durrani, Knight Frank Middle, Durrani, Youssef Mouallem, “ You’ve, ” Mouallem, they’re, you’re, ” Youssef Mouallem, Vistajet Mouallem, Mouallem, Avetkiyan, that’s, ” Avetkiyan, “ I’m Organizations: CNN, UAE CNN, Hub, McDonald’s, KFC, United Arab Emirates, Communications, Henley, Partners, US, Knight, Resorts, Resorts Tech, Resorts Dubai, Creative, International, Sharjah —, Gama Aviation, Sharjah International, European Federation for Transport, Sustainable, Emirates, Airbus, SAF, International Air Transport Association, Emirates SAF Locations: Dubai, UAE, Europe, Voyex, India, East, Russia, Africa, Gulf, Saudi Arabia, Sharjah, Netherlands
Read previewMost developed countries are set to gain more wealthy people in the next five years — with two big outliers. Some countries, like Taiwan, will gain as many as 50% more millionaires during that time. But the United Kingdom and the Netherlands make "notable exceptions" on this list, per UBS, because both are forecasted to lose millionaires. The UK's three million millionaires put it third among countries with the highest number of millionaires last year, as measured in US dollars, per UBS. The loss continues a trend: The UK lost 16,500 millionaires between 2017 and 2023, per immigration consultancy Henley & Partners.
Persons: , Paul Donovan, Donovan, Andrew Amoils, Amoils Organizations: Service, UBS, Business, UBS Global Wealth Management, Henley & Partners, Russia, BI, Henley, Partners Locations: Taiwan, United Kingdom, Netherlands, Paris, Dubai, Sydney, Italy, Spain, Europe
Read previewHong Kong's latest sales pitch involves a cash-for-residency program targeted at wealthy investors — and most of them come from just two countries. It builds on prior investment-for-residency programs offered in the last two decades, which aim to capture foreign capital and talent to boost Hong Kong's economy. Permanent residency instead marks a stepping stone to Hong Kong's residency scheme, which prohibits mainland Chinese residents. The posts, which have been viewed over 600,000 times, highlight that the passports qualify for Hong Kong's residency program. The West African nation's citizens currently make up the highest proportion of applicants for Hong Kong's New Capital Investment Entrant Scheme — 139 out of 333 applicants, per government data.
Persons: , Hayyam Garipoglu, multimillionaire Andrew Spira, Kong's Organizations: Service, Hong, Investors, Business, Reuters, Guardian, Africyrpt, European Union, Vanuatu, Australian Broadcasting Corporation, Hong Kong's New Capital, Henley, Partners, Bloomberg Locations: Hong Kong, Vanuatu, Guinea, Bissau, Hong, Pacific, bitcoin, Turkey, Australia, West
The UAE expects to see a net inflow of 6,700 millionaires from around the world by the end of 2024, according to new research. The tiny Gulf nation is expected to see an unprecedented net inflow of 6,700 millionaires from around the world by the end of 2024, according to the report released on June 18. That's according to new research by Henley Private Wealth Migration Report . The United Arab Emirates is set to be the world's leading wealth magnet for the third year in a row. The data for the report was supplied by global wealth intelligence firm New World Wealth and features insights on the inflows and outflows of millionaires and their migration patterns globally.
Persons: Dominic Volek, Hannah White Organizations: Henley Private Wealth, United, Henley & Partners, Henley, Partners, Singapore, Institute for Government, Millionaires Locations: UAE, United States, United Arab Emirates, Henley, States, America, Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal, Japan, East, India, Russia, Africa, United Kingdom, Europe, Asia, China, Kingdom, Korea, Brazil, Taiwan, Taipei, Nigeria, Vietnam
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNew York is the millionaire capital of the world, but some of those who want to stay rich are fleeing to low-tax states like Florida and Texas. The state tax department has a solution: AI letters. It is sending hundreds of thousands of AI-generated letters, mostly to wealthy remote workers or those who require a change in tax residency, according to CNBC. There were 771,000 audits in New York in 2022, according to a recent report by the state Department of Taxation and Finance cited by CNBC.
Persons: , That's, Alexander Spatari, Mark Klein, Hodgson Russ LLP, it's, It's, Klein, Shakira Organizations: Service, CNBC, Business, of Taxation, New, Henley, Partners, , York's Department of Taxation, Finance Locations: Florida, Texas, New York, New York City, York, Bahamas, Spain
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