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

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.

'The ultra-rich are worried. The more money they have, the more they fear losing it,' said Bernhard Bauhofer, a reputation expert based in Switzerland.

Dubai's 'Switzerland of the East' Image in Tatters

The United Arab Emirates (UAE) attracted an estimated 9,800 millionaires in 2025, bringing roughly $63 billion (£47.1 billion) in wealth, according to Henley & Partners. That made it the world's top destination for high-net-worth migrants, ahead of the US.

But the war has exposed a vulnerability that years of luxury branding couldn't hide. Charter companies reported being overwhelmed with evacuation requests, with some flights from the Gulf to Europe costing up to $350,000 (£262,000).

'Dubai's economy relies heavily on confidence,' said Radha Stirling, founder of human rights organisation Detained in Dubai. 'If that perception is shaken, even temporarily, the knock on effects can spread quickly through the economy.'

Swiss Banks Brace for 'Several Dozen Billion' in Gulf Cash

More than a dozen bankers and financial advisers, collectively managing over $1 trillion (£749 billion) in assets, said they expect Switzerland to pull in significant new money from the Middle East.

Cash booked in Switzerland by private individuals and non-banks from the UAE has risen around 40% over the past three years, Patrik Spiller, head of wealth management at consultancy Deloitte Switzerland, confirmed to Reuters.

'We expect that assets from the Middle East will increasingly be booked in Switzerland. We're hearing from banks, family offices, and high-net-worth individuals that discussions are underway,' Spiller said.

Switzerland could see 'several dozen billion' dollars in new inflows, Spiller added, though he cautioned it could take months for the money to show in official data. Cash typically moves first, followed by stocks and bonds.

The Swiss Franc Tells the Story

The flight to safety is already showing in currency markets. After the strikes, the Swiss franc surged to its strongest level against the euro since 2015 before the Swiss National Bank signalled it was ready to intervene.

'Whenever there is a crisis, whether during the Cold War or today, we see Switzerland's value reflected in the strength of the franc,' Bauhofer said.

Martin Hess, chief economist at the Swiss Bankers Association, said Switzerland is now reaping the rewards of its reputation. 'We can score points with Swissness, namely secure conditions, political stability, and the rule of law,' Hess said.

Too Early to Quantify, but the Shift Is Real

Switzerland's biggest private banks are being cautious. UBS and Julius Baer declined to comment. Pictet, the country's second-largest private bank by assets under management, said inquiries had increased but the rise was not yet significant.

'We reported a record high in assets under management at the end of the year. Swissness works,' Pictet said.

According to reports, Till Budelmann, chief investment officer at Zurich-based private bank Bergos, said a European investor considering opening an account requested an immediate appointment once hostilities began.

'It's too early to quantify possible inflows,' Budelmann said. 'But I sense the conflict has given a boost to Switzerland as a safe haven.'

How much money moves depends on how long the war lasts. For now, the franc is surging and the wealth is in motion.