Dubai’s Jumeirah Islands Welcomes A New Billionaire
Dubai is home to several Russian billionaire tycoons, including fertilizer tycoon Dmitry Rybolovlev as well as Albert Avdolyan, who made his fortune in Siberian coal mining and gas companies, and Andrei Molchanov, a construction materials magnate. Following Russia’s invasion of Ukraine, scores of wealthy Russians began buying second homes in Dubai and establishing permanent residence there,Durov set up shop in Dubai after a period of nomadic travels, following his emigration from Russia in 2014.
In 2014, Durov sold his stake in VKontakte and left Russia after resisting efforts by Vladimir Putin’s government to interfere with the company and access user data. “I’m out of Russia and have no plans to go back,” DurovTechCrunch in April 2014. “Unfortunately, the country is incompatible with Internet business at the moment.”
After a few years of flitting between countries while building Telegram, Durov settled down in Dubai in 2017. The United Arab Emirates’ generous tax policy helped seal the deal.Bloomberg in 2017. “You can end up paying almost half your income in taxes, which basically means you’re working for the government for 180 days a year. I think I can find better ways to use the money I make for the benefit of society.”
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