As Iran attacks Dubai, the tax-free haven for the global elite could see ‘catastrophic’ fallout — ‘this can also send shockwaves globally’

Iran’s retaliation to the U.S.-Israel bombing campaign has focused heavily on its neighbors around the Persian Gulf, threatening their status as destinations for financial giants, billionaires, and wealthy tourists.

The area’s success at attracting capital from around the world over the years and diversifying away from oil could also make it a threat to global markets.

“Moved to Qatar to hide from taxes now I am hiding from Missiles,” a worker in the finance sector, who has...