According to a recent survey, 66% of ultra-high net worth people (UHNWIs) who own property in Dubai use it as their primary residence, demonstrating the preference millionaires have for living and taking advantage of the emirate’s high standard of living.
There are 830 UHNWIs, or millionaires with assets of $30 million or more (about Dh110 million), who are primary and secondary homeowners, according to the Residential Real Estate 2023 research published by Altrata in collaboration with Wealth-X and Realm. 66.7 percent of them are primary residents, while 33.3% are secondary homeowners.
Nine percent of them are women, and up to 90% of millionaires are men. 60% of the rich are self-made, 36.2% are both inherited and self-made, and 2.9% only received their fortune through inheritance. In Dubai, 1.4% of millionaires own private aircraft, compared to 0.7% who own boats.
During the past few years, Dubai has served as a haven for millionaires who moved to the emirate in large numbers during and after the pandemic.
According to a Henley Global Citizens Report from the previous year, the UAE is predicted to attract 4,000 millionaires in 2022, exceeding wealthy countries like Australia, Singapore, Israel, Switzerland, the USA, Canada, New Zealand, the UK, and India.
The research went on to say that, despite the UAE’s economy still being mostly dependent on the oil sector, significant efforts are being made to strengthen the nation’s reputation as a regional commercial centre, as seen by the concentration of UHNW people in Dubai’s main industrial area. The most common industries are banking and finance, while industrial conglomerates, structures, and manufacturing are much more common.
New York is the top city worldwide, with a UHNW footprint of almost 21,700. Second on the list is London, which has 16,000 UHNW footprints. Hong Kong is not far behind in third position with 15,175 points. The largest wealth market in China has seen a huge increase in the number of UHNWIs over the past several years due to the population’s high demand for second homes. Among the top 10, Beijing has overcome Singapore.