Dubai is among the top ten cities for millionaires and billionaires, #1 in Middle East
The number of millionaires in the UAE increased last year and this trend will continue over the next five years as growing investment opportunities will generate more millionaires locally as well as political and economic stability will also woo rich individuals and families from foreign countries, say researchers and analysts.
The study suggested that the number of millionaires, or high net worth individuals, in the UAE expanded 3 per cent to 53,798 last year from 52,344 in the previous year. The numbers are projected to grow 14 per cent to 61,292 by 2023. Similarly, the number of ultra-high net worth individuals (UHNWIs) – who own more than $30-million wealth – in the UAE grew from 672 in 2017 to 693 last year and will reach 799 by 2023. The number of UHNWIs in Dubai and Abu Dhabi is expected to increase from 440 last year to 511 in 2023 and from 192 to 223, respectively.
The UAE is an attractive place for foreign investors – financial markets are at an early stage and have a long way to go. Real estate was the first to anchor the economy and that brought foreign investors here. Going forward, the focus will be on more diverse sectors. Also, the ease of doing business chart shows the UAE is first in the region and also competitive globally. Dubai offers a full package – good quality of life, healthcare, education and investment opportunities. All these complement each other and attracts high net worth individuals to this country. In addition to that, diversity of population plays a big role in this.