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People with large capitals have been moving to Dubai en masse for several years. The Emirate has become a haven for ultra-high net worth individuals (UHNWI) who moved here during and post-pandemic.
According to recent data, 66.7% of ultra-high net individuals (UHNWI) who have bought real estate in Dubai use it as their main place of residence.
According to the Residential Real Estate 2023 report published by Altrata in collaboration with Wealth-X and Realm services, there are 830 UHNWI’s in Dubai with assets of more than $30 million (more than AED 110 million) who own real estate in the emirate. Of them, 66.7 per cent are primary residents, while 33.3 per cent are secondary homeowners.
As many as 90 per cent of them are male and nine per cent female millionaires. The majority – 60.9 per cent – are self-made, 36.2 per cent are inherited/self-made, and 2.9 per cent solely inherited the wealth. Interestingly, 1.4 per cent of Dubai millionaires own personal jets while 0.7 per cent are yacht owners.
In the last few years, Dubai has become a real paradise for millionaires. Last year's HenleyGlobal Citizens Report predicted that up to 4,000 millionaires would migrate to the UAE in 2022. This figure exceeds similar figures for countries such as Australia, Singapore, Israel, Switzerland, USA, Canada, New Zealand, Great Britain and India.
