HNWIs flock to Dubai in droves after the end of the pandemic

HNWIs flock to Dubai in droves after the end of the pandemic

Since the pandemic began, Dubai has become a haven for mass influx of people with a high net worth. Experts say that 66% of HNWIs who have bought Dubai real estate for permanent residence choose this emirate to maintain a high quality of life.


Statistics of Dubai HNWIs

Currently, 830 HNWIs with a capital of more than $30 million (more than 110 million AED) live in Dubai, who have purchased one or more real estate here. 66.7% consider their home to be the main (primary real estate), and 33.3% — secondary real estate.

According to Dubai statistics, 90% of HNWIs are men and 10% are women:

  • 60.9% created their own business and got rich on their own,
  • 36.2% inherited the business and improved it,
  • 2.9% became heirs of a rich fortune.

In addition, 1.4% of Dubai's rich have their own private planes, and 0.7% have yachts.

Dubai is in demand among HNWIs all over the world

Over the past few years, Dubai has attracted a significant influx of people with solid capital. According to the Henley Global Citizens Report, 4,000 HNWIs moved to the UAE in 2022, which is more than in such large countries as Australia, Singapore, Israel, Switzerland, USA, Canada, New Zealand, Great Britain, India and others.

According to the analysis of Residential Real Estate 2023, Dubai is in the same category as Los Angeles and Monaco, which are in demand among HNWIs around the world. Wealthy people usually own several residences and business centers in various places.

The wealthy owners of Dubai real estate are mostly young people and most of them permanently reside in the city. Dubai attracts young HNWIs because it is the only city out of the three in which priority is given to advanced technologies along with sports and public speaking.

What attracts Dubai HNWIs?

Among the HNWIs of Dubai there are representatives of industrial, construction, manufacturing, banking and financial corporations. Although the oil sector remains the main driver of growth and wealth creation in the UAE, the main policy directions to strengthen the country's image as a business region are of interest to the population of Dubai with an ultra-high-income level.

In 2022, the number of HNWIs who moved to Dubai reached 4,000, and this statistic will continue to grow, thanks to the developed infrastructure of the UAE, tax and investment opportunities and economic growth.

At the global level, New York tops the ranking with more than 21,700 HNWIs, London is in second place with 16,000 high-income residents. Hong Kong is in third place with 15,175 HNWIs. Beijing is ahead of Singapore in TOP-10: being the largest wealth market, China is seeing an increase in the number of HNWIs and high demand for second homes in the capital.

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