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 female millionaires, with up to 90% of them being men. 60% of the wealthy are self-made, 36.2% are inherited and self-made, and 2.9% only inherited their money. It’s interesting to note that 1.4% of millionaires in Dubai possess private aircraft, compared to 0.7% who own yachts.
Millionaires who relocated in significant numbers to the emirate during and after the pandemic have found refuge in Dubai during the past few years.
In 2022, the UAE is expected to attract 4,000 millionaires, surpassing wealthy nations like Australia, Singapore, Israel, Switzerland, the USA, Canada, New Zealand, the UK, and India, according to a Henley Global Citizens Report from the previous year.
Rich people frequently own many residences and have business interests spread across numerous regions. Dubai is compared to Los Angeles and Monaco in the Residential Real Estate 2023 report by Altrata, two other popular destinations for the wealthy worldwide.
The ultra-rich homeowners in Dubai are primarily primary residents and are younger than those in the other two cities.
“In terms of the interests and hobbies of these ultra-wealthy homeowners, Dubai is the only city of the three in which technology ranks highly, behind sports and public speaking,” the report said.
The report continued by stating that while the UAE’s economy is still primarily driven by the oil industry, important initiatives are being implemented to enhance the country’s standing as a regional business hub, seen in the UHNW residents of Dubai’s primary industrial concentration. Although banking and finance are the most prevalent, industrial conglomerates, buildings, and manufacturing are significantly more prevalent.
With a UHNW footprint of nearly 21,700, New York tops the list globally. London is rated second, with 16,000 UHNW footprints. With 15,175, Hong Kong is not far behind in third place. The UHNW footprint in China’s largest wealth market has grown significantly over the past few years, driven by strong demand from the UHNWI’s second-homer population. Beijing has surpassed Singapore in the top 10.
Paris is ranked 13th with a UHNW footprint of around 5,200.