Dubai has established itself as one of the wealthiest cities in the world, with a population of ultra-high net worth individuals that is growing rapidly each year. The latest statistics leave no doubt about the extent of wealth that takes the place of the majority of people on this island. This report explained that Dubai houses the wealth of the world’s richest families and individuals in 120 or more, whose wealth exceeds one trillion Dollars.
Under the influence of rulers’ vision and policies Dubai now attracts millionaires and billionaires by consolidating its position in the top class. In the early 1970s, when oil money hauled into the Gulf region, the local leaders took a strategic step of diversifying the revenue and developing non oil-related sectors. Established special economic zones in order to lure foreign capital and entrepreneurs like yourself. The atmosphere was tailored and business-friendly where taxes became scarce and the regulatory environment also business-friendly. These elements contributed to its development as a dynamic business and money port in later years.
The UAE had a remarkable turnaround when the notion of political and economic stability became popularized, and it started marketing Dubai as a luxury tourist and real estate destination from the 1990s onwards. These megaprojects that were Palm Islands and the Burj Khalifa paid particular attention to Dubai’s skyline, which, in its turn, has attracted the global media. Ultra-luxury developments rose in response to the demand of the world’s richest person, which was filled with ultra-villas, penthouses, and luxury hotels. Through the above meticulous method Dubai became a symbol for luxury, glamour and, the ever-seen, exceeding-the-limit.
The global financial crisis hit Dubai hard in 2009, with its real estate market crashing. However, the emirate used the downturn to double down on its vision. Aggressive economic reforms and investment drove a strong recovery. Dubai World Expo 2020, the largest event of its kind, was a $7 billion gamble that established the city as a global nexus of culture, business and ideas once more. The pandemic also saw Dubai defy expectations – its ‘open for business’ approach made it a refuge for expat millionaires tired of restrictions elsewhere.
Today, Dubai is home to over 68,500 millionaires and 206 centi-millionaires. However, the bulk of the $1 trillion in wealth identified is concentrated among just 120 of the richest families. Many of these business empires are homegrown, having been established in Dubai for generations and grown exponentially thanks to its nurturing environment. Sectors like construction, real estate, logistics and retail have produced local billionaire dynasties like the Al-Abbar, Al-Futtaim and Al-Ghurair families.
Dubai has also attracted thousands of millionaires from across the globe seeking a safe haven. Over 3,500 millionaires from Africa and 1,500 from the UK alone relocated in the past decade. Wealthy Indians, Pakistanis, Russians and Southeast Asians have poured in – Dubai grants residency and 100% business ownership. This influx of wealthy expat entrepreneurs and investors has created a virtuous cycle, with their spending power boosting the economy.
A key factor in Dubai’s rise is the establishment of the Dubai International Financial Centre (DIFC). As a financial free zone modeled on the London Stock Exchange, the DIFC has grown to house 230 global banks and over 500 family-owned businesses. It provides a world-class regulatory and business environment for the management of massive private fortunes. Private banks, family offices, trusts and foundations have set up regional headquarters in the DIFC to professionally advise Dubai’s uber-wealthy.
Looking ahead, Dubai is enhancing initiatives to cement its status as a global wealth hub. The DIFC recently launched the first Family Wealth Centre to support family-owned conglomerates. Plans are in place to attract more foreign companies and skilled professionals through programs like long-term visas for business owners, scientists and remote workers. Mega-projects like Expo City Dubai will further boost investment and living standards. With political stability and a pro-business outlook, Dubai’s wealth concentration looks set to multiply in the coming decades. Truly, it has emerged as a 21st century paradise for billionaires from around the world.
