According to a recent worldwide survey, Dubai is home to 13 billionaires, 202 centi-millionaires, and around 68,000 millionaires.
Dubai is home to 38 billionaires and is one of the wealthiest cities in the world. A view of the Dubai skyline. The UAE ranked 15th in the world in terms of the number of billionaires, according to the latest report issued by the data and statistics company, Ultrata, in cooperation with the American WealthX Foundation.
Australia reclaims the top spot in drawing the highest number of wealthy individuals, report finds. The UAE is expected to attract 4,500 new millionaires this year, according to a report by Henley & Partners, which tracks private wealth and investment migration trends worldwide.
'Millionaires' or 'high-networth individuals' (HNWIs) refer to those with investable wealth of $1 million or more.
There are now 202 centimillionaires, 13 billionaires, and 67,900 millionaires living in Dubai. The emirate's economy is extremely diversified and strong in a number of industries, such as basic materials, lodging, financial services, oil and gas, real estate, retail, and transportation.
But perhaps the most enticing thing about U.A.E. for the lack of income tax. When other parts of the world, and especially the U.S. and U.K., are mooting wealth taxes to pay for the pandemic, Dubai suddenly looks much more attractive.
Dubai prides itself of having more than 52,000 millionaires, 2,430 multi-millionaires and 10 billionaires.
Forbes' real-time data shows that as of June 2023, there are 48 Australian billionaires on the list of the world's richest people.
High Net Worth Individuals (HNWI) are defined as individuals with a wealth of $1 million or more, Dubai has 67,900 HNWIs as of 2022. The top 5 residential areas with the highest count of HNWIs are Jumeirah First, Al Barsha, Jumeirah, Arabian Ranches and Al Thanyah, according to a report by Webster Pacific.
Moreover, Business Bay, Emirates Hills, Dubai Marina, Dubai Canal, Jumeirah Gold Estate, Jumeirah Bay Island and Mohammed bin Rashid City have emerged among the top 10 most popular neighbourhoods where millionaires are buying homes to live in, and enjoy the safe and luxurious life offered by the emirate.
Summary of cost of living in Dubai, United Arab Emirates: A family of four estimated monthly costs are 3,747.5$ (13,764.1AED) without rent. A single person estimated monthly costs are 1,073.9$ (3,944.3AED) without rent.
The average person living in the UAE has net assets of approximately US$99,000 (wealth per capita). This is well above the worldwide average. There are approximately 88,700 HNWIs living in the UAE, each with net assets of US$1 million or more.
New York City
It is the financial center of the USA and the wealthiest city in the world by several measures. It is also home to the world's two largest stock exchanges by market cap (the NYSE and the Nasdaq).
Palm Jumeirah Island
It is mostly known for its opulent hotels, posh apartment towers, and upscale global restaurants, and the community of this place just adds to its colorful lifestyle. There are numerous activities available there.
The average person's estimated net worth is around $99,000. One must admit that it is above the global average. Low-income earners mostly live in Old Dubai's district called Deira.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
To be considered in Australia's highest percentage of wealth, you must have a total net worth of a staggering US$5.5 million (A$8.26 million).
Australians wanting to be in the country's top 1% for wealth need to have an individual net worth of US$5.5 million ($8.3 million), Knight Frank's 2023 Wealth Report has found.
You will need a net worth of $1.6 million to join the UAE's richest 1 per cent, according to global property consultancy Knight Frank. To join the exclusive group in Saudi Arabia, a person requires a net worth of $740,000.
Is Dubai a tax-free country? Yes, Dubai is a tax-free nation when it comes to imposing income tax on most of its citizens. However, if you own an oil business, there is a tax rate of 55%. There are entertainment taxes and import duties.
They say that in Dubai, everything you need to achieve financial success is already in place: ample infrastructure, security, capital, and an open market. It is easy to become rich in Dubai. All you have to do is take action, snap up those opportunities, be the early bird, and get that juicy worm.
The UAE is the third-richest country in the world, below Luxembourg at number two and Qatar at number one, with a GDP per capita of $57,744. The bulk of its money comes from the production of goods and provision of services related to petroleum, petrochemicals, aluminium and cement.