As of June 2022, Dubai is home to 67,900 millionaires. 35% of whom live in
Named after the famous Beverly Hills, Emirates Hills is home to some of the wealthiest expatriates in Dubai. The community showcases the first-ever freehold property for investors and homemakers. And do you know what the best part of it all is?
There are around 26,000 millionaires in Dubai, newly-released research has found. According to New World Wealth, the city boasts the second biggest number of millionaires - measured in US Dollars - in the Middle East, behind only Istanbul in Turkey.
But, how much exactly does it take to be 'wealthy' and for others to consider that you have arrived in life in the UAE? The answer is $2.6 million, which is the equivalent of Dh9. 5 million, as per the findings of the deVere Group, an independent financial advisory organisation.
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 $57,744. The bulk of its money comes from the production of goods and provision of services related to petroleum, petrochemicals, aluminium and cement.
– The alternatives are to pick places that tend to attract a slightly more mature audience, i.e. DIFC's and the Four Season's upscale restaurant outlets are the perfect hunting ground for professionals and millionaires. Zuma, Robertos, La Cantine, Nammos, Bagatelle and others attract the rich and beautiful in Dubai.
Other factors include success in numerous key sectors including financial services, oil and gas, real estate, travel and tourism, technology, and healthcare, with a first-class healthcare system. In terms of lifestyle, the UAE also offers top-end apartments and villas and world-class shopping malls and restaurants.
How much does it cost to live in Dubai luxury life? A family of four estimated monthly costs are 3,493.2$ (12,828.3AED) without rent. A single person estimated monthly costs are 1,011.8$ (3,715.7AED) without rent. Dubai is 35.3% less expensive than New York (without rent).
Dubai has been ranked first regionally and fifth best city in the world in the World's Best Cities report 2023 by a leading global adviser in tourism, real estate and economic development.
Average Housing Rent
In Dubai, the minimum house rent is 193,180 AED (52,590 USD) for a home with three bedrooms and 298,640 AED (81,300 USD) for a home with five bedrooms. In Abu Dhabi it is 168,180 AED (45,785 USD) for a three-bedroom home and 305,910 AED (83,280 USD) for five bedrooms.
Dubai drinking laws
Alcohol can only be consumed in private (such as your own home or hotel) or in licensed public places.
The many reasons millionaires are drawn to the Emirates include: Safe haven status — the UAE is considered a safe haven in the volatile Middle East and Africa region.
People often speak of Dubai as the land where you can turn your financial dreams into reality. Why? 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.
#1: New York
New York is the wealthiest city in the world—home to 345,600 millionaires with a total private wealth that exceeds $3 trillion. New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple.
In total, Dubai is home to 67,900 millionaires as of June 2022, out of which 35 per cent reside in Jumeirah First, Al Barsha, and Jumeirah. “Jumeirah is distinguished by its upscale, suburban feel and its proximity to both the sea and Downtown.
Popular Areas for British Expats in Dubai to Rent Apartments
Based on trends observed overtime, the most popular places to live in Dubai for British expats for those who prefer flats, include Dubai Marina, Downtown Dubai, Palm Jumeirah and Jumeirah Beach Residence.
February 24, 2022. Is Dubai safe for solo female travelers? Yes, Dubai is definitely safe for solo female travelers, and it is the perfect destination for solo female digital nomads!
Dubai and UAE minimum salary and wages 2023
As of now, the UAE does not have a national minimum salary or wage since the country's labor law does not specify any minimum salary requirements. However, it is mandated that employees' salaries and wages should cover their basic needs.
What is the average salary in Dubai? According to Salary Explorer, the average salary in Dubai is 258,000 AED per year (70,256 USD as per exchange rates in 2023). This figure can help you get an overview of Dubai's economy and its standard of living.
The city of Dubai is a well-known area for buying luxurious housing with favourable conditions. When it comes down to the price of property in Dubai, especially the luxurious units, it is quite an affordable one. The cost is relatively affordable to the luxurious housing choices in other popular cities of the globe.