Over 60% global millionaires prefer using Dubai as their primary residence

Over 60% global millionaires prefer using Dubai as their primary residence

Dubai is fast becoming the most preferred city for ultra-high net worth individuals (UNHWIs). After the pandemic, a large number of millionaires have migrated to the emirate. A new report indicates that 66 percent of UNWHIs that brought properties in Dubai use the emirate as their primary residence. This reflects Dubai’s commitment to offering great quality of life compared to other cities globally. And the emirate continues to attract millionaires in the post-Covid era. 

According to Altrata Residential Real Estate 2023, Dubai has 830 UNWIs with assets over Dh 110 million. Two-third (67%) of them are primary residents of Dubai. Over 90 percent of millionaires are male while 9 percent are female. Over 60% are self-made millionaires. The report also indicates that 1.4 percent of millionaires own private jets while 0.7 percent own yachts. In 2022, a report by Mo’asher published suggested a significant growth in Dubai’s rental index and sales prices. This hike could be attributed to the interest among global UNHWIs to own properties in Dubai.

The study compared Dubai with other two hotspots – Los Angeles and Monaco. It found that millionaires that owned properties in Dubai are younger compared to both cities. Among the three, Dubai ranks highly in technology and plays a pivotal role in living preferences. 

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A study conducted by Henley & Partners, Dubai ranked as the wealthiest cities globally. It has 13 billionaires, 202 centi-millionaires and 67,900 millionaires in 2022. Dubai ranked 23rd in the global ranking of wealthiest cities and first in the Middle East. Meanwhile, Abu Dhabi is in 3rd position with 23,800 millionnaires. Both Dubai and Abu Dhabi were among the fastest growing cities in the Gulf region, 

In 2022, a report by Henley Global Citizens projected that 4,000 millionaires would migrate to the United Arab Emirates (UAE). The favorable investment conditions and business friendly policies make the UAE an attractive investment destination. The foreign direct investments in the UAE increased by 116% over the past decade. Likewise, the UAE also relaxed visa regulations offering investors, startups, digital nomads and retirees immigration options to reside in the country with their families. The trend suggests that the UAE has become the preferred destination for wealthy people to live and invest.

Author: Waqas Siddiqui
The author is the Managing Director of Research Konnection, a Dubai based market research and consulting firm that helps local and international companies to identify emerging business opportunities and successfully expand in the Gulf region. The author can be reached at waqas@researchkonnection.com