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.
Who are the richest people in Dubai?
- Richest Person in the list of the richest people living in Dubai is Majid Al Futtaim. With an estimated net worth of 10.6 billion, He is the richest person and entrepreneur in Dubai. He founded the Majid Al Futtaim Group in 1992, after splitting the Al Futtaim empire with his brother.
How many billionaires are in the Dubai?
There are more than 30 billionaires living in Dubai.
Who is the richest person in Dubai?
Majid Al Futtaim – Net worth: $6.1 Billion With a net worth estimated by Forbes to be $6.1 billion, Majid Al Futtaim ranks as the richest person in Dubai.
How many millionaires are there in UAE?
Nearly 53,000 millionaires in UAE. About 1.22 per cent of the UAE’s population are millionaires, according to a recent report. About 1.22 per cent of the UAE’s population are millionaires, according to a recent report. 9
Who is the richest girl in Dubai?
Who is the richest woman in Dubai? Huda Kattan is known as the richest women in dubai. She is an American makeup artist, beauty blogger, and entrepreneur and is also the founder of the cosmetics line Huda Beauty.
Is Abu Dhabi or Dubai richer?
Abu Dhabi holds more than eighty percent of the land of UAE, and is considered to be richer than Dubai. It is small, but has more political importance than Dubai, because it is the capital of UAE. Abu Dhabi is rich in oil, and its net income levels are higher, and still on the rise when compared to Dubai.
Who is Dubai richest kid?
The richest kid in Dubai, Rashid Belhasa, who is super popular among automotive enthusiasts, especially those who love spending time looking at car vlogs, has got a new wrap for his Rolls Royce Ghost.
Who is the richest family in Dubai?
The richest family member by far is the head of the dynasty and ruler of Dubai: Sheikh Mohammed bin Rashid Al Maktoum. The sheikh, who has ruled since 2006 and serves as the UAE’s vice president and prime minister, controls investment vehicle Dubai Holdings and is known for his largesse.
Which emirate is richest?
#1 – Abu Dhabi Due to its vast oil resources, Abu Dhabi is the wealthiest emirate in the UAE.
Is Dubai the wealthiest city in the world?
In the Middle East and Africa region, Dubai ranked first for combined HNWI private wealth, followed by Tel Aviv, Israel, with a total of $312bn, New World Wealth found. Globally, New York City topped the list with total wealth held reaching $2.9tn as of June 2021.
Who is the richest man in Dubai 2021?
Al Futtaim ranked as the world’s number three richest Arab billionaire in 2021, according to Forbes. He and his family were worth an estimated $4.3 billion at the time of his death. Abdulla is also a billionaire in his own right, sharing an estimated $2.2 billion with his family, according to Forbes’ estimates.
How many millionaire live in Dubai?
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.
What is the average net worth in Dubai?
The Money Report: The Average Person Living In The UAE Has Net Assets Worth Over AED363,000.
Why The World’s Wealthy Have Quietly Moved To Dubai
On the Burj Al Arab in Dubai, there is a tennis court. Photographs courtesy of Getty Images A IT entrepreneur from the West Coast of the United States just came in Dubai for the first time. His entourage consisted of his family, their family office, and a fleet of 30 luxury automobiles. Everything a millionaire needs to begin his or her new life in Dubai is available. “I feel really secure leaving my children here.” Los Angeles isn’t the same place it used to be. Since Covid, there has been an increase in crime,” claims the entrepreneur in his mid-50s who did not want to be identified.
After some searching, a villa on its own private land was discovered.
Similarly, establishing a family office was not uncomplicated.
“We’ve had to raise the wage for an E.A.
- During the epidemic, a large number of expats returned to their native countries.
- When it comes to property purchases in Dubai this year, Kohyar thinks that 20 billionaires have done so, and Luxhabitat Sotheby’s International Realty has witnessed a roughly 300 percent increase in business compared to the same period last year.
- In part, this was due to the selling of multiple Dh 100 million ($27 million) homes in Dubai Hills Grove, which contributed to the increase of 124 percent in villa sales.
- “We’ve already completed nine of them this year,” explains Kohyar.
- “Nowadays, individuals are purchasing these luxurious residences in order to live in them with their family,” says the author.
- There is no patience among buyers for the completion of new construction projects.
- A Rolls Royce at Dubai International Airport.
Kohyar claims that the majority of his clientele are from major European nations such as the United Kingdom, Switzerland, and Germany.
Singapore and Hong Kong, according to other recruiters, are experiencing an increase in interest.
Vaccines were distributed rapidly to Dubai’s three million citizens, P.C.R.
“We’re busier today than we were before Covid.” “This will continue for as long as Europe, the United Kingdom, and the United States are unable to get their acts together when it comes to dealing with the Covid crisis,” adds Clark.
Thousands of highly qualified expatriates began returning home as employment dried up, the cost of living skyrocketed, and they were concerned about being stuck in a foreign country.
Expats carried their enterprises, riches, and entertainment with them to their new home.
The Cartier International Dubai Polo Challenge, held at the Desert Palm Hotel in Dubai, included camels from the Cartier collection.
Despite the fact that the 10-year residence visa was just introduced in 2019, it has already been granted to top students, prominent businesspeople, and award-winning performers since the beginning of this year.
Raghad Muaiyad Asseid Danawi, a 17-year-old Jordanian student at Dubai’s Qatr Al Nada School, was one among those who perished in the attack.
The United Arab Emirates (UAE) made 100,000 golden visas available to computer developers the same month.
In addition to students and computer coders, the United Arab Emirates has begun issuing golden visas to actresses and other performers.
Najwa Karam, a Lebanese singer, has been granted a Golden Visa that will last for ten years.
They can also obtain a golden visa for a sum of Dh 10 million ($2.7 million).
However, the absence of income tax in the United Arab Emirates is undoubtedly the most tempting feature of the country.
Moreover, if they start relocating their enterprises or family offices to this area, they are more likely to remain, according to Kohyar: ‘This rise right now is more personal in nature, it’s more rounded, and we believe it will be lot more sustainable in the long run because individuals are migrating here with their families and with their companies, which ensures that they will remain.’
Dubai private wealth tops $517bn as UAE attracts rich with ‘safe haven’ status
Dubai has more than 52,000 millionaires, 2,430 multi-millionaires – those with net assets of $10 million or more – and ten billionaires, according to the United Nations Development Programme. The total amount of private wealth held in Dubai is projected to be $517 billion, owing to the influx of 35,000 high net worth individuals (HNWIs) into the country during the last two decades, according to official figures. According to a recent research by New World Wealth, Dubai is home to more than 52,000 millionaires, 2,430 multi-millionaires – those with net assets of $10 million or more – and ten billionaires, among other wealthy individuals.
Abu Dhabi hold about $145 billion of private wealth
The UAE capital, Abu Dhabi, has an estimated $145 billion in private wealth, with 18,400 millionaires choosing to live there, alongside 870 multi-millionaires and three billionaires, according to New World Wealth. The report comes just weeks after Citigroup announced plans to triple assets under management in the country to $15 billion. Dubai is the 30th wealthiest city in the world, according to New World Wealth.
Riyadh hold about $135 billion of private wealth out of a total of $542 billion in the Gulf kingdom
According to the survey, Tel Aviv, the capital of Israel, which has recently normalized relations with portions of the Gulf area, has $304 billion in private wealth, which is fueled in part by the country’s technological industry. According to New World Wealth, the UAE has the most wealth per capita (person) in the area, with $89,000, compared to $71,300 in Qatar and $15,800 in Saudi Arabia, according to the report. It went on to say that wealth in the United Arab Emirates has increased by 24 percent over the past decade, compared to just three percent in Saudi Arabia, the Middle East’s largest economy.
After trading at over $100 between 2011 and 2014, it is now trading at around half that price.
Doha holds $125 billion of private wealth
According to New World Wealth, the top wealth-generating businesses in the region were finance (22 percent), oil and gas (20 percent), real estate and construction (12 percent), transportation (8 percent), and hotels and leisure (four percent) industries (7 percent). High net worth persons were found to be present in greater Middle East, with 390,000 of them living in the area at the time of the report’s publication, alongside 18,200 multi-millionaires, 970 centi-millionaires ($100 million or more), and 75 billionaires.
Why Is Dubai So Rich?
What Causes Dubai to Be So Wealthy? Dubai has become one of the world’s wealthiest nations or emirates as a result of its oil wealth. The city serves as a prosperous commercial hub for the Gulf region and northern Africa. Despite the fact that Dubai has little oil, the city has become wealthy thanks to the black gold.
In less than 50 years, Dubai’s thriving economy has elevated the country to the status of rich state appreciated across the world. A combination of the oil sector and forward-thinking businessstrategies has helped transform Dubai into a worldwide economic powerhouse.
What made Dubai so rich?
Dubai is a particularly prosperous emirate since its economy is not reliant on the sale of oil to survive. Its multifaceted economy is built on commerce, transportation, technology, tourism, and banking, to name a few areas of expertise. The city of Dubai has emerged as the gateway to the East, thanks to its international passenger flow, which is the world’s busiest. In any case, the emirate is no longer only a stopover for well-heeled tourists. Dubai is a worldwide acclaimed destination for the affluent and famous, as well as for everyone in the middle of the spectrum.
- However, oil is not the key to the country’s tremendously successful economy.
- Despite the fact that hydrocarbons have played a key role in the growth of Dubai, they account for just a small portion of the state’s gross domestic product today.
- At the same time, the city has converted itself into a premier tourism destination for the rich and famous.
- Dubai is a regal metropolis that is not ashamed to flaunt its riches to the world.
- Dubai is not a tiny city in any sense of the word.
- Dubai is the only city in the world where the police department’s vehicles are Ferraris, Bugattis, and Lamborghinis, rather of the more common sedans.
How did Dubai get so rich?
In order to discover the source of Dubai’s wealth, one must go no further than the city’s thriving marine industry. From its humble beginnings as a fishing village, Dubai has grown into a massive commercial port. It’s difficult to fail in such a prosperous city. The marine sector thrives in the city, which draws merchants from all across the region because of its strategic location. It lies in close proximity to both the Persian Gulf’s entrance and the Iranian border.
Dubai ports gateway to riches.
Middle East’s busiest port, Dubai’s Jebel Ali, is located in the Emirate of Dubai. Located in the United Arab Emirates’ harbor, it is one of the country’s most significant assets. The strategic location of the port is the key to its success. The port is located within the Jebel Ali Free Zone, which is also known as the Jafza. This free economic zone, which covers an area of 57 square kilometers, is the biggest in the world. There are a variety of reasons why firms choose to locate in the numerous industry-specific free zones in and around Dubai.
In addition, customs duty exemptions are available in free economic zones.
A sophisticated infrastructure, managed by an autonomous port authority, is available in the free economic zones of Dubai. The autonomous authority is actively engaged in the process of simplifying bureaucratic procedures.
Building wealth with Dubai free-trade zones.
Thousands of businesses select Dubai as a location to take advantage of its free-trade zones. Today, there are more than 30 free-trade zones in Dubai, which account for more than 20% of total foreign investment in the United Arab Emirates, according to the World Bank. Dubai has risen to become the region’s most prosperous economy as a result of the establishment of free trade zones. The city is a favorite expat destination because to its thriving economy, high level of safety, and high standard of living.
The wealthiest state in the United Arab Emirates is Abu Dhabi, which serves as the country’s capital.
How is everyone in Dubai so rich?
With the number of families earning more than $250,000 per year, Dubai is the 12th wealthiest city in the world, according to the World Bank. Approximately 250,000 families in Dubai earn more than $250,000 each year. In Dubai, no one is very wealthy. Only roughly 15 percent of the emirate’s population is indigenous to the country. The remaining 85 percent are foreigners who work in Dubai on a contract basis. The majority of expatriates in Dubai are from Asian countries. While it is true that Dubai is a part of the United Arab Emirates, which is one of the world’s richest countries, not everyone in the emirate enjoys a comfortable lifestyle.
Can you get rich in Dubai?
In Dubai, it is possible to get wealthy. It has been done by a large number of people in the past. In the United States, like in any other country, becoming wealthy as an entrepreneur is more difficult than becoming wealthy as an employee. Increasing your revenue by a large amount is required if you want to become wealthy in Dubai. Unfortunately, as an employee, this is quite difficult to accomplish. If you are a highly compensatedPython developer or a Java programmer, it is common knowledge that you will become wealthy as an employee.
- It is rather straightforward: you live below your means in order to save money.
- This is a more secure and time-consuming method of accumulating riches.
- If you want to get wealthy in Dubai quickly, you must be willing to take greater chances.
- It is more dangerous, but if you succeed, you may become quite wealthy.
Which job has the highest salary in Dubai?
The CEO position in Dubai is the highest-paying position in the world (Chief Executive Officer). The majority of CEOs were the ones who began the company. They took the largest risk, and if they are successful, they will make a lot of money as the company’s chief executive officer.
It is a very lucrative job, but it is also a position with a high level of risk and reward. Not everyone is interested in dealing with the stresses of being a business owner.
How many millionaires are in Dubai?
An estimate from recently released data indicates that Dubai has around 26,000 millionaires. Only the city of Istambul in Turkey has more millionaires than the whole of the Middle East combined. In the emirate, one out of every 100 persons is extremely wealthy.
How many billionaires are in Dubai?
Dubai has the highest concentration of billionaires of any city in the Middle East. More than 30 millionaires have chosen Dubai as their residence.
Who is the richest person in Dubai?
Majid Al Futtaim is the richest individual in the United Arab Emirates. His total net worth is estimated to be $6.1 billion dollars. Hiswealth is a company that originated in the retail and entertainment industries.
Here are the top ten richest people in Dubai:
- Mr. Majid Al Futtaim has an estimated net worth of $6.1 billion. Mr. Abdulla bin Ahmad Al Ghurair has an estimated net worth of $4.9 billion. Mr. Ravi Pillai has an estimated net worth of $4.2 billion. Mr. M.A Yusuff Ali has an estimated net worth of $3.7 billion. Mr. Micky Jagtiani has an estimated net worth of $3.1 billion. Mr. B.R. Shetty has an estimated net worth of $2.6 billion. Mr
Is Dubai really rich?
Dubai is a very wealthy city. In the United Arab Emirates, Dubai and Abu Dhabi hold more than 83 percent of the country’s wealth. In Dubai, there are more than 30 billionaires who have made their fortunes.
Is Dubai the richest country?
Dubai is a wealthy metropolis, but it is not a sovereign state. Many people believe, incorrectly, that the country’s riches are derived from oil. However, oil accounts for just around 5% of Dubai’s gross domestic product (GDP). Numerous individuals believe that Dubai is the wealthiest country on the planet. Dubai has a broad economy, which makes it one of the richest cities in the world. Dubai’s economy, in contrast to the economies of other countries in the area, is not based on oil. Business, transportation, tourism, and finance are all contributing to the country’s economic growth.
Dubai is a renowned commercial location because to its low tax rate and lack of income tax.
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But, unlike other countries, Dubai does not have a national currency. It is a common misconception that the country’s wealth are derived from oil. However, oil contributes just around 5% of Dubai’s total GDP. In the eyes of many, Dubai is the wealthiest country on the planet; Dubai’s economy is varied, making it one of the world’s richest cities. The economy of Dubai, in contrast to the economies of other countries in the area, is not based on oil. Business, transportation, tourism, and finance are all contributing to the country’s economic prosperity.
Dubai is a popular business destination because to its low tax rate and lack of income tax.
Dubai boasts 26,000 millionaires
According to recently revealed study, there are around 26,000 millionaires in Dubai. In the Middle East, according to New World Wealth, Dubai has the second highest concentration of millionaires – measured in US Dollars – behind Istanbul, which is located in Turkey. Because the city has a population of 2.2 million people, this indicates that around one in every 100 people – or one in every 23 households – in Dubai is extremely wealthy and has a substantial amount of discretionary money. The values of principal houses are not included in the calculations.
There are 339,200 millionaires in London, which is the most of any city in the world, followed by New York (300,100 millionaires), Tokyo (300,100 millionaires), and other cities (226,500).
While it is believed that the real estate market will continue to strengthen in the coming years, this might be a great moment to finish a Dubai property investment transaction and make a purchase before the preparations for Expo 2020 get off in earnest.
On top of that, three out of every 100,000 families in the nation are multi-millionaires, placing the country in the top 15 wealthiest countries in the world in terms of this figure.
With so many high-net-worth individuals working and residing in Dubai and the United Arab Emirates, the future of the area and the Middle East as a whole appears promising.
Billionaires by Country 2022
There are around 2700 billionaires in the world. More than a quarter of the world’s billionaires are concentrated in the United States of America. While the number of billionaires declined in 2020 as a result of the COVID-19 epidemic, the count recovered and began to grow again in 2021. The ten nations with the highest concentration of billionaires have a total of 2159 billionaires, accounting for approximately 78.4 percent of the world’s total. Hong Kong has the highest number of billionaires per million inhabitants of any of these nations, with 8.83 billionaires per million people.
Top 10 Countries with the Highest Number of Billionaires:
- The United States has 724 representatives
- China has 698 (626 mainland, 71 Hong Kong, and 1 Macau)
- India has 140 representatives
- Germany has 136 representatives
- Russia has 117 representatives
- Hong Kong has 71 representatives
- Brazil has 65 representatives
- Canada has 64 representatives
- Italy has 51 representatives.
How many billionaires are there in the world?
There were 2,755 billionaires in the world in 2021, according to Forbes’ list of billionaires from the year 2021, with an average of.35 billionaires per million people. This is an increase of 660 over the previous year’s total, with 493 new billionaires joining the list, setting a new record. Furthermore, 86 percent of the billionaires who now exist are wealthier today than they were a year ago. Among billionaires, the United States ranks first with 724 billionaires, followed by China (which includes Hong Kong and Macau) with 698 billionaires.
Jeff Bezos, the creator of Amazon, is the world’s richest person and the richest person in the world, with a net worth of $177 billion.
The combined wealth of the world’s billionaires is $13.1 trillion, an increase from $8 trillion in 2020.
Revealed: These are UAE’s 19 richest people, and control Dh206b wealth
Published at 2:46 p.m. on February 27, 2020. The most recent update was made on Monday, March 9, 2020, at 6:43 p.m. According to the 2017 Hurun Global Rich List, the UAE is home to 24 billionaires, the greatest number in the Middle East and North Africa area, who hold a combined total of $69.2 billion (Dh254 billion) in fortune. In the list of the UAE’s wealthiest people, seven are natives of the country who control $27.1 billion in assets, while the remaining 17 are expatriates who control $42.1 billion in assets.
- He is followed by the Khalaf Habtoorfamily, who has $7.2 billion in assets and has seen their fortune grow by a whopping 91 percent.
- Last year, the fortunes of the UAE’s 11 billionaires dropped, while the fortunes of the other eight billionaires increased, indicating the impact of the slower general economic development experienced in the country.
- Saif Al Ghurair, the owner of Mashreq Bank, and his family are the oldest billionaires in the United Arab Emirates, with assets totaling $1.2 billion.
- According to a recent Hurun Global analysis, the United Arab Emirates is rated 20th in the globe for having the largest number of billionaires in the world.
- According to Forbes, Saudi Arabia is the only other country from the Arab world included among the top 30 countries with ten billionaires in 2019.
- There are 2,470 billionaires in the world, hailing from 67 nations and 1,931 different enterprises.
- It was a terrible year for billionaires, with 430 of them dropping off the list, which is a new record high for the category.
- In addition to Bill Gates and Warren Buffett, other billionaires include Mark Zuckerberg, Carlos Slim Helufama, Armancio Ortega, Sergey Brin, Mukesh Ambani, and Larry Page, who all rank among the world’s top ten wealthiest persons.
- The car, financial services, and jewelry industries each lost eight, seven, and five billionaires, respectively, followed by pharmaceuticals and fast-moving consumer goods (FMCG), which each lost four billionaires.
However, while some billionaires go to extraordinary lengths to keep their wealth hidden, for the most part, billionaires simply prefer to remain discreet in order to prevent competitors from snatching up a profitable business or to protect their families “Rupert Hoogewerf, chairman and chief researcher of Hurun Report, shared his thoughts.
Despite the strong currency and the country’s tax cuts, the United States acquired just 13 billionaires, making it more difficult for the rest of the globe to meet the threshold.” [email protected] The wealthiest individuals in the United Arab Emirates
| Name | Wealth (in USD billion) | Change (in %) |
| Majid Al Futtaim | 8.9 | -26 |
| Khalaf Al Habtoorfamily | 7.2 | 11 |
| MA Yusuffali | 5.2 | -9 |
| Vinod Shantilal Adani | 4.3 | 54 |
| Micky Jagtiani | 4.2 | -5 |
| Sunny Varkey | 3 | 15 |
| Divyank Turakhia | 1.9 | 12 |
| Philip Day | 1.9 | -17 |
| Shamsheer Vayalil | 1.9 | |
| Feroz Allana | 1.7 | 21 |
| Saket Burman | 1.7 | 6 |
| BR Shetty | 1.6 | -43 |
| Sunil Vaswani | 1.5 | -12 |
| Thaksin Shinawatrafamily | 1.5 | -12 |
| Abdullah Al Ghurair and family | 1.2 | |
| Abdulla Al Futtaim | 1.2 | Revalued |
| Raghuvinder Kataria | 1.2 | |
| Hussain Sajwani | 1 | -41 |
| Rank | Name | Wealth (in USD billion) | Change YOY | Main company | Age | Country of residence |
| 1 | Jeff Bezos | 140 | -5% | Amazon | 56 | USA |
| 2 | Bernard Arnault | 107 | 24% | LVMH | 70 | France |
| 3 | Bill Gates | 106 | 10% | Microsoft | 64 | USA |
| 4 | Warren Buffett | 102 | 16% | Berkshire Hathaway | 89 | USA |
| 5 | Mark Zuckerberg | 84 | 5% | 35 | USA | |
| 6 | Armancio Ortega | 81 | 45% | Zara | 83 | Spain |
| 7 | Carlos Slim Helufamily | 72 | 9% | America Movil | 80 | Mexico |
| 8 | Sergey Brin | 68 | 26% | 46 | USA | |
| 9 | Larry Page | 67 | 26% | 46 | USA | |
| 9 | Mukesh Ambani | 67 | 24% | Reliance | 62 | India |
| 9 | Steve Ballmer | 67 | 63% | Microsoft | 63 | USA |
The 10 Richest People in Dubai
Despite the fact that Dubai is a tiny city (3,302,664 persons at the time of the last count), it has an almost disproportionate amount of citizens who have a wealth in the tens of millions of dollars. According to the most recent roundup, Dubai is home to a significant number of the world’s wealthiest people – which is not unexpected considering that it is the second most costly city in the region and the 20th most expensive city in the globe. The top 10 richest persons in Dubai are profiled in this article, and the secrets to their fortune are revealed.
10. Saif Al Ghurair – Net worth: $1.7 Billion
Saif Al Ghurair, the 412th richest person on the planet, is the CEO of the Al Ghurair Group, which is one of the leading real estate and manufacturing enterprises in the United Arab Emirates. His $1.7 billion net worth can also be attributable to his substantial investments in Mashreq, the UAE’s oldest privately held bank, which has grown to become the country’s largest.
9. Hussain Sajwani – Net worth: $2.1 Billion
Hussain Sajwani, a real estate developer, formed the DAMAC Properties firm in 2002. Since then, it has evolved into one of the industry’s top enterprises, having managed the creation of several large-scale, luxury homes and projects in both Europe and the United Arab Emirates, among other places. At the Arabian Business Real Estate Awards, Sujwani received the title of Real Estate Legend, and at the Gulf Business Awards, he received the title of Real Estate Business Leader of the Year. Sujwani presently serves as the group’s chairman.
8. Abdulla Futtaim – Net worth: $2.5 Billion
Abu Dhabi billionaire Abdulla Futtaim amassed his fortune as the owner of Al-Futtaim Group, a major conglomerate that works in a variety of industries including automobiles, electronic devices, insurance, financial services, real estate, and retail. In addition to owning the franchise rights to IKEA stores in the United Arab Emirates, Qatar, Egypt, and Oman, the company is also the exclusive distributor of several major automobile brands in the UAE, including Toyota, Lexus, and Hino, as well as the exclusive distributor of several other automobile brands in the UAE.
7. Sunny Varkey – Net worth: $2.6 Billion
Currently the CEO of GEMS Education (which, with 250 schools globally, is the world’s largest operator of K-12 schools), Indian-born millionaire Sunny Varkey is rated 962nd on Forbes’ list of the world’s wealthiest people, according to the publication. Varkey has received various honors throughout the years in recognition of his contributions to the educational sector, including Outstanding Asian Businessman of the Year (2007), Middle East Excellence CEO of the Year (2012), and Education Business Leader of the Year (2013).
6. B.R. Shetty – Net Worth: $2.6 Billion
B.R. Shetty is another Indian-born billionaire from Dubai who makes our list. He owes his $2.6 billion net worth to his position as the head of a health care and financial services empire that includes companies such as BR Life, NMC Healthcare, and holding company Finabir among its many subsidiaries.
As part of the Given Pledge, which encourages the world’s wealthiest people to contribute half of their money to charity causes during their lifetimes, Shetty demonstrated his humanitarian credentials in 2018.
5. Micky Jagtiani – Net worth: $3.1 Billion
In 1973, Micky Jagtiani relocated to the United Arab Emirates, where his fortunes have changed considerably since his early days as a London cab driver. Since then, Jagtiani’s fortunes have changed dramatically. After ten years of successfully running a baby supply shop in Bahrain, Jagtiani decided to extend his business by opening a total of six other stores under his own brand. The Landmark Group was founded by him when the Gulf War began, and he took the decision to migrate to Dubai as a result of his desire to do so.
With a net worth of $3.1 billion, Jagtiani is listed by Forbes as the 478th wealthiest person on the planet, and the 5th wealthiest person in the United Arab Emirates.
4. M.A Yusuff Ali – Net worth: $3.7 Billion
M.A Yusuff Ali, an Indian billionaire who lives in the United Arab Emirates, gained his riches as the CEO of LuLu Group International, an Indian multinational that manages a network of retail enterprises throughout the country. Under Ali’s guidance, the firm has significantly expanded its activities over the past several years, and it currently includes holdings in retail, food processing, and logistics, among other sectors. Additionally, in addition to his commercial interests, Ali is a well-known philanthropist, having made significant investments in India and donating $2.6 million to flood relief efforts after his native state of Kerala was devastated by floods in 2018.
3. Ravi Pillai – Net worth: $4.2 Billion
Managing director of LuLu Group International, an Indian multinational that manages a chain of retail enterprises throughout the United Arab Emirates, Indian millionaire M.A Yusuff Ali accumulated his money. Under Ali’s guidance, the firm has significantly expanded its activities over the past several years, and it currently includes holdings in retail, food processing, and logistics, among other industries. Additionally, in addition to his commercial interests, Ali is a well-known philanthropist, having made significant investments in India and donating $2.6 million to flood relief efforts in his native state of Kerala in 2018.
2. Abdulla bin Ahmad Al Ghurair – Net worth: $4.9 Billion
Mashreqbank was established in 1967 by Abdulla bin Ahmad Al Ghurair and has since evolved to become one of the most important financial institutions in the United Arab Emirates. In addition to receiving a generous salary in his role as chairman of the bank (his son, Abdul Aziz, currently serves as CEO), Abdulla Al Ghurair’s billions are derived from his eponymous holding company, which is a massive organization with interests in everything from real estate and construction to agriculture.
1. Majid Al Futtaim – Net worth: $6.1 Billion
With a net worth estimated by Forbes to be $6.1 billion, Majid Al Futtaim is the richest individual in Dubai, according to the publication Forbes. His wealth derives from Majid Al Futtaim Holding (MAF), a retail and entertainment conglomerate that has grown into one of the largest companies in the United Arab Emirates since its inception in 1992. MAF operates more than 120 stores across the Middle East, North Africa, and Central Asia region, and has exclusive rights to operate franchises of Abercrombie & Fitch, AllSaints, Lululemon Athletica, and Carrefour.
It’s simple to see how Al Futtaim became a billionaire given the company’s $8.8 billion in revenue and $600 million in profit in 2017, according to Forbes, making it easy to see how he became one.
World’s millionaires are moving to Dubai for safety, luxury and tax benefits
Inheritance|5th September, 2021 2,000 billionaires relocate to Dubai in less than a year, despite the fact that the country has a high tax rate. COVID-19 The famous Ain Dubai, the world’s highest and biggest observation wheel, will open its doors on October 21st after a lengthy construction period. The development of Ain Dubai will add to the enhancement of Dubai’s offers as a worldwide tourism and entertainment destination. The image is courtesy of the Dubai Media Office’s Twitter account. In recent years, Dubai, the richest city in the Middle East and Africa (MEA) and the 29th richest city in the world, has seen an inflow of billionaires from all over the world.
- There was an increase in the number of multimillionaires, or individuals with fortunes worth at least $10 million, over the same period, from 2,430.
- A wealth analyst at New World Wealth, Andrew Amoils, explained why Dubai continues to be a popular destination for millionaires.
- More than 2,000 high-net-worth individuals (HNWIs) are estimated to have relocated to Dubai despite the coronavirus outbreak, resulting in a $13 billion increase in total private wealth in less than a year.
- At least two people with net worths of at least $1 billion have also entered the ranks of the emirate’s billionaires in recent years.
- The research agency also discovered that Tel Aviv, Israel, is the second-wealthiest city in the Middle East and North Africa area this year, with a total private rich of $312 billion, according to the report.
As of June 2021, the total wealth held in New York City was valued at $2.9 trillion, followed by the San Francisco Bay Area ($2.6 trillion), Tokyo ($2.5 trillion), London ($2.3 trillion), Beijing ($2 trillion), Shanghai ($1.8 trillion), Los Angeles ($1.3 trillion), Sydney ($1.1 trillion), Chicago ($1 trillion), and Mumbai ($970 billion), all of which were among the top ten wealthiest places on earth.
(Cleofe Maceda contributed reporting, and Seban Scaria edited the piece.) [email protected] Disclaimer: The material contained in this article is given only for informative reasons.
This includes tax, legal, and investment advice. Please see our whole disclaimer policy here. ZAWYA 2021 is the year of the tiger. To receive insightful and unique Middle Eastern insights on business and finance, sign up for Zawya’s daily email. CLICK HERE TO SUBSCRIBE NOW
More From Wealth Management
According to confirmed figures, there are around 2500 billionaires in the entire world at the present time. When it comes to rating the world’s wealthiest individuals, there are broad rankings that go from the World’s Richest Man down to the last person on the list without taking their nationality or country of residence into consideration. Some rankings are based on nations and regions, with the richest country at the top of the list and the poorest at the bottom. Then there are wealth rankings per country, which are rather interesting.
This specific item is concerned with the wealthiest men in the United Arab Emirates, both in terms of their individual worth and the commercial ventures into which they have invested, which is the source of their fortune.
List nations by country, the United Arab Emirates is ranked 20th internationally in a ranking of countries with the largest number of billionaires at the time of writing.
The Kingdom of Saudi Arabia, also known as Saudi Arabia, is the second wealthiest country in the Middle East and the only country in the region (apart from the United Arab Emirates) to be included in the World Bank’s country ranking of the world’s countries.
In recent years, the populous city of Dubai, which is also one of the major cities in the United Arab Emirates, has amassed a total of over 18 billionaires, placing it first among all cities in the entire Middle East and 25th globally in rankings that include cities with the highest percentage of individuals with exceptional wealth; however, only a few of them have been included in the world’s billionaire club in recent years.
- Dubai, the most populous city in the United Arab Emirates, is the country’s biggest.
- It is the primary reason behind the UAE’s rise to the status of a popular tourist destination that everyone should visit at least once in their lives.
- According to current rankings, the United Arab Emirates has a total of 24 known billionaires; I use the term “known” rather than “known billionaires” since statistical data cannot potentially cover everything.
- This might be due to the fact that they do not have a prominent establishment visible to the general public or because they choose to live a low-key lifestyle away from the spotlight.
- The country now boasts the largest number of billionaires in both the Middle East and the North African area, according to Forbes magazine.
- These data are based on the most recent Rich List from Hurun Global, which was published in January.
- A total of USD28 billion worth of wealth is controlled by these emirates together.
- Currently, the richest man in the country is Majid Al Futtaim, who is worth USD10.94 billion.
- The third richest is Abdullah Al Ghurair, whose wealth is worth a total of USD6.8 billion.
- However, during the region’s poor economic development last year, a number of billionaires were negatively affected by the effect and saw their fortune decline; just a few billionaires saw their money expand as a result of the economic crisis, despite the region’s slow economic growth.
- They have a combined net worth of USD6.8 billion dollars.
If you want to know more about each of these billionaires, as described in the introduction, continue reading. If you want to know more about the entire list, continue reading.
Billionaires of the UAE
The Emirates have been around for thousands of years, but only recently gained popularity with the discovery of oil in the region in the 1960s; before to that, it was a barren desert territory with terrible weather that was practically unpleasant for the average person. Following the discovery of oil, the country saw a steady transformation that occurred at a breakneck pace. With oil riches as an advantage, it has become a popular tourist destination for people all over the world. In fact, most of the country’s current projects are financed in part by oil revenues.
The country’s tax regulations are quite favorable to international firms, which is one of the reasons why it is simple for foreigners to conduct economic operations in the country without difficulty.
The following are a handful of the billionaires who have established themselves in the United Arab Emirates.
Abdullah Al Ghurair
Abdullah Al Ghurair, a well-known businessman in the United Arab Emirates, is the third richest person in the country, with a net worth of USD3.7 billion. This company is the owner of Mashreq Bank, which was founded in 1967 and is one of the country’s oldest financial institutions. Aside from being the sole owner of a bank, Abdullah is the founder and chairman of the Al Ghurair group, which is a diverse family-owned enterprise. The firm owns a number of important sectors in the United Arab Emirates, including the largest flour mill, a water corporation, and an animal feed manufacturing facility.
He is a well-respected businessman in the United Arab Emirates, and he is admired for his passion and dedication, which have gained him his position as one of the wealthiest people in the country.
MA Yousuf Ali
Yusuff Ali is the sole proprietor of Lulu Group International, where he serves as Chairman and Managing Director in addition to his other roles in the firm. It is the responsibility of Lulu Group International to manage the Lulu international shopping mall and the Lulu Hypermarket chain around the world. He also owns one of the largest conference centers in the whole South Asian region, the Lulu Balgotty Interactional Convention Center, which is located on the Balgotty Islands, as well as the third-largest Hyatt, which is a branded hotel that is also located on the Balgotty Islands.
- Amazingly, Yusuff Ali is not an Emirati by birthright; instead, he is an Indian business magnate residing in the UAE, which provides a clear reason for why his firm continues to be the most successful in terms of contracting a large number of Indians outside their homeland.
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- He has certain shares in the form of investments in various companies.
- Aside from that, he was able to purchase the Scotland Yard Building in London and also holds a 10 percent stake in a UK trade company, in addition to a 40 percent stake in a fine food subsidiary.
These are just a handful of the investments he has made across the world. As a result, I see no reason why anyone should have any reservations about his status as one of the foremost billionaires in the United Arab Emirates.
Majid Al Futtaim
With a net worth of $3.3 billion, Majid Al Futtaim is the second billionaire in the United Arab Emirates to make it onto the Forbes list. The Luxury and Hospitality industry is one of the most important branches in which MAF works. It is responsible for the operation and maintenance of a total of 13 hotels as well as 24 retail centers in and outside of the United Arab Emirates. The Mall of the Emirates, which is located in the heart of Dubai, as well as the Mall of Egypt, which is located in the Egyptian capital of Cairo, are examples of such shopping centers.
Futtaim is not simply a one-sided businessman; he is a firm believer in diversification, which has supported and boosted the growth of his fortune over the course of his economic career.
He presently holds licenses from well-known companies such as Athletica, Abercrombie & Fitch, and Lululemon.
He is interested in making investments in events such as concerts and film screenings.
Abdullah Al Futtaim
Abdullah Futtaim is ranked third in terms of net worth, with a net worth of USD2.1 billion. As the sole proprietor of the profitable AL FUTTAIM group, a well-to-do business that operates in a few countries across the world, including Japan and Kenya, as well as Morocco, he enjoys great success. He was able to build his money by engaging in trade with well-known brands, such as Toyota automobiles, and he has influence over companies such as Zara, IKEA, and Hertz, among others. Aside from that, he is involved in the development of retail malls; he is the owner of Dubai Festival City and Cairo Festival City, among other places.
Hussain Sajwani
Hussain Sajwani, a well-known figure in the UAE’s Real Estate industry, is the next name on the list to mention. A large number of real estate properties in various locations around the Middle East, as well as in countries beyond the Middle East, are owned by him. He is the current chairman of DAMAC, a premium real estate property in Dubai that he founded in 2002 and has been in operation since since. Being an entrepreneur came naturally to him because both of his parents were successful business owners.
According to Forbes, he has a net worth of $1.4 billion.
His education included attendance at a medical institution in Baghdad, which was made possible by a fully-funded scholarship from the Iraqi government.
He secured his first job as a financial officer at Abu Dhabi Gas Industries, and it was from there that he began to create a catering business that was profitable for him because of his special privilege of meeting affluent clientele, which was the beginning of his wealth-accumulation process.
As a result of his success in the UAE, he was able to extend to other cities such as London and Paris. The Trump Organization manages the Trump Golf Club, which was designed by Tiger Woods and is one of his major assets.
Khalaf Al Habtoor And Family
Khalaf Al Habtoor is the primary source of the family’s fortune; he is the son of a well-known business magnate and investor who also happens to be the CEO of the Al Habtoor group of companies. The Al Habtoor Group is one of the largest corporations in the world, with a diverse range of operations. The Al Habtoor Group is involved in a diverse variety of corporate investments, including real estate, hotel management, education, hospitality, and the publishing sector, among others. Khalaf has played a critical part in the recent growth of the Al Habtoor group and has also been involved in the establishment of other large businesses in the region.
The Al Habtoor family is the largest commercial family in the nation, with over a hundred subsidiaries.
Ravi Pillai
Ravi Pillai is an Indian-born businessman who is the creator of the RP Group of enterprises, which he founded in 1989. With operations in Saudi Arabia, the United Arab Emirates, Qatar, and Bahrain. He is projected to have a net worth of $2.5 billion, according to Forbes magazine. Also, his firm is well-known for being one of the largest employers of migrant Indian laborers in the world.
Saeed Bin Butti
Because he was the third ruler of Dubai after his brother Maktoum bin Butti bin Suhail died in 1852, Saeed Bin Butti is a well-known personality. He rose to the position of ruler after Maktoum’s son Maktoum bin Butti bin Suhail died because Maktoum’s son was allegedly too young to take over the reins of the city after his father’s death. Additionally, Saeed was a signatory to the Perpetual Maritime Truce, which was signed with the British government in 1853 and which lasted for a lifetime.
Saif Al Ghurair
Because he was the third ruler of Dubai after his brother Maktoum bin Butti bin Suhail died in 1852, Saeed Bin Butti is a well-known personality. He rose to the position of ruler after Maktoum’s son Maktoum bin Butti bin Suhail died because Maktoum’s son was allegedly too young to take over the reins after his father’s death. Saeed was also a signatory to the Perpetual Maritime Truce with the British government, which was signed in 1853.
Saket Burman
Saket Burman is the second richest person on the list, with a net worth of USD1.7 billion. He is a citizen of the United Kingdom who has spent the most of his professional life in the United Arab Emirates, namely in the city of Dubai. Convenience stores and other consumer items are his primary source of wealth. He is a descendant of the Burman family, who created “Dabur,” which is one of India’s major consumer products corporations. Following the death of his father in 2015, he received a 12.4 percent stake in the firm as part of his inheritance.
Saket also founded an information technology firm, which he later sold to a third party and which is now engaged in general commerce. His other assets include of landed properties as well as financial interests, amongst which are a few of commercial buildings.
Conclusively
The aforementioned billionaires rank among the top ten wealthiest people in the United Arab Emirates in the year 2020. We have around 2,500 billionaires in the world, who are spread throughout 67 nations around the world. Because of the worldwide economic crisis that occurred last year, billionaires had a difficult time keeping up with their riches. As a result of the crisis, their overall worth decreased by 9 percent, resulting in 430 of them being removed from the billionaires’ list, which is an extremely high amount.
He is followed by Bill Gates, who has a net worth of USD98 billion, then Bernard Arnault, who has a net worth of USD76 billion, then Warren Buffet, who has a net worth of USD67.5 billion, Mark Zuckerberg, who has a net worth of USD54.7 billion, Amancio Ortega, who has a net worth of You should be aware that this ranking is based on explicit information compiled by Forbes, and that you should take this into consideration.
Due to the fact that some billionaires are also multi-billionaires who are not included in the statistics, it is nearly impossible to determine the true number of billionaires.
Generally speaking, it is considered that for every billionaire who has been discovered, there is at least one more who has yet to be discovered, particularly in the Gulf States.