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Billionaire’s Paradise: Dubai's 120 Richest Families, Individuals Own $1 Trillion in Wealth

Dubai is currently home to 68,500 millionaires with at least $1 million in liquid assets

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Staff Writer, TLR

Published on April 30, 2024, 15:33:45

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Dubai, world's wealthiest family,

Dubai hosts over 120 of the world's wealthiest families and individuals, boasting a collective net worth exceeding $1 trillion (Dh3.67 trillion).

The UAE has emerged as a magnet for thousands of millionaires globally, particularly following the pandemic, solidifying its status as the foremost wealth destination in the Middle East, Africa, and South Asia (MEASA) and ranking among the top 22 wealthiest cities worldwide, according to the Dubai International Financial Centre.

Recent data reveals a significant influx of more than 3,500 millionaires from Africa and 1,500 high-net-worth individuals from the UK relocating to Dubai in the past decade, as cited by New World Wealth.

Moreover, Henley Private Wealth reports that 9,700 millionaires migrated to the UAE in 2022 and 2023 alone. Dubai is currently home to 68,500 millionaires with at least $1 million in liquid assets, along with 206 centi-millionaires and 15 billionaires, according to the World's Wealthiest Cities Report 2023.

This surge in affluent residents includes a diverse array of individuals from the Indian Subcontinent, Russia, Europe and other South Asian and Southeast Asian nations, drawn to Dubai for its safety, security, minimal taxation, exceptional healthcare and educational infrastructure.

Many of these billionaire families are locally grown enterprises that have flourished under the favourable business legislation and environment in Dubai. Abdulla bin Touq Al Marri, UAE's Minister of Economy, notes the nation's enduring appeal as a hub for business and investment in the GCC and wider MENA region, aiming to become the focal point for family businesses.

DIFC Plays a Pivotal Role

The Dubai International Financial Centre (DIFC) plays a pivotal role in supporting the management of assets for these affluent families and individuals. By attracting global financial asset managers, DIFC has facilitated professional management of portfolios for millionaires and family-owned businesses, further enhancing Dubai's allure as a wealth management destination.

In 2023, DIFC introduced the world's first Family Wealth Centre, dedicated to enhancing global family wealth and supporting family businesses. With 230 banks, including 27 of the top 29 globally systemic banks, over 350 reputable wealth and asset management firms and more than 440 registered foundations, DIFC has cemented its reputation as a premier destination for family businesses worldwide, as emphasised by Essa Kazim, governor of DIFC.

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