Dubai: More than 60% of millionaires choose the emirate as their primary residence
According to a recent survey, 66% of ultra-high net worth people (UHNWIs) who own property in Dubai use it as their primary residence, demonstrating the preference millionaires have for living and taking advantage of the emirate’s high standard of living.
There are 830 UHNWIs, or millionaires with assets of $30 million or more (about Dh110 million), who are primary and secondary homeowners, according to the Residential Real Estate 2023 research published by Altrata in collaboration with Wealth-X and Realm. 66.7 percent of them are primary residents, while 33.3% are secondary homeowners.
Nine percent of them are female millionaires, with up to 90% of them being men. 60% of the wealthy are self-made, 36.2% are inherited and self-made, and 2.9% only inherited their money. It’s interesting to note that 1.4% of millionaires in Dubai possess private aircraft, compared to 0.7% who own yachts.
Millionaires who relocated in significant numbers to the emirate during and after the pandemic have found refuge in Dubai during the past few years.
In 2022, the UAE is expected to attract 4,000 millionaires, surpassing wealthy nations like Australia, Singapore, Israel, Switzerland, the USA, Canada, New Zealand, the UK, and India, according to a Henley Global Citizens Report from the previous year.