2023-12-04 12:23:17
Reportedly, there are currently 17 billionaires in the UAE. Five billionaires have moved to the Emirates this year, according to the UBS Billionaire Ambitions Report 2023. Two people have recently joined the billionaires club. The wealth of billionaires has also grown tremendously over the past two years.
The total wealth of billionaires is expected to grow 157 percent to $99.4 billion in 2023, compared to $38.7 billion the previous year. The boom in the country’s economy, financial facilities, health sector and opportunities in the fields of oil, gas, real estate, technology and tourism make the UAE a country that attracts the rich. There was a 7.6 percent increase in GDP in the UAE in 2022.
In the last ten years, around 1500 millionaires have migrated from the UK to Dubai. Reports suggest that 250 more may arrive in Dubai this year. This is a perfect example of Gulf countries becoming a favorite destination for the wealthy.
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A report released by Henley Private Wealth Migration in 2023 said that 4,500 millionaires will immigrate to the UAE in 2023 and the UAE will become the second largest country of immigration after Australia. Henley expected 4,000 people in 2022, but 5,000 millionaires arrived in the UAE, surpassing that.
According to the UBS Billionaire Ambitions report, the UAE has the highest number of billionaires in the Middle East after Israel. Israel currently has 26 billionaires. Saudi Arabia (6), South Africa (5), Egypt (4), Nigeria (3) and Lebanon (2) are right behind the UAE. The Middle East now has a total of 63 billionaires. Nine of them have made it to the list this year.
According to the study, the number of billionaires globally has increased by seven percent. Looking at the figures for 2023, the report shows that 53 billionaires inherited their wealth. Their total savings is 150.8 billion dollars. Including self-made wealth, 84 new billionaires emerged during this period. Their total savings is 140.7 billion dollars.
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