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Dubai ranks 23rd on the wealthiest cities’ list with 13 billionaires, 68,000 millionaires

Mr Al Ghurair also owns major stakes in property developer Emaar Properties – which he helped launch with Mohammed bin Rashid Al Maktoum. There are many different factors that contribute to the rise of a person’s wealth. One thing is for sure, Dubai has been one of the most prosperous places in the world with its booming economy and high standards of living. In this blog post, we will examine some of the richest people in Dubai who have contributed to making it what it is today. World Trade Center skyscraper and skyline of Manama City, Kingdom of BahrainWhile Bahrain is considered the fifth most prosperous country in the Arab region, it is ranked 23rd globally.

Eleven UAE residents made 2021’s list of world’s richest people according to Forbes. Dubai ranked 23rd in the list of cities with the highest number of millionaires. The Henley report states that Dubai currently has 13 billionaires and 68,000 millionaires. Dubai property tycoon Hussain Sajwani has topped the latest Forbes list of richest people in the UAE for the first time after adding $300 million to his fortune.

Dubai World Cup

The UAE based Indian billionaire M.A Yusuff Ali achieved his wealth as the head of LuLu Group International, an Indian multinational that operates a chain of retail companies across the UAE. Under Ali’s leadership, the company has increased its operations extensively over the past few years, and now has interests in retail, food processing, and logistics. In addition to his business activities, Ali is a noted philanthropist, having invested heavily in India and contributed $2.6 million to recovery efforts when his home state of Kerala was hit by floods in 2018. Emirati billionaire Abdulla Futtaim earned his billions as the owner of Al-Futtaim Group, a large conglomerate that operates across the automotive, electronics, insurance, services, real estate, and retail sectors. In addition to holding the franchise right to IKEA stores in UAE, Qatar, Egypt, and Oman, the company is also the exclusive distributor of several major car brands, including Toyota, Lexus, and Hino in the UAE. Dubai may only be small , but it has an almost unfair number of citizens with a ten-figure fortune.

dubai millionaires list

She likely earns around $10,000 per sponsored social media post given her mass of followers and partnerships. The show dropped on Oct. 27, and fans are already hooked on the cast’s fabulously lavish lifestyles. Whether it’s over-the-top parties or incredible fashion moments, there’s no denying that these people have no problem spending major $$$.

Hussain Sajwani Net worth 2023- $2.1 billion

It richest man of dubai the exclusive rights to manage the franchises of AllSaints, Carrefour, Abercrombie & Fitch, and Lululemon Athletica. Feroz Allana, the co-founder of the Allan Group which is well known for its production of the fastest moving consumer goods . The headquarters of Allana Group is established in Sharjah, a neighbourhood of Dubai.

  • He also invests big time in India, as he regularly picks up shares in real estate, hotels and banks.
  • In fact, until 1962, this country’s economy was mainly based on agriculture, and it complemented the economy of France.
  • According to Forbes, the wealth of half of the world’s billionaires has declined compared to last year.
  • The report also identified prime residential areas such as Emirates Hills, Jumeirah Golf Estates, and Palm Jumeirah as the wealthiest parts of Dubai.
  • Whether it’s over-the-top parties or incredible fashion moments, there’s no denying that these people have no problem spending major $$$.

There are only 18 countries that have a GDP that is greater than 1 trillion dollars. The move away from oil led to a boost in tourism, and the little oil Dubai eventually discovered in 1966 went towards building the city we know today. Dubai began shipping oil in 1969 before gaining independence from Great Britain in 1971, when it became one of the UAE’s seven emirates. The country is known for constructing impossible-looking structures that cost colossal money, but the return on investment is always greater.

You might have heard a few outrageous stories about the luxurious tastes of super-rich celebrities but nothing comes close to the decadent extravagance of the elite in Dubai. From custom-made couture to cars made entirely out of gold, today MyBayut brings you a list of the unbelievable ways rich people in Dubai spend their money. Habtoor currently has a net worth of $2 Billion, which earns him a spot on the list. He studied in Dubai Al Ittihad Private School, Al Mamzar, and right after graduation, he flew to the United States to further his studies. Two Chinese cities, Beijing and Shanghai , reach the Top 10, while Switzerland and Australia each have two Top 20 cities, with Sydney , Zurich , Melbourne , and Geneva all making the cut. The remainder of the 2022 list is made up of city-state Singapore , Hong Kong , Frankfurt , Toronto , Seoul , and lastly Paris , dropped three places from last year.

The chain has 200 pharmacies, 90 clinics and 18 hospitals in India and the Middle East. Aster DM Healthcare has more than 2000 doctors as its employee base, who treat 10 million patients in a year. Lulu Group International began its operations as a family business venture and was later https://1investing.in/ diversified to include the import and distribution of frozen commodities from the United States and Europe. According to Forbes, the company generated $8.8 billion in revenues and $600 million in profits in 2017, making it easy to see how Al Futtaim acquired his billionaire status.

Together, the ten countries with the most billionaires have 2159 billionaires, about 78.4% of the global total. Of these countries, Hong Kong has the most billionaires per million people, with 8.83. As you can see, the richest Arab countries are diverse and represent some areas with the highest GDP in the region and in the world. This list often changes, but these are the wealthiest countries in the Arab region for 2021. The strategic location and the massive oil reserves have helped Kuwait rank as the 9th richest in the world.

If you want to experience true luxury, you cannot miss experiencing the extravagance this area has to offer. The unique layout and the surreal vistas of the Persian Gulf will make you instantly fall in love with the place. This neighbourhood is loaded with some of Dubai’s best premium luxury villas and ritzy hotels. This exclusive island community is dubai millionaires list a little wonder unto itself in the colourful city of Dubai. There is a plethora of things you can do there – from hiking at the Palm Jumeirah Boardwalk to soaking in the sun and enjoying the sea at Aquaventure Beach, in front of Atlantis, The Palm 5-star hotel. This neighbourhood has it all to make your trip something you have always dreamed of.

A recently published report by Henley and Partners reveals Dubai is home to 67,900 millionaires, 202 centi-millionaires, and 13 billionaires. Because of easy regulations, most businesses now find Dubai their favourite spot to operate, and the number of millionaires is expected to grow shortly. In fact, until 1962, this country’s economy was mainly based on agriculture, and it complemented the economy of France. The corruption in the area has taken a toll on its financial stability and its overall economy.

As hereditary ruler of Abu Dhabi, the richest emirate in the U.A.E., Al-Nahyan is among the world’s wealthiest monarchs. For the Middle East region, this year’s list of the richest Arabs has remained largely the same as 2021, with the only drop off being Majid Al Futtaim. Dubai, Mumbai and Shenzhen, China are expected to break into the top 20 wealthiest cities by 2030, he added. Cities with strong oil and gas industries performed well in terms of millionaire growth in the six months to June 2022, including the likes of Riyadh, Dubai, Luanda, Abu Dhabi and Doha, the study found. London has recorded a steady outflow of millionaires over the past decade, with many leaving the city for nearby commuter towns, the report said.

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London and the city-state of Singapore round out the top five cities, the study found. Abu Dhabi, the capital of UAE, ranked third with 23,800 millionaires, followed by Doha and Riyadh , according to the research. Meanwhile, in a separate report in July, management consultancy Boston Consulting Group said 41 per cent of the UAE’s wealth in 2021 was derived from UHNWIs and this share is expected to grow to 43 per cent in 2026. Sunil VaswaniThe Indian-born Nigerian billionaire, Sunil Vaswani is the chairman of Stallion Group. However, he gave up his teaching profession and started with just one clinic in Dubai in 1987. Now, the Indian physician has a hospital chain in Dubai, called Aster DM Healthcare.

Algiers, the capital city of Algeria, Northern Africa and part of the Arab World.Being home to the 10th largest reserve of natural gas in the world has significantly contributed to Algeria’s wealth. The economy mainly relies on hydrocarbons exports, which handle 60% of the country’s budget revenues and 30% of its GDP. His bedroom was his first office, where he worked on his Samsonite bag using it as a table. Sunny, who was sent back to India for his education, never went beyond high school. Until 2015, Varkey Foundation had former U.S. president Bill Clinton as its honorary chairman. Sunny Varkey’s net worth is $2 billion , which makes him one of the richest people living in Dubai.

dubai millionaires list

As the 412th richest person in the world, Saif Al Ghurair heads up the Al Ghurair Group, one of the largest real estate and manufacturing companies in the UAE. His $1.7 billion net worth can also be attributed to his significant investments in Mashreq, the oldest privately held bank in the UAE. The United Arab Emirates is a country that is located on the Arabian Peninsula. This makes it one of the richest countries in the world because of its location near major trade routes, as well as its natural resources such as oil, natural gas, and uranium deposits. While the number of billionaires fell amid the COVID-19 pandemic in 2020, the figure rebounded and grew again in 2021.

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Whatever the actual total, her considerable handbag collection (stocked with luxury brands like Chanel, Louis Vuitton and Hermès) is proof that Siddiqui is doing just fine indeed. Also reports that she also earns money from Instagram deals and brand endorsements, as well as modelling jobs. DJ Bliss is also a musician, and has toured the world as part of his musical career.

Billionaires in the Middle East and North Africa region, with over $69.2 Billion of wealth combined. Saif Al Ghurair is the CEO of one of leading firms of real estate, Al-Ghurair Group in Dubai. He strated with a single store in Bahrain and since then there was no looking back. Downtown Dubai remains the most expensive area to rent while you are in the city.

Emirati billionaires list

What’s unique about the golf courses that lie within this estate is that they were conceptualized by the legendary Australian golfer and entrepreneur, Greg Norman. Each of these golf courses here is given an environmental theme, and they are based on the vital elements of nature, like earth and fire. Named after the famous Beverly Hills in the limelight of Hollywood in Southern California, this area resides some of the wealthiest expatriates in Dubai. The community features the first-ever freehold property offerings for investors and buyers. The best part about this neighbourhood is the marble-clad villas that are situated among the lush green golf course.

He has also co-produced alongside artists including Wyclef Jean, and released his own albums too, which likely contributes a decent amount to his overall net worth. The 42-year-old radio presenter, TV host, brand ambassador and entrepreneur is said to have a net worth of reportedly $2 million. Loujain Adada still models, but it seems she has put the presenting gigs in the past for now—likely to continue her career in reality TV.

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