More than 60% of millionaires choose Dubai as their place of residence

The emirate is home to 830 ultra-wealthy individuals, 66.7% of whom have purchased real estate here and are permanent residents.

What Happened? According to the “Residential Real Estate 2023” report, published by analyst group Altrata in collaboration with Wealth-X and Realm, Dubai is home to 830 super-rich (billionaires with assets of $30 million or more). Of these, 66.7% have chosen Dubai as their primary residence and have purchased a permanent property, while 33.3% have purchased a residence for additional living space.

Characteristics of Millionaires

90% of the sample of millionaires living in Dubai are male and 9% are female; 60.9% have built their own wealth, 36.2% have inherited and developed their wealth, and 2.9% have simply received a large inheritance. Overall, 1.4% own airplanes and 0.7% own yachts.

According to Nikita Kuznetsov, founder of Metropolitan Group and CEO of Metropolitan Premium Properties, one of the largest real estate companies in the UAE, branded residences are in particularly high demand among ultra-high net worth investors, and Dubai currently Dubai currently leads the world in terms of number of branded residences. Dubai currently leads the world in the number of such properties.

For investors, this segment is very promising. The presence of a well-known hotel or luxury hotel in a project means special amenities and can increase the cost per square meter of housing by 30% or even 40%. This attracts buyers looking for a high return on investment.

Dubai is one of the most promising business destinations today, so it’s no surprise that it’s the choice of young, ambitious, ultra-high-net-worth investors. They see the potential, they want to be part of it, and they are pushing for it.”