December 8, 2024

UAE Billionaires Hold Over Dh500 Billion in Wealth

The Emirates sees significant growth in ultra-high-net-worth individuals

The combined wealth of 18 billionaires residing in the UAE has surpassed Dh509 billion ($138.7 billion) in 2024, according to a report by Swiss bank UBS. This marks a 39.5 per cent increase compared to the previous year, driven by the influx of high-net-worth individuals seeking tax advantages, safety, and secure investments in the Emirates.

The UAE remains the Arab world's top destination for billionaires and ranks second in the Middle East, following Israel, which is home to 26 billionaires. The country added one new billionaire to its roster this year, reflecting its growing appeal among global elites.

Globally, the UBS Billionaire Ambitious Report highlighted a 121 per cent increase in total billionaire wealth over the past decade, rising from $6.3 trillion in 2015 to $14 trillion in 2024. Billionaires are increasingly relocating to nations like the UAE, Switzerland, Singapore, and the US, driven by factors beyond tax benefits, including safety, political stability, and quality of life.

With billionaires relocating more frequently than ever, the UAE's position as a global hub for wealth continues to strengthen, attracting significant capital and elite talent.

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