Dubai is home to some of the wealthiest individuals in the world. But how does the quantity of wealthy individuals differ amongst Dubai’s residential areas?
The residential areas in Dubai with the greatest quantity of high-net-worth individuals (HNWIs) were Jumeirah, Al Barsha, Arabian Ranches, Al Thanyah, and Umm Suqeim. This is according to a newly published report from the US-based business consulting firm, Webster Pacific.
AREAS IN DUBAI WITH THE LARGEST AMOUNT OF HNWIs
Jumeirah First and Al Barsha are home to 8,685 and 8,155 high-net-worth individuals, respectively. These locations are then followed by Jumeirah (7,022), Arabian Ranches (3,728), Al Thanyah (3,542), Umm Suqeim (2,960), Nakhlat Al Jumeirah (2,573), Marsa Dubai (2,537), Al Satwa (2,446), and Umm al Sheif (2,421). Each one of these communities offers distinctive amenities and features that are highly desired by the affluent population throughout the world.
As of June 2022, 67,900 millionaires were living in Dubai. 35% of these millionaires were either residents of Jumeirah First, Al Barsha, or Jumeirah.
WHY ARE THE WORLD'S WEALTHIEST FLOCKING TO DUBAI?
Strong and successful management of the pandemic has in recent times been important in the decisions of High-net-worth-individuals to relocate to Dubai. The measures and implemented strategies have resulted in enhanced confidence in Dubai’s healthcare industry. The standard of living the emirate offers its residents has also flourished. Living in an environment with effective healthcare services and strong governance is being seen as more important amid the covid pandemic. So, Dubai is in an ideal position to cater to this rising need.
Equally, Dubai benefits greatly from its strict real estate reporting regulations and the UAE's Golden Visa program. These rules and incentives position Dubai as a very promising market for long-term real estate investments. The Golden Visa program in particular offers enticing incentives for highly skilled individuals to work or study in the UAE for up to 10 years. The program is therefore well positioned to attract leading talent to Dubai from around the world. These are naturally the kind of people who have a high earning potential. So, the Golden Visa program is undoubtedly contributing to the influx of wealthy individuals to Dubai.
With the aforementioned factors amongst many other key facilitators, the influx of HNWIs into Dubai is anticipated to see continued increases. According to a Henley Global Citizens Report published in June, the UAE will surpass the US this year as the country with the greatest number of millionaires worldwide. To put a figure to it, the UAE is anticipated to gain 4,000 millionaires who will relocate throughout 2022.
Equally, the Savills Executive Nomad Index published earlier this year also emphasized the advantageous value propositions of the UAE's residential sector. According to the study, the UAE is the third-best location in the world for executive nomads.
These factors only scrape the surface of why Dubai is continuing to be a favoured location for wealthy people to locate to. Nevertheless, they provide a strong overview. Dubai’s hospitality and real estate industries alike need to take note of the influx of HNWIs to Dubai. This way they can enhance their offerings and services to appeal to the values, needs, and demands of these wealthy individuals more closely.
