Growth amid pandemic: UAE is now home of 87,000 millionaires, 13 billionaires – in US Dollars

News Network
February 16, 2021

UAE.jpg

Dubai, Feb 16: Wealth of millionaires and billionaires in the UAE increased by $45 billion (Dh165.15 billion) in the second half of 2020 despite Covid-19 pandemic taking toll of its economy.

Data from the New World Wealth showed that the wealth of high net worth individuals grew from $825 billion ($3 trillion) from June 2020 to $870 billion ($3.2 trillion) by the end of December 2020.

The UAE added 4,276 millionaires with a wealth of $1 million-plus and one billionaire during the six month period.

The UAE is home of 87,000 millionaires and 13 billionaires, controlling $870 billion (Dh3.2 trillion) wealth at the end of December 2020. At the end of June 2020, the UAE was home to 82,724 millionaires and 12 billionaires.

The study also found that Dubai is the richest city while UAE is the richest nation in the Mena region.

Andrew Amoils, head of research at New World Wealth, said a number of HNWIs moved to the UAE owing to its status as top safe haven in the region, high-income economy, first-class healthcare system, low tax rates, international business and luxury hub, top-class shopping malls and restaurants, top-end apartments and villas and good international schools.

It estimated that over 35,000 HNWIs have moved to the UAE between 2000 to 2020. Many of these individuals have come from India, the Middle East and Africa.

People in the UAE enjoy per capita income of $89,000 (Dh326,630) followed by Israel ($86,500), Qatar ($71,300), Saudi Arabia ($15,800), Turkey ($5,800) and Iran ($4,800).

The UAE is followed by Israel where millionaires and billionaires own $784 billion assets, followed by Saudi Arabia ($542 billion), Turkey ($482 billion), Iran ($395 billion) and Qatar ($202 billion).

The UAE is the largest wealth management centre in the region with assets under management (AuM) of approximately $110 billion, followed by Israel at $95 billion.

Most of the HNWIs have acquired wealth in the fields of finance and professional services; real estate and construction; transport and logistics; hotels and leisure; healthcare; technology and telecoms; retail and fashion; manufacturing, FMCG and Media.

Romika Fazeli, founder and managing director of Emirates World Club, said the UAE is the only country in the Middle East where all kinds of religions and cultures are welcomed and respected.

“I truly believe that as a millionaire and billionaire, you have the financial power and freedom to choose a country as your home where you live a comfortable lifestyle, considering the safety of your family, importance of work-life balance and religious freedom. Dubai is a multi-national and cultural city which makes it also one of the most metropolis cities in the world,” said Fazeli.

“When it comes to lifestyle and safety, Dubai is the best place to live a great life and second to none,” she added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 25,2024

modirahul.jpg

The Election Commission of India on Thursday announced that it had taken cognisance of violations to the Model Code of Conduct by both Prime Minister Narendra Modi and Congress leader Rahul Gandhi.

While Modi has indulged in a diatribe against Muslims, without naming them, using terms like 'infiltrators' and 'those with more children', Rahul has been accused of making a false claim about 'rise in poverty'.

Both the BJP and INC have raised allegations of causing hatred and divisions based on caste, religion, language, and community, ANI reported.

While the EC had initially refused to comment on Modi's speeches, sources had told PTI that the commission was 'looking into' the remarks made by the BJP leader.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 27,2024

The spokesman for the Yemeni Armed Forces has said it has carried out new operations against American and British targets in retaliation for their aggression on the country.

Brigadier General Yahya Saree said on Friday that Yemen’s naval forces struck a British oil tanker in the Red Sea with missiles.

Saree also said the military also shot down an American MQ-9 drone in Sa’ada province.

He added that the new operations were also a show of solidarity with Palestinians in the Gaza Strip, amid the Israeli genocide there. 

“The Yemeni Armed Forces salute all the people of Yemen for their faithful response to the call of the fighter leader Sayyed Abdulmalik Badr El-Din Al-Houthi, may Allah protect him, in their unprecedented large-scale interaction in support of our oppressed brothers in the Gaza Strip, affirming support for the Armed Forces in their military operations against the ‘Israeli’ enemy and against the American-British aggression supporting it in the Red and Arabian Seas and the Indian Ocean,” Saree said.

He stressed that the Yemeni armed forces will continue operations in the Red and Arabian Seas as well as the Indian Ocean until the Western-backed Israeli genocide comes to a halt.

Since the start of the brutal campaign in Gaza, the regime has killed more than 34,300 Palestinians and injured over 77,000 others. It has cut off fuel, electricity, food and water to the more than two million Palestinians living there.

The Yemeni Armed Forces have been targeting Israeli vessels or those “associated” with the occupying regime in the Red Sea and the Arabian Sea since October 7, 2023.

The regime ignited its bloody war machine in the besieged Palestinian territory on that October day in response to Operation Al-Aqsa Storm conducted by the resistance movement Hamas.

The maritime attacks have forced some of the world’s biggest shipping and oil companies to suspend transit through one of the world’s most important maritime trade routes.

Tankers are instead adding thousands of miles to international shipping routes by sailing around the continent of Africa rather than going through the Suez Canal.

The pro-Palestine maritime campaign has also prompted airstrikes by the US and its allies on Yemen – in violation of the Yemeni sovereignty and international law.

In consequence, Yemen’s armed forces have declared US and British vessels as legitimate targets.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 23,2024

cong.jpg

Congress workers protested outside the home of Nilesh Kumbhani, the party's candidate from Gujarat's Surat Lok Sabha seat whose nomination form was rejected due to alleged discrepancies, as he was likely to join the BJP, sources said on Tuesday.

The protest came a day after the BJP's Mukesh Dalal was declared the winner from the party stronghold following the withdrawal of all the other eight candidates in the fray.

The sources said that the protesters called Kumbhani a "traitor" and "killer of democracy", adding that he could join the BJP as early as this week.

Kumbhani's nomination form was rejected after he was unable to present even one of his three proposers before Returning Officer Sourabh Pardhi.

The BJP had raised questions about the discrepancies in the signatures of three proposers in his nomination form.

The nomination form of Suresh Padsala, the Congress' substitute candidate from Surat, was also invalidated, pushing the party out of the poll fray in the BJP stronghold.

In his order, Pardhi said the four nomination forms submitted by Kumbhani and Padsala were rejected because at first sight, discrepancies were found in the signatures of the proposers, and they did not appear genuine.

The Lok Sabha elections in the Surat seat was supposed to take place on May 7.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.