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

News Network
February 16, 2021

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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.

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News Network
November 21,2025

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Local authorities say the Israeli military has expanded the so-called “yellow line” truce demarcation in Gaza City and repositioned its forces deeper into the territory in violation of a ceasefire agreement that came into force on October 10, besieging dozens of Palestinian families.

Gaza’s Government Media Office announced in a statement on Thursday that Israeli forces widened the boundary by shifting the markers, and advanced roughly 300 meters (984 feet) into the neighborhoods of Ash-Shaaf, An-Nazzaz and Baghdad Street.

The move pushed further into civilian areas, trapping families who were unable to flee as tanks rolled forward, it added.

“The fate of many of these families remains unknown amidst the shelling that targeted the area,” the office said, adding that the expansion of the yellow line shows a “blatant disregard” for the ceasefire deal.

On Friday, sources said the Israeli military carried out continued air and artillery strikes inside the so-called “yellow line” east of Khan Younis in the southern Gaza Strip.

According to the reports, Israeli warplanes and tanks targeted areas within the zone. One Palestinian was reported killed and several others wounded in the strikes, the sources said.

The fresh aggression came only a day after 25 Palestinians were killed in Israeli airstrikes on Gaza City and Khan Younis on Wednesday.

The media office reported that Israel has consistently violated the truce deal since its implementation last month, with near-daily attacks by air, artillery and direct shootings.

The office said over 400 violations have been documented. These breaches have resulted in the deaths of more than 300 Palestinians and left hundreds injured.

The Government Media Office in Gaza urged the guarantors of the ceasefire — the US, Egypt, Qatar and Turkey — to take swift action to halt the ongoing violations and facilitate the delivery of food, shelter materials, medical aid, and infrastructure equipment.

The so-called “yellow line,” set out in the agreement between Israel and Hamas resistance movement, refers to a non-physical partition where the Israeli military repositioned itself when the truce deal took effect.

It has allowed Israel, which routinely fires at Palestinians who approach the line, to retain control over more than half of the Gaza Strip.

International bodies, including the UN Independent International Commission of Inquiry, the International Association of Genocide Scholars, Amnesty International, Human Rights Watch, B’Tselem, and other rights groups, have concluded that the Israeli war on Gaza amounts to genocide.

In the attacks in Gaza since October 2023, Israel has killed at least 69,546 people and injured 170,833 others, leveling large swaths of the territory and displacing almost all of the population. 

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News Network
December 1,2025

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Udupi, Dec 1: A horrific case of alleged rape has unfolded in Udupi, where a worker from a Hindutva organisation, previously arrested and released on bail for harassing a young woman, is now accused of waylaying and sexually assaulting her.

The arrested individual has been identified as Pradeep Poojary (26), a member of the Hindu Jagarana Vedike's Nairkode unit in Perdur.

Poojary had allegedly been relentlessly harassing the young woman, pressuring her to marry him. When she bravely stood up to him and refused his demands, she filed a formal complaint at the Hiriyadka police station. He was subsequently arrested in that initial harassment case but was later granted bail.

According to police reports, driven by the same malicious grudge, Poojary allegedly intercepted the woman again on November 29. While she was walking through a deserted area, the accused is claimed to have threatened her by grabbing her neck. When she again refused to marry him, he allegedly proceeded to rape her.

The survivor immediately informed her family about the traumatic assault. Following this, her parents lodged a complaint at the Udupi women’s police station.

Police arrested Poojary again and produced him before the court. He has since been remanded to judicial custody.

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News Network
December 2,2025

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Bengaluru: 'Nati koli saaru' (country chicken curry) considered one of Chief Minister Siddaramaiah’s favourites along with steaming hot idlis was on the breakfast menu at Deputy CM D K Shivakumar’s residence on Tuesday, according to official sources.

The spread also included 'nati koli' fry, vada and pongal, among other items, they said.

In an apparent show of unity, Siddaramaiah visited Shivakumar’s residence for breakfast, just days after the two leaders shared a meal amid a simmering power tussle in the state Congress.

Siddaramaiah drove to the Deputy CM’s residence in Sadashivanagar, where he was received by Shivakumar and his brother D K Suresh, who is a former Congress MP.

Suresh and Kunigal MLA H D Ranganath, a relative of Shivakumar, joined them for breakfast, which featured a mix of vegetarian and non-vegetarian dishes.

Speaking to reporters later, Siddaramaiah said Shivakumar had invited him during his visit to the CM’s residence for breakfast on Saturday.

Asked about the difference between the two meals, the chief minister said, "At his (Shivakumar’s) house it was non-veg, while at my house it was veg. He is a vegetarian, I am a non-vegetarian. I had not prepared non-veg. I told DK to get chicken from the village as you won’t get the original in Bengaluru."

Shivakumar said he had initially invited Siddaramaiah to his residence, but the CM had suggested visiting his place first and reciprocating later. "It was a vegetarian breakfast at the CM’s house on Saturday," he noted.

"Today, I invited him (the CM) to my house. He enjoyed the breakfast, which had his Mysuru taste," Shivakumar added. At this point, Siddaramaiah remarked that Shivakumar’s wife is also from Mysuru.

Saturday’s breakfast at Siddaramaiah’s official residence, held as part of efforts by the Congress high command to ease tensions in the leadership dispute between the two, reportedly included idlis and sambar, according to official sources.

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