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
December 17,2025

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Melkar, Dec 17: The 17th Annual Day and Graduation Ceremony of Melkar Women’s PU and Degree College, themed “Fusion-2K25,” was celebrated with dignity and enthusiasm, marking a significant milestone in the institution’s academic journey. The programme reflected the college’s steadfast commitment to academic excellence, character building, and the holistic development of students.

The event was inaugurated by Mr. Asif Mohammed, whose presence greatly enriched the occasion. The celebration was further graced by the chief guests Mr. P. B. Ahmed Mudassir and Mr. Nissar Fakeer Mohammed, along with the distinguished guests of honour Mr. B. A. Nazeer and Mr. Ibrahim Gadiyar. In their inspiring addresses, the guests encouraged the graduating students and appreciated the dedicated efforts of the management, faculty, and students.

The annual report was presented by the Principal, Mr. Abdul Majeed S, highlighting the institution’s academic progress, notable achievements, and extracurricular accomplishments during the academic year.

The presidential address was delivered by the esteemed Chairman of Melkar Women’s PU and Degree College, Dr. Haji S. M. Rasheed, who emphasized the vital role of education in empowering women and shaping responsible citizens. He also stressed the importance of discipline, dedication, and perseverance in achieving success.

Cultural programmes and academic recognitions formed an integral part of the celebration, showcasing the talents and achievements of the students. The graduation ceremony was a proud moment for the outgoing students as they were formally conferred degrees and wished success in their future endeavours.

Ms. Mashmooma Fathima served as the Master of Ceremonies. The welcome address was delivered by Ms. Fathima Nida, and the programme concluded with a vote of thanks proposed by Ms. Ayisha Suhana.

The event successfully achieved its objectives and was highly appreciated by the guests and attendees.

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News Network
December 15,2025

Mangaluru police have arrested a 27-year-old NRI on his return from Saudi Arabia in connection with an Instagram post allegedly containing derogatory and provocative remarks about the Hindu religion, officials said on Monday.

The accused, Abdul Khader Nehad, a resident of Ulaibettu in Mangaluru, was working in Saudi Arabia when the post was uploaded, police said.

A suo motu case was registered at the Bajpe police station on October 11 after an allegedly offensive post circulated from the Instagram account ‘team_sdpi_2025’. Police said the content was flagged for being provocative and derogatory in nature.

During the investigation, technical analysis traced the Instagram post to Nehad, who was residing abroad at the time, a senior police officer said. Based on these findings, a Look Out Circular (LOC) was issued against him.

On December 14, Nehad arrived from Saudi Arabia at Calicut International Airport in Kerala, where he was taken into custody on arrival. Police said further investigation is underway.

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News Network
December 4,2025

Mangaluru: Chaos erupted at Mangaluru International Airport (MIA) after IndiGo flight 6E 5150, bound for Mumbai, was repeatedly delayed and ultimately cancelled, leaving around 100 passengers stranded overnight. The incident highlights the ongoing country-wide operational disruptions affecting the airline, largely due to the implementation of new Flight Duty Time Limitations (FDTL) norms for crew.

The flight was initially scheduled for 9:25 PM on Tuesday but was first postponed to 11:40 PM, then midnight, before being cancelled around 3:00 AM. Passengers expressed frustration over last-minute communication and the lack of clarity, with elderly and ailing travellers particularly affected. “Though the airline arranged food, there was no proper communication, leaving us confused,” said one family member.

An IndiGo executive at MIA cited the FDTL rules, designed to prevent pilot fatigue by limiting crew working hours, as the cause of the cancellation. While alternative arrangements, including hotel stays, were offered, about 100 passengers chose to remain at the airport, creating tension. A replacement flight was arranged but also faced delays due to the same constraints, finally departing for Mumbai around 1:45 PM on Wednesday. Passengers either flew, requested refunds, or postponed their travel.

The Mangaluru delay is part of a broader crisis for IndiGo. The airline has been forced to make “calibrated schedule adjustments”—a euphemism for widespread cancellations and delays—after stricter FDTL norms came into effect on November 1.

While an IndiGo spokesperson acknowledged unavoidable flight disruptions due to technology issues, operational requirements, and the updated crew rostering rules, the DGCA has intervened, summoning senior airline officials to explain the chaos and outline corrective measures.

The ripple effect has been felt across the country, with major hubs like Bengaluru and Mumbai reporting numerous cancellations. The Mangaluru incident underscores the systemic operational strain currently confronting India’s largest carrier, leaving passengers nationwide grappling with uncertainty and delays.

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