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

News Network
February 16, 2021

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
February 4,2026

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An Indian resident who won the Dh20 million (approximately Rs 50 crore) jackpot in Abu Dhabi's Big Ticket draw has told of his joy at sharing his life-changing fortune with a friend.

Shanthanu Shettigar, a shop manager in Muscat, regularly buys tickets for the monthly grand prize draw with one of his closest friends – and the pair won on February 3.

Mr Shettigar, 33, who is from Udyavar in Udupi district of the southern state of Karnataka and has lived in the Omani capital for eight years, said he was left speechless after learning of his success.

“When I first moved to Muscat, many of my colleagues were purchasing Big Ticket, which encouraged me to give it a try,” he said.

“I started buying tickets on my own, and later began sharing tickets with a close friend. The ticket that brought me this win was one we purchased together.”

“Like most people, I receive a lot of spam calls, and I was fully absorbed in my work as well. I knew the live draw was taking place tonight, but I never imagined my name would be announced,” he said.

“When I realised it was real and that I had won, I was honestly speechless. It still hasn’t fully sunk in, but I’m extremely happy.”

Mr Shettigar is not sure how he will spend his share of the money, but encouraged others to take part.

“This win was completely unexpected, so I want to take some time to think things through before deciding what to do next,” he said.

“I would definitely encourage others to participate with Big Ticket, whether with family or friends – you never know when your moment might come.”

The Big Ticket was established in 1992 with an initial first prize of Dh1 million. It is one of the most popular monthly raffles in the UAE.

It has transformed the lives of many people across the Emirates and beyond.

Entry to the Big Ticket Millionaire is Dh500. Tickets can be bought online or at counters at Zayed International Airport and Al Ain Airport.

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News Network
February 3,2026

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Kasaragod: An 18-year-old girl was stabbed to death at Thuminad in Manjeshwar panchayat on Monday, allegedly by her father following a domestic dispute. 

The victim has been identified as K U Mariyamath Jumaila. Her father, Umar Farooq, has been taken into police custody, Manjeshwar Station House Officer Inspector Ajith Kumar P said.

According to the police, Umar Farooq had been working in a West Asian country and returned home about three months ago. 

Family tensions reportedly escalated after his wife, Thahira (41), decided to seek a divorce and asked him to leave her life. Kasaragod district panchayat member Harshad Vorkady alleged that Umer was addicted to marijuana and frequently caused disturbances at home.

On Monday, Thahira asked Umar to come to her sister’s house in Thuminad to discuss the dispute. Jumaila accompanied her mother. 

Manjeshwar panchayat member Illiyas Thuminad said Umar arrived along with his brother, following which Thahira handed over gold ornaments and property documents to him and asked him to sever ties with her.

However, the police said a property dispute had been ongoing between Umar Farooq and his sister-in-law’s husband. During a heated argument, Umar allegedly attempted to attack the man with a sharp weapon. When Jumaila intervened to stop the assault, she was stabbed in the neck.

The teenager collapsed after bleeding profusely and was rushed to a private hospital in Mangaluru, where doctors declared her dead. Her body was later shifted to Mangalpady Taluk Hospital for post-mortem examination.

Jumaila was a former student of Sirajul Huda English Medium Higher Secondary School, Manjeshwar. 

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News Network
February 4,2026

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Ghaziabad: In a tragic incident, three sisters aged 12, 14 and 16 died after jumping from the ninth floor of their apartment in Uttar Pradesh’s Ghaziabad in the early hours of Wednesday. The girls allegedly took the extreme step after becoming deeply obsessed with an online Korean task-based game.

The incident occurred around 2.15 am at a high-rise apartment complex in Bharat City. Before jumping, the sisters — Pakhi (12), Prachi (14) and Vishika (16) — left behind a handwritten note that read, “Sorry, Papa.”

According to police, the girls went to the balcony, bolted the door from inside and jumped one after another. Their screams and the sound alerted their parents, neighbours and security guards. By the time the parents broke open the balcony door, all three had died.

“When we reached the spot, we confirmed that three minor girls, daughters of Chetan Kumar, had died after jumping from the building,” said Assistant Commissioner of Police Atul Kumar Singh.

Visuals from the scene on Wednesday morning showed the bodies lying on the ground, their mother wailing in grief, and stunned neighbours gathering at the complex.

Police said the sisters were heavily influenced by Korean culture and were addicted to an online “Korean love game”, though no specific game has been identified so far. Investigators are examining an eight-page suicide note written in a pocket diary, detailing the girls’ mobile and gaming activities.

“Read everything written in this diary because all of it is true. I’m really sorry. Sorry, Papa,” the note said, accompanied by a hand-drawn crying emoji.

Their father, Chetan Kumar, told police that the girls had even adopted Korean names and had gradually withdrawn from school and daily activities. “They used to say, ‘Korea is our life, Korea is our biggest love. We cannot give it up,’” he said, breaking down.

Police said the parents had recently restricted the girls’ mobile phone usage, which may have triggered distress. “The investigation has not revealed the name of any particular game, but it is evident that the girls were deeply influenced by Korean culture, as mentioned in the suicide note,” said senior police officer Nimish Patel.

The sisters reportedly did everything together, including eating and bathing. Their gaming addiction is believed to have begun during the COVID-19 pandemic, after which they became irregular at school and eventually stopped attending altogether.

Police also revealed that Chetan Kumar is married to two sisters and lives with both wives and their children, all daughters. Two of the deceased girls were daughters of one wife, while the third was their half-sister.

Further investigation is underway.

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