Dubai has become one of the preferred destinations for centimillionaires due to its opulent lifestyle and profitable investments. Dubai, Abu Dhabi, and Riyadh are considered the havens for the richest entrepreneurs in the world, who see these enclaves as a true goldmine, leaving aside countries like the United States and China, which are falling behind in this ranking.
But before understanding the reasons for this trend, it is important to define the term “centimillionaire.” This concept refers to individuals who possess more than 100 million dollars in liquid assets, which grants them this title within the world of finance and economics. According to a study by the consulting firm Henley & Partners 2024, several cities in the United Arab Emirates will become a paradise for this group that will grow by 150% by 2040.
Dubai, the paradise of centimillionaires.
Henley & Partners 2024 confirmed that more than 6,700 millionaires are looking favorably at the United Arab Emirates, especially Dubai. According to this report, many of them come from places like China, the United Kingdom, and India, all of whom have their sights set on Dubai as their final destination. The aforementioned study also confirms that entrepreneurs with a net worth will invest around AED 16 billion ($4.4 billion) in Dubai’s real estate market.
In addition to this data, the survey states that a 39% increase in this group of millionaires is expected by 2026, surpassing 228,000 individuals. Currently, Dubai is the city with the richest population in the world, with 72,500 millionaires residing there. This implies a 78% growth in its millionaire population, placing this enclave as the 21st richest in the entire planet.
Why Dubai is the favorite among millionaires.
The reason why centimillionaires choose Dubai as a destination for their business deals has a name and surname: Dubai Golden Visa, which allows investors, entrepreneurs, and individuals with significant wealth to reside in the city without issues. This is one of the main keys for millionaires to move to this place, where the possibilities are enormous and highly attractive.
In addition to this factor, another is the easy access to luxury homes and real estate investments. At this point, the most appealing areas are neighborhoods like Palm Jumeirah, Dubai Hills Estate, and Downtown Dubai, which offer residences with top-notch services and eccentricities not found in other parts of the world.
Real estate investment, the key factor for the wealthy population in Dubai.
Rental properties in Dubai are a true gold mine for investors who have set their sights on this type of business. According to the latest reports from the consultancy Provident, the rental market in the city increased with 92,730 new contracts signed and 149,760 renewed during the first part of 2024.
This is coupled with another highly important variable for millionaire entrepreneurs. It concerns the possibility of tax-free rents in the city, along with the exemption from capital gains or inheritance taxes. Just like the Golden Visa, there is also the Dubai Green Visa, which allows real estate investors to establish permanent residency in the country. Tourism, real estate, and finance are three of the favorite concepts in this location, where centimillionaires have come to stay.
