The UAE has seen a significant rise in its billionaire population, with 17 billionaires now residing in the country. This increase is highlighted in the UBS Billionaire Ambitions Report 2023, which notes that 5 billionaires relocated to the Emirates this year, and 2 others joined the billionaire ranks. The surge in wealth among Ultra-High Net Worth Individuals (UHNWIs) in the UAE is attributed to robust growth in key sectors like real estate, travel, tourism, and retail.
The total wealth of UAE’s billionaires has skyrocketed by 157% to $99.4 billion in 2023, a substantial increase from $38.7 billion in the previous year. This growth aligns with the country’s sharp economic expansion post-pandemic, with a reported 7.6% increase in GDP in 2022.
In a broader trend, around 1,500 millionaires have moved from the UK to Dubai in the last decade, with an additional 250 expected to relocate this year, as per New World Wealth. The Henley Private Wealth Migration Report 2023 also predicts that the UAE will be the second most popular destination for millionaire relocations in 2023, expecting around 4,500 new millionaire residents.
Regionally, the UAE ranks second in the Middle East and Africa for the number of billionaires, trailing behind Israel with 26. The list includes Saudi Arabia with 6, South Africa with 5, Egypt with 4, Nigeria with 3, and Lebanon with 2. The MEA region’s total billionaire count now stands at 63, adding 9 new names this year.
Globally, the number of billionaires increased by 7% over 12 months to April 6, 2023, with their combined wealth also rising from $11 trillion to $12 trillion. Interestingly, Europe’s billionaires have led this wealth recovery for the first time in history. However, the billionaire community is still smaller than its 2021 peak.
A noteworthy trend is the anticipated wealth handover, as many billionaire entrepreneurs age. Over the next 20 to 30 years, more than 1,000 billionaires are expected to pass on $5.2 trillion to their heirs. In 2023 alone, 53 heirs inherited a total of $150.8 billion, surpassing the wealth of 84 new self-made billionaires.
In total, 137 individuals became billionaires for the first time in 2023, amassing a combined wealth of $291.5 billion.