Onion has been selling at over Dh6 per kg in the local hypermarkets after India put restrictions on exports last year
uae4 hours ago
Dubai was home to 40 billionaires -- or 65 per cent of the UAE total -- at the end of last year, an addition of three new high net worth individuals. Overall, there were 62 billionaires in the UAE last year, holding $168 billion (Dh616.56 billion) wealth.
The UAE was also ranked 10th in the list of countries while Dubai was ranked 8th among cities with the highest number of billionaires, revealed Wealth-X Billionaire Census 2018 report.
Andrew Amoils, head of research, New World Wealth, said most of the UAE-based billionaires have made their money from real estate.
"Going forward they should come from professional services (law firms, consultancies), healthcare, technology, real estate and financial services (banks, fund managers, wealth managers)," Amoils said. He, however, refused to disclose the names of the billionaires.
Rupert Hoogewerf, chairman and chief researcher, Hurun Report, says nine more billionaires emerged in the UAE this year compared to last year, taking the total to 36 known self-made or 'first generation' billionaires.
"It is worth noting that we estimate that for each one we have found we have missed potentially as many as two, meaning the true number of existing self-made billionaires in the GCC may be as many as over 100. However, based on the current growth, we expect the number of self-made billionaires in the region to grow by at least three over the next 10 years to 110. This reflects the existing ones we missed in previous years and the new ones created," he said.
"I would expect a continued growth in the number of expats, since the UAE is considered to be a stable country in the region, offers a high quality of life and has an attractive tax regime. With the vision of growth expected for 2030, there will be more UAE nationals who grow into billionaires."
Hoogewerf expects several billionaires in the UAE to come from the new economies, but also including investments, transportation, healthcare and life sciences, as well as real estate.
Majority of new billionaires to be expats
Vijay Valecha, chief market analyst at Century Financial Brokers, said lower tax rates, world-class luxury, strong rule of law, good educational facilities and reputation as a global business hub that straddles East and West are the primary attractions of UAE for ultra-high net worth individuals.
"The number of new billionaires is expected to rise sharply in the next 10 years as UAE and adjoining geographical areas progress. UAE economy continues to see robust growth and new billionaires are expected from sectors like healthcare, real estate, education, jewellery and e-commerce. Liberalization of UAE capital markets are expected to aid in the growth of further Emirati wealth. Moreover by 2027, number of Indian billionaires are expected to rise by 200 per cent to 357. By historical migration patterns, at least 24 of them are expected to choose UAE as their home due to geographical proximity and affluent lifestyle. The total count of billionaires are expected to rise by 44 in the next 10 years," he added.
Valecha expects majority of the new billionaires are expected to be expats who are likely to migrate to UAE due its stable political and low tax regime. A robust UAE economy is expected to aid in the creation of new Emirati billionaires in sectors like e-commerce and healthcare.
"Billionaires in UAE are more inclined to invest in real estate as the current prices are attractive for them from a long term perspective. Risk free products like sovereign bonds, sukuks also rank higher in their investment priorities," he concluded.
waheedabbas@khaleejtimes.com
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