Where do the richest people in Dubai live?
Dubai - Most of the rich people like to live on beachfront properties.
By Waheed Abbas
Published: Sat 15 Dec 2018, 9:05 PM
Last updated: Wed 30 Jan 2019, 8:44 PM
Dubai is synonymous with the cities of the rich as the glamorous city is home to the highest number of high net worth individuals (HNWIs) in the region.
According to New World Wealth, there are approximately over 55,000 HNWIs with $1 million-plus assets, 2,590 multi-millionaires with $10-million assets and 10 billionaires who have made the emirate as their home. But where do most of these millionaires live in the emirate? Check the interactive map here.
An analysis by the US-based Webster Pacific showed that the Jumeirah, Umm Suqeim and surrounding areas have the highest concentration of HNWIs, followed by the Al Karama, Al Raffa and Al Barsha areas. However, the highest number of rich people live in Al Karama, Al Safa, Deira, Trade Centre area, Dubai Marina and Palm Jumeirah and surrounding areas as these parts of the emirate have population ratios as compared to other emirates.
"Dubai has favourable income and wealth tax laws and a plethora of luxury housing, making it an attractive location," said Steve Bazant, consultant at Webster Pacific. "There are extensive shops and services across the country for wealthy visitors and no shortage of beautiful beaches."
The emirate's total population is just over three million and 55,000 are millionaires, making up 1.8 per cent of the total population. Most of the rich people like to live on beachfront properties which offer not just highly luxurious apartments and houses but also are in close proximity to the major shopping malls in the emirate.
"Most of the wealthiest suburbs in Dubai are located close to the beach and offer great views and a host of nearby activities. Also, the apartments and houses in these areas offer top-end luxury and many of them are located close to top-end shopping centers such as the Dubai Mall and the Mall of the Emirates," said Andrew Amoils, head of research at New World Wealth. According to New World Wealth's recently-released report, Emirates Hills, Jumeirah Golf Estate, Dubai Marina and Palm Jumeirah are the affluent parts of Dubai. More than 38,000 millionaires have moved to the UAE over the last 20 years, the report recently said.