UAE Attracts Billionaires with Significant Wealth Growth in 2023

The UBS Billionaire Ambitions Report for 2023 reveals that the UAE has seen a notable influx of billionaires, with five individuals choosing the Emirates as their residence this year. 

The report also notes that two new billionaires emerged within the UAE, contributing to the country’s growing stature in wealth accumulation.

Striking Wealth Growth and Economic Expansion:

The total wealth of billionaires in the UAE has witnessed an exceptional surge, growing by 157% to reach $99.4 billion in 2023, compared to $38.7 billion in the previous year. 

The country’s robust economic growth, particularly in key sectors like real estate, travel and tourism, and retail, has played a pivotal role in this wealth escalation. 

The UAE’s GDP expanded by 7.6% in 2022 following a post-pandemic recovery.

Dubai’s Appeal to Millionaires:

A separate study by New World Wealth highlights that over the past decade, around 1,500 millionaires have relocated from the UK to Dubai, with an additional 250 expected to join this year. 

The Henley Private Wealth Migration Report for 2023 projects that a significant number, approximately 4,500 millionaires, will choose the UAE as their relocation destination this year.

UAE’s Position in the Middle East and Africa (MEA) Region:

The UBS report positions the UAE as the second-highest host of billionaires in the Middle East and Africa (MEA) region, trailing only behind Israel, which boasts 26 billionaires. 

Following the UAE are Saudi Arabia (6), South Africa (5), Egypt (4), Nigeria (3), and Lebanon (2). The total count of billionaires in the MEA region has increased by 9 individuals, reaching 63 billionaires.

Global Trends in Billionaire Growth:

Globally, the UBS report indicates a 7% increase in billionaires over the 12 months to April 6, 2023, rising from 2,376 to 2,544 individuals. 

Europe leads in wealth recovery, contributing to a nominal increase from $11 trillion to $12 trillion. The study notes that, for the first time, Europe’s billionaires have taken the lead in wealth growth.

Wealth Transition to Heirs and Emerging Billionaires:

As many billionaire entrepreneurs age, the report anticipates a substantial wealth transition, with over 1,000 billionaires expected to pass on $5.2 trillion to their heirs over the next two to three decades. 

The inheritance trend is gaining momentum, with heirs inheriting $150.8 billion in 2023, surpassing the total wealth of 84 new self-made billionaires, which amounted to $140.7 billion.