The United Arab Emirates (UAE) is the country that attracts the most millionaires in the world. The UAE has become a millionaire magnet
The United Arab Emirates (UAE) is the country that attracts the most millionaires in the world. The UAE has become a millionaire magnet, with 4,000 high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) projected to flow into the country by the end of 2022.
Big banks like HSBC have expanded their private banking businesses in the UAE to cater to the growing number of high-net-worth investors.
Dubai, the most attractive city in the UAE Dubai is the 23rd-most popular city in the world for ultra-wealthy residents after the emirate
recorded an 18% increase in high-net-worth individuals living within the city.
With Dubai already home to more than 67,000 millionaires, a new era of mega-wealth is coming as a number of centi-millionaires arrive. This number is set to increase by 52% in the next ten years as the mega-rich migrate to the country.
In the Middle East, Dubai ranked the top city for HNWI wealth, followed by Tel Aviv, Israel, according to the New World Wealth and Henley & Partners study. The number of HNWIs in the UAE is expected to rise from 163,000 in 2021 and reach more than 228,000 by 2026, a 39% increase according to a March report by Consultancy Knight Frank.
HNWIs & UHNWIs are looking for luxury villas According to Firas Al Msaddi, CEO of fam Properties, “right now, there is a lack of new super-luxury villas ready for purchase and it could be anywhere between one and three years before fresh listings become available. And billionaires aren’t going to wait.
They want villas ready; they want it now. This is why individual sellers holding premium villas are at an advantage vis-a-vis most developers. They can upgrade/customise their properties and sell it to the highest bidder”.
Experienced property investors have realised the immense value they can create by building customised luxury villas in Dubai - the majority of large developers are building decent luxury villas, but they are not unique. And today’s UHNWIs need unique.
Get a slice of the cake
A French company recently dropped in Dubai. Investdubai.com allows individuals to invest into luxury high-end villas starting from only 2,000 AED.
The concept is quite simple; they buy, they renovate, they sell, only luxury villas, similar to “marchand de biens” in France.
The target is to flip the house within 12 months with an ROI of 15%. Already more than 1,000 investors have jumped on board and Investdubai.com is already on their 22nd villa.
They plan to Flip 100 ultra-luxury villas before the end of 2023.