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UAE: 18 billionaires own more than half a trillion dirhams in wealth

Globally, the study noted that between 2015 and 2024, total billionaire wealth increased by 121 per cent globally from $6.3 trillion to $14 trillion

Published: Thu 5 Dec 2024, 1:30 PM

Updated: Thu 5 Dec 2024, 11:30 PM

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The wealth of UAE billionaires rose more than one-third or $39.3 billion (Dh144 billion) to over half a trillion dirhams in 2024 as more and more high-net-worth individuals relocate to the Emirates to benefit from the tax-free income and safety and security of their assets.

According to the annual study released by Swiss bank UBS, the aggregate wealth of UAE billionaires jumped 39.5 per cent to $138.7 billion (Dh509 billion). The UAE also added a new billionaire to its population, taking the number of billionaires who have made the Emirates as their home to 18.

The Billionaire Ambitious Report revealed that billionaire wealth in Europe, the Middle East and Africa grew by 17 per cent to $3.7 trillion and the number of billionaires increased by 70 to 728.

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The report found that the UAE has the highest number of billionaires in the Arab world and second in the Middle East after Israel (26).

The Swiss bank noted that the UAE – along with Switzerland, Singapore and the US – are among the top destinations where billionaires are relocating, especially during the Covid-19 pandemic.

“The Covid-19 pandemic was a wake-up call for many people and led them to reassess their lives. Billionaires were no exception. With homes, families and businesses spread across different countries, billionaires have always moved. But since 2020, they’ve relocated more frequently, with 176 having moved from a total population of 2,682 in April 2024. That’s one in 15… They’re moving to countries such as Switzerland, the UAE, Singapore and the US. In total, billionaires accounting for more than $400 billion have emigrated in four years, with the Middle East and Africa region attracting the most billionaire capital,” said UBS in the annual report.

“People are relocating to jurisdictions not just for tax benefits, but also for safety and political reasons,” a US billionaire told UBS. “I moved several years ago with my family to a country, state and city that affords the benefits most seek. Unless the political divide addresses failed policies that have yet to curb crime, lack of rule of law and safety, as well as fostering an economic climate that unleashes potential, I fear the trend will continue.”

Globally, the study noted that between 2015 and 2024, total billionaire wealth increased by 121 per cent globally from $6.3 trillion to $14 trillion. While wealth grew by $2 trillion year-on-year.

The wealth of technology billionaires has grown fastest over 10 years, but the progress of their industrials peers is less expected. Tech billionaires’ wealth tripled from $789 billion in 2015 to $2.4 trillion in 2024. Meanwhile, industrials billionaires increased their wealth by the second largest amount – from $480 billion to $1.3 trillion.

According to UBS, billionaires’ views on asset classes are shifting at a time when interest rates appear to be starting an easing cycle in the US and Europe, which may underpin economic growth.

Over the next 12 months, UBS said, 43 per cent of billionaires intend to increase their exposure to real estate and 42 per cent to developed market equities. They’re also increasing investments in perceived safe havens.

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