Most people never fail to mention how rich Dubai city is. After all, that’s a fact, and wealth has a way of grabbing the attention of many people.
However, whereas the city is rich, what’s the fate of its residents? Are Dubai citizens rich too?
That’s intriguing since it is possible to have a rich country with poor citizens and vice versa. So, let’s discuss how the wealth of Dubai relates to that of its residents and much more.
Why is Dubai Rich?
Despite the awareness of the richness associated with Dubai, people often get it wrong regarding its source of wealth. If you think it is rich due to oil, then you are among this huge percentage that goes by a wrong assumption.
It turns out that oil only contributes a small percentage of its GDP, around 5%. So, it would be wrong to say that Dubai is rich due to oil.
On the contrary, it is a city with a diverse economy which is one way it differs from its neighboring cities and states. Its economy thrives due to other sectors such as finance, transportation, business, and tourism.
It has a conducive environment for businesses, especially thanks to free trade. Many people want to do business in Dubai because of zero income tax and low tax rates.
Under such circumstances, many investors and corporations will start companies and invest in such a place. This move has paid off, and Dubai has turned out quite wealthy.
Are Dubai Citizens Rich
Unfortunately, not everyone in Dubai is rich despite living in a wealthy city. There are interesting things about its population worth noting.
Out of its total population, only 15% of these people are native Emiratis. The rest, accounting for 85% of its population, are foreigners who have moved to this city in search of greener pastures.
The majority of these foreigners hail from Asia. So, despite being part of the UAE, not all its residents are rich.
UAE is among the 10 wealthiest countries globally, and Dubai follows suit. However, a huge percentage of its citizens, 20%, live in poverty regardless.
Of every 6 Dubai citizens, 1 individual lives on $20 or less daily. They barely survive and are usually self-employed.
The average person’s estimated net worth is around $99,000. One must admit that it is above the global average.
Low-income earners mostly live in Old Dubai’s district called Deira.
How Best Would One Describe a Rich Person in Dubai?
It turns out that you must be a multimillionaire to get a rich title in Dubai. You can only be considered rich if your net worth is approximately $2.6 million.
It means that you need about Dhs 9.5 million. So, unless that’s your net worth or you don’t want to be rich, pull up your socks and increase your income and wealth.
Must You Be Rich to Survive in Dubai?
Whereas Dubai is a rich city, you don’t need to break the bank to survive. A salary between 10,000 and 15,000 AED will do.
It is enough to cater to your utility bills and the rest, including rent. You can also get extra money for fun.
Whereas that’s decent, one that ranges from 15,000 to 20,000 AED is even better. It means having better living standards and saving more money.
It is a country that has struck a great balance that makes survival possible and easy. Whereas entertainment, food, and activities are expensive, rent is low, and thus easy to live.
Richest People in Dubai
Who is the richest man in Dubai? The appropriate answer to this question is Majid Al Futtaim, whose net worth is approximately $6.1 billion.
He has had a successful venture in the entertainment and retail sectors. That’s how he has amassed such a huge amount of wealth.
Others come close, and here is a summary of such individuals.
- Majid Al Futtaim, whose net worth is approximately $6.2 Billion
- Abdulla bin Ahmad Al Ghurair whose net worth is approximately $4.9 Billion
- Ravi Pillai, whose net worth is approximately $4.2 Billion
- A Yusuff Ali, whose net worth is approximately $3.7 Billion
- Micky Jagtiani, whose net worth is approximately $3.1 Billion
- R. Shetty, whose net worth is approximately $2.6 Billion
- Sunny Varkey, whose net worth is approximately $2.6 Billion
- Abdulla Futtaim, whose net worth is approximately $2.5 Billion
- Hussain Sajwani, whose net worth is approximately $2.1 Billion
- Saif Al Ghurair, whose net worth is approximately $1.7 Billion
On the other hand, who is the richest woman in Dubai? She is Sheikha Mahra, and her net worth is approximately $300 million.
How Many Billionaires Are in Dubai?
We know there are at least 10 because all the top 10 richest people in Dubai are billionaires. It turns out that there are 3 more who didn’t make it to the list, but they are billionaires nonetheless.
Therefore, there are 13 billionaires in Dubai. It makes it the city in the Middle East with the highest number of billionaires.
Given the trade in this city, it won’t come as a surprise if the number rises in the future. It is also worth noting that over 30 billionaires reside in Dubai despite being non-citizens.
How Many Millionaires Are in Dubai?
It turns out that Dubai has about 70,000 people with high net worth. 3,200 individuals are multimillionaires, and 202 people living in Dubai have a net worth that exceeds $100 million.
Can You Get Rich in Dubai?
Going by statistics, one can get rich in Dubai. Others have achieved it, which rules it out as an impossibility.
However, don’t expect it to come by without putting in an effort. Preferably, choose entrepreneurship over employment to achieve the huge wealth you seek.
Take advantage of the enabler at your disposal. They include an excellent open market, impressive security, developed infrastructure, and adequate capital.
Which Is the Richest Country?
Some people say that Dubai is the richest country in the world, but that’s far from the truth. After all, Dubai is a city and not a country.
However, the country it is in, UAE (United Arab Emirates), is the third richest country in the world. It only comes second to Luxembourg and Qatar, which is the richest.