Dubai is a land of opulence, extravagance, and wealth. This city is known for its luxurious lifestyle, stunning architecture, and breathtaking scenery.
It is no secret that Dubai is home to some of the wealthiest people in the world. But just how many billionaires reside in this desert oasis? Let’s dive into the numbers.
The Billionaire Population in Dubai
According to Forbes’ 2021 Billionaires List, there are currently nine billionaires who call Dubai their home. The total net worth of these individuals combined stands at an astounding $34.9 billion.
The Richest Billionaire in Dubai
The richest billionaire in Dubai is currently Majid Al Futtaim with a net worth of $8. He made his fortune through his company Majid Al Futtaim Holding which operates malls and retail franchises across the Middle East and Africa.
The Other Billionaires in Dubai
Aside from Majid Al Futtaim, there are eight other billionaires residing in Dubai:
- Hussain Sajwani – net worth of $4.7 billion; made his fortune through real estate development.
- Abdulla Al Ghurair – net worth of $4.2 billion; inherited his wealth from his family’s investments in banking and real estate.
- Saeed Bin Butti Al Qebaisi – net worth of $2.5 billion; made his fortune through healthcare investments.
- Ravi Pillai – net worth of $2.4 billion; made his fortune through construction and engineering projects across the Middle East.
- Sunny Varkey – net worth of $2.3 billion; made his fortune through GEMS Education, a private school network.
- Mohammed Al Barwani – net worth of $1.9 billion; made his fortune through investments in oil and gas exploration.
- Abdul Aziz Al Ghurair – net worth of $1.5 billion; inherited his wealth from his family’s investments in banking and real estate.
- Raghuvinder Kataria – net worth of $1.3 billion; made his fortune through healthcare investments.
The Impact of Billionaires in Dubai
While having billionaires in Dubai may seem like an indicator of the city’s prosperity, it is important to note that the wealth gap between the ultra-rich and the rest of the population is significant.
According to a report by Credit Suisse, the top 1% of adults in Dubai hold more than half of the city’s wealth. This disparity has led to concerns about income inequality and social justice.
The Future of Billionaires in Dubai
Despite concerns about income inequality, there is no denying that billionaires play a significant role in Dubai’s economy. Their investments and business ventures have contributed to the city’s growth and development.
As Dubai continues to position itself as a global hub for commerce, tourism, and innovation, it is likely that more billionaires will make their way to this desert paradise.
Conclusion
In conclusion, there are currently nine billionaires residing in Dubai with a combined net worth of $34. While their presence has contributed to the city’s growth and development, there are concerns about income inequality and social justice.
As Dubai continues on its path towards becoming a global hub for commerce and innovation, it will be interesting to see how the billionaire population evolves and impacts the city’s future.