As of June 2022, Dubai is home to 67,900 millionaires. 35% of whom live in
The richest people in Dubai prefer to live in the most wealthy neighborhoods, such as Downtown Dubai, Jumeirah, The Palm, Emirates Hills, Dubai Marina, and others. The infrastructure and tourism in Dubai are one of the reasons that the areas are popular in Dubai.
Palm Jumeirah
As one of Dubai's most popular and luxurious residential communities, as you can imagine, homes here come with a premium price tag.
Palm Jumeirah Island
It is mostly known for its opulent hotels, posh apartment towers, and upscale global restaurants, and the community of this place just adds to its colorful lifestyle.
The UAE is the third-richest country in the world, below Luxembourg at number two and Qatar at number one, with a GDP per capita of $57,744. The bulk of its money comes from the production of goods and provision of services related to petroleum, petrochemicals, aluminium and cement.
Umm Suqeim is one of Dubai's richest and most expensive neighbourhoods. It is surrounded by some of the city's most popular attractions, such as: Jumeirah Beach. Kite Beach.
– The alternatives are to pick places that tend to attract a slightly more mature audience, i.e. DIFC's and the Four Season's upscale restaurant outlets are the perfect hunting ground for professionals and millionaires. Zuma, Robertos, La Cantine, Nammos, Bagatelle and others attract the rich and beautiful in Dubai.
A family of four estimated monthly costs are 3,493.2$ (12,828.3AED) without rent. A single person estimated monthly costs are 1,011.8$ (3,715.7AED) without rent. Dubai is 35.3% less expensive than New York (without rent). Rent in Dubai is, on average, 51.3% lower than in New York.
Atlantis, The Palm
If you are wondering what makes Atlantis The Palm one of the A-list celebrities' favourite hotels in Dubai, there are a number of reasons. The gorgeous views, private beaches, gourmet restaurants and the 24-hour butler service are certainly reasons celebrities want to stay in the Atlantis.
Majid Al Futtaim is both the richest man in Dubai and the richest man in the UAE today after beating out all of his competitors. His entertainment and retail conglomerate, Majid Al Futtaim Holdings (MAF), has generated billions of fortune since he established it in 1992.
Other factors include success in numerous key sectors including financial services, oil and gas, real estate, travel and tourism, technology, and healthcare, with a first-class healthcare system. In terms of lifestyle, the UAE also offers top-end apartments and villas and world-class shopping malls and restaurants.
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.
According to Salary Explorer, the average salary in Dubai is 258,000 AED per year (70,256 USD as per exchange rates in 2023). This figure can help you get an overview of Dubai's economy and its standard of living.
To live comfortably in Dubai, you should expect a salary of at least 10,000 to 15,000 AED. This should allow you to cover your rent and bills and have enough disposable income to enjoy Dubai to the fullest.
Average Housing Rent
In Dubai, the minimum house rent is 193,180 AED (52,590 USD) for a home with three bedrooms and 298,640 AED (81,300 USD) for a home with five bedrooms. In Abu Dhabi it is 168,180 AED (45,785 USD) for a three-bedroom home and 305,910 AED (83,280 USD) for five bedrooms.
In total, Dubai is home to 67,900 millionaires as of June 2022, out of which 35 per cent reside in Jumeirah First, Al Barsha, and Jumeirah. “Jumeirah is distinguished by its upscale, suburban feel and its proximity to both the sea and Downtown.
#1: New York
New York is the wealthiest city in the world—home to 345,600 millionaires with a total private wealth that exceeds $3 trillion. New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple.
The Passion for Fashion
It is a well-known fact that the elite in Dubai are serious fashionistas. The Dubai Mall alone is a testament to the city's never-ending love for couture. The latest collections of Valentino, Gucci, Prada, Chanel, Burberry and more, are known to be first seen on the super-rich in Dubai.
Sonapur poor district of Dubai
Indeed, Sonapur camp brings together more than 150 poor workers who cannot afford to live in central Dubai. They live there in shacks in precarious conditions that contrast with the wealth and luxury of the immense towers of Dubai.
Housing and land benefits for UAE nationals
The UAE Government allocates land or provides free housing or housing loan, residential facilities and maintenance to deserving Emiratis. This way, the UAE ensures access for all to adequate, safe and affordable housing and basic services.
Tourism has played a large part in the success of the UAE's economic diversification. The UAE's world-class airlines, including Etihad and Emirates, as well as constant upgrading of aviation infrastructure, have played a major role in the advance of the tourism industry and are key contributors to the economy.