UAE Billionaires Total Wealth Surges 157% in 2023
Five people have moved to the Emirates this year, and two more have become billionaires, according to the UBS Billionaire Ambitions Report 2023. This represents a tremendous spike in billionaire migration to the Emirates. The economy as a whole, real estate, travel and tourism, retail, and other significant strategic sectors are all blamed for this change.
Unprecedented wealth growth
The aggregate net worth of billionaires in the United Arab Emirates has risen by an astounding 157%, from $38.7 billion to $99.4 billion in 2023. This economic recovery comes after a strong 7.6% GDP growth in 2022 following the epidemic.
UK millionaires flock to Dubai.
A noteworthy trend has been seen, according to research by New World Wealth, in which some 1,500 millionaires have relocated from the United Kingdom to the UAE during the previous ten years, with another 250 predicted to do so this year. A significant migration is anticipated, with 4,500 millionaires expected to relocate to the United Arab Emirates in 2023, making it the second-highest migration destination worldwide, just behind Australia, according to the Henley Private Wealth Migration Report 2023.
A Billionaire Hub in the MEA Region
The UBS report positions the UAE as home to the second-highest number of billionaires in the Middle East and Africa (MEA) region, with 26 billionaires, following Israel. Saudi Arabia, South Africa, Egypt, Nigeria, and Lebanon follow in the billionaire count. The region has a total of 63 billionaires, with the addition of nine new billionaires in 2023.
Global Trends in Billionaire Growth
Globally, the study indicates a 7% increase in the number of billionaires over the 12 months to April 6, 2023, reaching a total of 2,544 billionaires. Europe leads in wealth recovery, contributing to a 9% rise in nominal terms, surpassing $12 trillion. Despite this increase, the billionaire community remains smaller than its peak in 2021.
Wealth Transition to Heirs
The data indicates a major shift as aging billionaire entrepreneurs want to pass on their wealth: over 1,000 billionaires are anticipated to give $5.2 trillion to their heirs over the course of the next two to three decades. 53 heirs received a combined inheritance of $150.8 billion in 2023 alone, which is more than the $140.7 billion total wealth of 84 newly created billionaires. A total of 137 people made their first billion-dollar wealth of $291.5 billion.
