PHOTO
Dubai's 830 ultra-rich homeowners are among the youngest of this segment and are mostly self-made men, according to a new report by data firm Altrata.
New York is the world’s most popular place for the super-rich to own property, with over 21,714 ultra-high-net-worth (UHNW) individuals those with net worth of over $30 million owning either a primary or secondary residence in the city, the study found.
London followed in second place with a UHNW footprint of close to 16,000, and Hong Kong was third with 15,175.
Monaco has the highest level of UHNW density by far. The city state on the French Riviera has one UHNW individual (as a primary resident or with a second home) for every 39 residents.
Dubai’s ultra-wealthy homeowners tend to be overwhelmingly men and younger than those in Los Angeles and Monaco, other two cities of focus, and mainly comprise primary residents. Dubai's cohort of 830 UNHWs is the smallest among the three cities and is 91% men. Of the total, 66.7% are primary residents while 33.3% are secondary homeowners.
In terms of source of wealth, 60.9% are self-made, with 36.2% having a combination of inherited and self-made wealth. Only 2.9% depended solely on inheritance.
Among them, 1.4% are jet owners, while 0.7% are yacht owners.
The top three countries of origin for Dubai's super-rich who are secondary homeowners, are United Kingdom, France and Switzerland.
Banking & finance was the top industry for them, followed by industrial conglomerates, business and consumer services construction and engineering, and manufacturing in that order.
In terms of the interests and hobbies of these ultra-wealthy homeowners, Dubai is the only city of the three in which technology ranks highly, behind sports and public speaking. Other passions include travel and philanthropy.
While its super-rich primary and secondary homeowners had the lowest share of self-made fortunes, they also had the lowest share of solely inherited wealth.
The oil sector remains a core driver of growth and wealth creation in the UAE, but key policies are aimed at strengthening its credentials as a regional business hub, which is reflected in the primary industry focus of Dubai’s UHNW residents.
"While banking and finance is the most common (as it is in Los Angeles and Monaco), there is a much larger representation in industrial conglomerates, construction and manufacturing than in the other two cities," said, Altrata.
(Reporting by Brinda Darasha; editing by Seban Scaria)
