Being a business owner is no joke. There are many factors involved when conducting business operations, so it requires effort and strategy. In addition, becoming rich and succeeding in business is even more challenging. There is a high concentration of wealthy people in UAE, a country that attracts wealthy businessmen like moths to a flame. Global economies, politics, and philanthropy are profoundly influenced by mega-rich individuals. As per 2024 reports, UAE is among the top ten richest countries in the world, with many billionaires living and investing there. The latest Hurun Global Rich List reported that the billionaires of UAE are mostly in the North Africa region and the Middle East. It might be interesting to know that there are a total of 24 people who control $69.2 billion (Dh254 billion) of wealth in the UEA. The following paragraphs will give you more information about these rich people of UAE and the world.
The wealthiest residents of the UAE, including prominent entrepreneurs such as Majid Al Futtaim, Abdullah Al Ghurair, and Hussain Sajwani, play a pivotal role in the country’s economic growth. Through significant investments in sectors such as real estate, retail, and technology, they have transformed the UAE into a global hub for business and innovation. Their wealth and success not only reflect the UAE’s bright economic future but also inspire entrepreneurs worldwide. Based on the latest data available as of December 7, 2024, the updated list of Dubai’s and UAE’s richest individuals is as follows:
| Rank | Name | Net Worth (Billion USD) | Change Rate (%) |
|---|---|---|---|
| 1 | Majid Al Futtaim & Family | 6.2 | -30 |
| 2 | Abdullah bin Ahmad Al Ghurair | 4.9 | -12 |
| 3 | Ravi Pillai | 4.2 | 0 |
| 4 | Yusuff Ali Musaliam | 3.7 | -5 |
| 5 | Micky Jagtiani | 3.1 | -26 |
| 6 | Sunny Varkey | 2.5 | -17 |
| 7 | Hussain Sajwani | 2.1 | -12 |
| 8 | Abdullah Al Futtaim | 2.0 | -9 |
| 9 | Saif Al Ghurair | 1.7 | 0 |
| 10 | Divyank Turakhia | 1.9 | 0 |
| 11 | Mohammed Khalaf Al Habtoor | 1.0 | 0 |
| 12 | B.R. Shetty | 1.6 | -43 |
| 13 | Sunil Vaswani | 1.5 | -12 |
| 14 | Thaksin Shinawatra & Family | 1.5 | -12 |
| 15 | Feroz Allana | 1.7 | 21 |
| 16 | Saket Burman | 1.7 | 6 |
| 17 | Shamsheer Vayalil | 1.9 | 0 |
| 18 | Philip Day | 1.9 | -17 |
| 19 | Christopher Chandler | 5.0 | 9 |
| 20 | Vinod Shantilal Adani | 4.3 | 54 |
| 21 | Divyank Turakhia | 1.9 | 12 |
| 22 | Sunny Varkey | 3.0 | 15 |
| 23 | Micky Jagtiani | 4.2 | -5 |
| 24 | Yusuff Ali | 5.2 | -9 |
| 25 | Khalaf Al Habtoor & Family | 7.2 | 11 |
This list highlights the fluctuations in the wealth of the UAE’s richest individuals, influenced by market dynamics and economic conditions. Please note that this information is subject to change over time.
Based on the latest data available for 2024, the changes in the wealth of Dubai’s billionaires compared to the previous year are as follows:
| Name | Wealth in 2023 (Billion USD) | Wealth in 2024 (Billion USD) | Change (%) |
|---|---|---|---|
| Majid Al Futtaim | 8.9 | 6.2 | -30% |
| Abdullah Al Futtaim | 2.2 | 2.5 | +14% |
| Abdullah bin Ahmad Al Ghurair | 4.9 | 4.9 | 0% |
| Hussain Sajwani | 2.4 | 2.4 | 0% |
| Sunny Varkey | 1.9 | 1.9 | 0% |
These figures highlight significant fluctuations in the wealth of Dubai’s billionaires over the past year. For example, Majid Al Futtaim’s wealth decreased by 30% to $6.2 billion, while Abdullah Al Futtaim experienced a 14% increase, reaching $2.5 billion. These changes may result from various economic factors, new investments, or market fluctuations.
Dubai ranked 25th among countries with the highest number of individuals with ultra-high net worth, with almost 18 billionaires. In addition to the names of UAE billionaires, you might also be interested in finding out who they are and how old they are. If so, continue reading.
The world’s wealthiest people have great power and belong to an exclusive club. The majority of these billionaires are founders of technology giants who have invested much of their wealth in the companies they founded. Global rates show that there are 2,668 billionaires in 67 countries. While many people know that Elon Musk, the co-founder and CEO of Tesla, is the richest person in the world, owing to a net worth of $203 billion, you might like to know who the others are. Here, you can read a list of the 10 richest people in the world.
Global evaluations reveal that 2,470 billionaires reside across 67 countries worldwide. As many of you know, the world’s wealthiest individual is Bernard Arnault, Chairman and CEO of LVMH (Moët Hennessy Louis Vuitton), the largest luxury company in the world. However, you might be curious to learn about the others. This article presents a list of the top 10 wealthiest people globally. Based on the latest reports for 2024, here is the updated list of the world’s richest individuals:
| Rank | Name | Wealth (Billion USD) | Change (%) | Company | Country of Residence |
|---|---|---|---|---|---|
| 1 | Bernard Arnault & Family | 233 | 16.5 | LVMH | France |
| 2 | Elon Musk | 194 | 8 | Tesla, SpaceX | United States |
| 3 | Jeff Bezos | 192 | -1.5 | Amazon | United States |
| 4 | Larry Ellison | 209 | 24 | Oracle | United States |
| 5 | Mark Zuckerberg | 161 | 39 | Meta (Facebook) | United States |
| 6 | Warren Buffett | 143 | 16 | Berkshire Hathaway | United States |
| 7 | Bill Gates | 123 | 10 | Microsoft | United States |
| 8 | Larry Page | 120 | 26 | United States | |
| 9 | Steve Ballmer | 119 | 63 | Microsoft | United States |
| 10 | Mukesh Ambani | 116 | 24 | Reliance | India |
This list reflects significant changes in the wealth of individuals compared to previous years. For instance, Bernard Arnault and his family have achieved a 16.5% increase in their wealth, reaching $233 billion and securing the top spot. On the other hand, Jeff Bezos experienced a 1.5% decline in his fortune, dropping to $192 billion and ranking third. Meanwhile, Larry Ellison saw a 24% increase in his wealth, reaching $209 billion and taking fourth place.
One of the most outstanding business personalities in Dubai, Majid Al Futtaim, worked his way into becoming one of the most successful entrepreneurs in the Middle East through an ambitious vision and a focus on market needs. Founding “Majid Al Futtaim Group” in 1992, he gave a whole new dimension to the retail and entertainment industries. Projects that he was involved with, including iconic developments such as the “Mall of the Emirates” and “City Centre,” revolutionized the shopping and leisure experience in the region. Besides the enormous personal wealth he gathered, it created thousands of jobs and investment opportunities.
Alongside Majid Al Futtaim, other entrepreneurs, such as Hussain Sajwani, the founder of DAMAC Properties, have played a pivotal role in shaping Dubai’s urban landscape. Through his luxury real estate projects, Sajwani attracted global investors, positioning Dubai as a prime destination for living and business.
Another encouraging story is of Yusuff Ali, who is the founder of “Lulu Hypermarket” chain. His success depicts the need for innovation and delivery of qualitative services. Yusuff Ali created a retail empire which now operates in many countries serving millions of customers.
These entrepreneurs leveraged Dubai’s economic advantages, including attractive tax policies, advanced infrastructure, and government support, to achieve remarkable success. They have not only contributed to Dubai’s economic growth but also set a benchmark for future entrepreneurs in the region and around the world.
The billionaires in Dubai have significantly influenced both global and local markets through huge investments and strategic decisions. Globally, they have been leading the business trends by being key players in real estate, technology, energy and hospitality sectors. Projects such as the development of luxury hotels in Europe, investment in technology startups in the United States and the setting up of international trade platforms have solidified Dubai as a global economic hub. Locally, they make sure that the UAE has sustainable economic growth by infrastructural development, creating jobs and giving opportunities to small and medium sized enterprises.
The most promising areas for investment in Dubai for rich people are real estate, tourism, technology, renewable energy and financial markets. Real estate continues to be among the biggest attractants. Tourism and hospitality, due to annual rises in visitors and events globally, provide golden opportunities. In technology, too, investments in AI, blockchain and fintech startups are fast growing and promise significant returns. Renewable energy is especially gaining momentum-for solar projects-due to the commitment of the UAE towards sustainability.
There are an unbelievable number of millionaires in Dubai despite it being a small city with a lower population than most western metropolitan cities. Real estate and retail are two industries where the richest people of the UAE are mostly active. Dxboffplan provides information on UAE off-plan property and places to build wealth. Plus, you can always count on our professional team to find the most suitable investment case based on your budget and preferences.
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The wealthy individuals of the UAE have made significant investments in sectors such as real estate, retail, tourism, renewable energy and technology.
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