The UAE is a popular tourist destination, boasting staggering skyscrapers, extravagant lifestyles and unimaginable wealth. But few understand the real picture, and what it means for the countless locals and expatriates who struggle to make ends meet every day.
The top 1% in UAE holds more than half of the country’s total wealth, according to New World Wealth. This group includes so-called high-net-worth individuals (HNWIs), or those who own assets worth at least $1 million in cash, investments and properties.
What is the Top 1% of Income in UAE?
Their wealth is fuelling a boom in luxury spending, including designer handbags and high-end fashion, but it also makes them more vulnerable to price fluctuations and supply shortages wealthyfools. For this reason, the country’s government is implementing policies to help those in need of assistance.
HNWIs are highly educated and often have degrees or backgrounds in economics, accounting, finance and engineering. They also own a significant amount of real estate, which helps them generate revenue.
They have a diversified portfolio of assets and invest in diverse areas, such as oil and gas, banking, technology and insurance. They are also likely to be very active in the stock market. The UAE is home to 88,700 HNWIs with net assets of US$1 million or more. This is more than twice as many as the global average of 51,000 HNWIs.