Growth amid pandemic: UAE is now home of 87,000 millionaires, 13 billionaires – in US Dollars

News Network
February 16, 2021

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Dubai, Feb 16: Wealth of millionaires and billionaires in the UAE increased by $45 billion (Dh165.15 billion) in the second half of 2020 despite Covid-19 pandemic taking toll of its economy.

Data from the New World Wealth showed that the wealth of high net worth individuals grew from $825 billion ($3 trillion) from June 2020 to $870 billion ($3.2 trillion) by the end of December 2020.

The UAE added 4,276 millionaires with a wealth of $1 million-plus and one billionaire during the six month period.

The UAE is home of 87,000 millionaires and 13 billionaires, controlling $870 billion (Dh3.2 trillion) wealth at the end of December 2020. At the end of June 2020, the UAE was home to 82,724 millionaires and 12 billionaires.

The study also found that Dubai is the richest city while UAE is the richest nation in the Mena region.

Andrew Amoils, head of research at New World Wealth, said a number of HNWIs moved to the UAE owing to its status as top safe haven in the region, high-income economy, first-class healthcare system, low tax rates, international business and luxury hub, top-class shopping malls and restaurants, top-end apartments and villas and good international schools.

It estimated that over 35,000 HNWIs have moved to the UAE between 2000 to 2020. Many of these individuals have come from India, the Middle East and Africa.

People in the UAE enjoy per capita income of $89,000 (Dh326,630) followed by Israel ($86,500), Qatar ($71,300), Saudi Arabia ($15,800), Turkey ($5,800) and Iran ($4,800).

The UAE is followed by Israel where millionaires and billionaires own $784 billion assets, followed by Saudi Arabia ($542 billion), Turkey ($482 billion), Iran ($395 billion) and Qatar ($202 billion).

The UAE is the largest wealth management centre in the region with assets under management (AuM) of approximately $110 billion, followed by Israel at $95 billion.

Most of the HNWIs have acquired wealth in the fields of finance and professional services; real estate and construction; transport and logistics; hotels and leisure; healthcare; technology and telecoms; retail and fashion; manufacturing, FMCG and Media.

Romika Fazeli, founder and managing director of Emirates World Club, said the UAE is the only country in the Middle East where all kinds of religions and cultures are welcomed and respected.

“I truly believe that as a millionaire and billionaire, you have the financial power and freedom to choose a country as your home where you live a comfortable lifestyle, considering the safety of your family, importance of work-life balance and religious freedom. Dubai is a multi-national and cultural city which makes it also one of the most metropolis cities in the world,” said Fazeli.

“When it comes to lifestyle and safety, Dubai is the best place to live a great life and second to none,” she added.

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News Network
May 13,2025

A new chapter is unfolding for football in Mangaluru as the football ground adjacent to Nehru Maidan receives a modern artificial turf, with completion expected by the end of May. This long-awaited upgrade promises to significantly enhance the playing experience for both budding and seasoned footballers in the region.

The project, spearheaded by Mangaluru Smart City Limited (MSCL), involves laying synthetic turf across the 90,000 sq ft ground at a cost of ₹2.5 crore. Equipped with efficient drainage systems, the revamped ground will support uninterrupted play throughout the year, regardless of weather conditions.

“This is a long-pending demand of the football community here,” said D.M. Aslam of the Dakshina Kannada District Football Association. “We expect the turf work to be completed in the next two weeks. Currently, around 150 children practice regularly at the ground, and we anticipate that number to rise once the new surface is open.”

MSCL General Manager (Technical), Arun Prabha K.S., noted that while the project had been planned for some time, groundwork officially began after last year’s monsoon league concluded in August. “Once completed, this facility will be a full-fledged synthetic turf suitable for training, local tournaments, and league matches,” he said.

With the inauguration expected soon after the final touches are completed, the new astro turf is set to elevate the city’s football infrastructure and serve as a springboard for talent development across the district.

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News Network
May 10,2025

Mangaluru, May 10: A new chapter in Mangaluru’s infrastructure story unfolds on May 16, as Chief Minister Siddaramaiah arrives to inaugurate two transformative projects: the newly built Deputy Commissioner’s Office at Padil and a world-class indoor stadium at Urwa.

These developments signal a strong push toward better governance and enhanced urban amenities in the coastal city.

₹75 Crore DC Office

The new DC Office, spread across a modern campus at Padil, comes with a price tag of ₹75 crore. Initially budgeted at ₹55 crore, the project received an additional ₹20 crore under the Smart City Mission, aimed at integrating technology and convenience in public administration.

“This facility reflects our vision of a centralized, people-friendly government. With 23 departments under one roof, citizens can now access services more efficiently,” said District In-charge Minister Dinesh Gundu Rao.

The phased relocation of departments will begin on the day of inauguration and be completed over the next 2 to 3 weeks.

₹35 Crore Indoor Stadium Opens Doors

Also on the agenda is the grand opening of Mangaluru’s new indoor sports complex in Urwa, built for ₹35 crore. This ultra-modern facility is equipped to host national-level indoor events and will offer quality training infrastructure for emerging sports talent in the region.

Initiated during Siddaramaiah’s previous term, both the stadium and DC Office projects are now ready for public use and are expected to create lasting impact.

“These projects are not just buildings. They are investments in governance, youth, and the future of Mangaluru,” said Rao.

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News Network
May 11,2025

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Appealing to the world's major powers for "no more war", Pope Leo on Sunday welcomed the ceasefire between India and Pakistan and hoped negotiations can lead to lasting peace, reported Reuters. Pope Leo prayed god will give world 'miracle of peace'. 

Pope Leo XIV, born Robert Francis Prevost, reportedly also called for peace in Ukraine, ceasefire and release of hostages in Gaza in his first Sunday noon appeal since his election as pontiff.

The new pope was elected on May 8, succeeding Pope Francis who died on April 21. 

“Never again war!” Pope Leo said from the loggia of St. Peter’s Basilica.

After over three days of intense exchange of fire, India and Pakistan on Saturday reached an ‘understanding’ to immediately stop all firing and military action on land, air and sea. The ceasefire, which was first announced by US President Donald Trump on Saturday, was violated by Pakistan hours later with drones being intercepted over parts of Jammu, Srinagar, Punjab and Rajasthan.

The military confrontation erupted after Islamabad launched drones and missiles towards the Indian territory, responding to the Operation Sindoor military strikes carried out by New Delhi on nine terror infrastructures in Pakistan and Pakistan-occupied Kashmir on May 7.

Operation Sindoor was launched in retaliation to the April 22 terror attack in Jammu and Kashmir's Pahalgam in which terrorists found to have links with Pakistan killed 26 civilians.

‘Third world war in pieces’

The 69-year-old Chicago-born missionary is the 267th pope and also the first American to hold the religious leadership title. 

Marking the 80th anniversary of the end of World War II, Leo echoed Pope Francis's words, condemning the many conflicts plaguing the world today as a “third world war in pieces.”

Pope Leo also noted that this Sunday was Mother's Day in many countries, extending warm wishes to all mothers — “including those in heaven.”

The atmosphere turned jubilant as the crowd, joined by marching bands visiting for the special Jubilee weekend, broke into cheers and music while the bells of St. Peter's Basilica rang out.

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