Dubai's Secret Formula: Why 17 Billionaires Now Call The UAE Home

The UAE is no longer just a regional business centre - it is rapidly becoming one of the world's biggest magnets for billionaires, global investors and ultra-wealthy entrepreneurs.

According to the latest ranking by Forbes Middle East, the UAE is now home to 17 billionaire residents from five different countries, with fortunes spanning industries such as cryptocurrency, retail, education, logistics, construction and real estate.

At the centre of the list is Changpeng Zhao, better known as CZ, founder of cryptocurrency exchange Binance, whose estimated wealth stands at $110 billion.

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But beyond the eye-catching numbers, the rankings reveal something bigger: how the UAE has evolved into a global wealth destination competing with cities like Singapore, London and New York City.

Why is the UAE attracting so many billionaires?

The UAE has spent years building an ecosystem designed to attract entrepreneurs, investors and global business leaders.

Several factors are driving that shift:

Zero personal income tax

Investor-friendly residency rules

Political stability

Luxury real estate opportunities

Strong air connectivity

Ease of setting up businesses

Safe lifestyle and high-quality infrastructure

Dubai, in particular, has become a preferred base for founders managing businesses across Asia, Europe, Africa and the Middle East simultaneously. The pandemic years also accelerated wealth migration globally, with many wealthy families relocating assets and businesses to more stable and tax-efficient destinations.

That title currently belongs to Changpeng Zhao.

Forbes Middle East estimates his fortune at around $110 billion, meaning his wealth alone accounts for more than half of the total combined wealth featured on the UAE residents list.

His presence also highlights the UAE's growing role in cryptocurrency, fintech and digital finance.

Over the past few years, Dubai and Abu Dhabi have actively positioned themselves as crypto-friendly hubs, attracting blockchain companies, exchanges and Web3 investors.

Which Indian-origin billionaires feature prominently?

Indian-origin entrepreneurs dominate a significant portion of the UAE billionaire landscape.

Vinod Adani

Estimated wealth: $20.8 billion

He emerged as the wealthiest UAE-based Indian on the list. He is linked to overseas investment firms connected to India's Adani Group, whose businesses span ports, logistics, infrastructure and energy.

M. A. Yusuff Ali

Estimated wealth: $5.8 billion

The chairman of LuLu Group has become one of the Gulf's most recognisable business figures.

According to Forbes Middle East, LuLu Retail generated nearly $8 billion in revenue in 2025 and operates 267 hypermarkets across GCC countries. Its 2024 listing on the Abu Dhabi Securities Exchange reportedly raised around $1.7 billion.

Renuka Jagtiani

Estimated wealth: $5.6 billion

She heads Landmark Group, one of the Middle East's largest retail networks, with more than 2,250 stores across 15 countries.

Ravi Pillai

Estimated wealth: $4.2 billion

His RP Group grew into a major Gulf construction and engineering player after he moved to Saudi Arabia in the late 1970s.

Sunny Varkey

Estimated wealth: $4 billion

The founder of Gems Education built one of the world's largest K-12 school networks.

Forbes Middle East noted that Gems secured a major $2-billion investment in 2024 from a consortium led by Brookfield Asset Management.

PNC Menon

Estimated wealth: $3.9 billion

He is the founder and chairman emeritus of Sobha Realty and Sobha Group, and is ranked among the wealthiest residents in the UAE and Oman.

Dr Shamsheer Vayalil

Estimated wealth: $1.8 billion to $3.7 billion

He is one of the wealthiest healthcare entrepreneurs and often recognised as India's richest doctor. He is the founder and chairman of Burjeel Holdings.

Kabir Mulchandani

Estimated wealth: $ 2.2 billion

He is the owner of Dubai-based real estate firm FIVE Holdings, which owns luxury party hotels and resorts in the Middle East, Spain, and Switzerland. He founded the firm in 2013.

Dhruv Sawhney

Estimated wealth: $1.7 billion

He is an 81-year-old Indian billionaire and entrepreneur who serves as the Chairman and Managing Director of Triveni Engineering and Industries, a major conglomerate involved in sugar, liquor, and power transmission. He is also the founder of the listed entity Triveni Turbine.

Who are the other billionaires in the UAE?

Andrey Melnichenko & family

Nik Storonsky

Pavel Durov

Stephan Crétier

Mirwais Azizi

Michel Litvak

Saket Burman

Why are retail and education billionaires so prominent in the UAE?

Unlike some global billionaire hubs dominated mainly by tech wealth, the UAE's billionaire ecosystem reflects the region's broader economic growth story.

Retail giants like LuLu Group International and Landmark Group grew alongside the Gulf's booming consumer market. Gems Education also expanded, driven by rising expat demand for private schooling , while construction, logistics and real estate firms benefited from the UAE's rise as a global trade and tourism hub.

Beyond the Forbes residents ranking, the UAE's billionaire ecosystem continues to grow rapidly. Forbes Middle East's separate“World's Richest Arabs 2026” list shows the UAE is home to seven Arab billionaires with a combined wealth of about $35.4 billion, led by Hussain Sajwani, founder of Damac Properties.

Is Dubai becoming one of the world's leading millionaire cities?

Yes - multiple international wealth studies in recent years have shown Dubai climbing rapidly in global rankings for millionaire migration.

Analysts say wealthy individuals are increasingly choosing the emirate because it offers:

Business-friendly regulations

Strong property investment opportunities

International schools and healthcare

Lifestyle appeal

Global connectivity

Does this matter to ordinary UAE residents?

In many ways, yes.

Economists say the influx of wealthy residents often boosts sectors such as:

Real estate

Hospitality

Luxury retail

Banking

Tourism

Technology

Start-up investment

At the same time, it can also reshape housing prices, business competition and urban development.

The billionaire rankings therefore represent more than individual fortunes - they reflect the UAE's growing global influence in determining where international wealth chooses to live, invest and expand.

As the country continues competing with established global financial hubs, the UAE's billionaire story is increasingly becoming part of a much larger economic transformation narrative.

*Figures are as per estimated wealth and can be subject to change

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