Forbes recently investigated and mapped out the multimillion-dollar homes of some of Dubai’s wealthiest residents, including CZ, Mukesh Ambani, and other ultra-rich property owners. In December 2023, Binance founder Changpeng Zhao’s request to return to Dubai while awaiting sentencing in his money laundering case was rejected. However, Zhao is likely to return to Dubai after completing his sentence. Forbes uncovered details of Zhao’s Dubai home, a 11,600-square-foot, six-bedroom apartment in the luxury residential tower, The 118, which he purchased for $13.5 million in 2021.
In addition to Zhao, Forbes also explored the recent real estate purchases of other billionaires in Dubai. Mukesh Ambani, Asia’s richest person, spent $238 million on two villas on Palm Jumeirah, setting records for the most expensive home sales in Dubai. Vinod Adani, brother of Gautam Adani, was found to own 17 properties personally and two through his Dubai-based entity, Adani Global FZE. Forbes also found that 22 billionaires and their family members collectively own 76 properties worth over $600 million in Dubai, coming from 10 countries on four continents.
Dubai’s allure for billionaires lies in its lack of capital gains or income taxes, making it an attractive place for wealthy investors to invest. The city’s luxury properties have seen a 30% increase in home prices over the past two years, benefiting local billionaires and developers. Exclusive neighborhoods like Palm Jumeirah, Emirates Hills, and Jumeirah Islands are popular among billionaires for their upscale amenities and privacy.
Many billionaires in Dubai have cashed out on their properties as prices rose, with 15 current and former billionaires selling 23 properties for over $90 million in the past two years. The city’s lack of extradition treaties with many countries also makes it an attractive destination for individuals facing legal challenges in their home countries. Dubai serves as a safe haven for wealthy individuals like Isabel dos Santos and Nirav Modi.
Forbes and its partners used leaked data to uncover the ownership and value of properties owned by billionaires in Dubai as part of the Dubai Unlocked project. The investigation sheds light on the lavish lifestyles of the ultra-rich in the city, revealing their multimillion-dollar homes in exclusive neighborhoods and luxury residential towers. The UAE Ministry of Foreign Affairs emphasized its commitment to protecting the global financial system and disrupting illicit finance through collaboration with international partners.
