Forbes recently delved into the world of Dubai’s ultra-rich property owners, including billionaires like Binance founder Changpeng Zhao, Asia’s richest person Mukesh Ambani, and Vinod Adani, the brother of Gautam Adani. Through extensive investigative work, Forbes uncovered a total of 76 properties worth over $600 million owned by 22 billionaires and their family members in Dubai. These individuals come from various countries and have invested in luxury real estate in the city-state, taking advantage of its favorable tax environment and thriving property market.
Among the notable findings was Mukesh Ambani’s purchase of two villas on Palm Jumeirah for a combined $238 million, setting new records for the most expensive home sales in Dubai. Vinod Adani’s expansive property portfolio includes 17 properties personally owned and additional properties held by his wife and through company entities. The investigation also revealed the real estate holdings of other high-profile individuals like Isabel dos Santos, Nirav Modi, and Thaksin Shinawatra, who have sought refuge or invested in Dubai amid legal troubles in their home countries.
Dubai’s real estate market has been a hotspot for billionaires looking to diversify their investments and benefit from the city-state’s tax advantages. Luxury neighborhoods like Palm Jumeirah, Emirates Hills, and downtown Dubai have attracted wealthy individuals from around the world, with some opting to sell their properties at high prices as the market continues to prosper. The investigation detailed the attractive features of these neighborhoods, such as championship golf courses, upscale schools, and exclusive amenities, making them prime locations for the ultra-wealthy.
Despite the allure of Dubai for billionaires seeking financial security and privacy, the city-state has also come under scrutiny for its role as a haven for individuals facing legal challenges in their home countries. The investigation highlighted cases of billionaires like Isabel dos Santos and Nirav Modi, who have sought refuge in Dubai, raising concerns about the use of the city-state as a shelter for corrupt individuals. The data obtained by Forbes and its partners shed light on the intricate web of property ownership by billionaires in Dubai and the potential implications of their investments on the city-state’s reputation.
Overall, Forbes’ in-depth investigation into the real estate holdings of billionaires in Dubai provides a comprehensive picture of the city-state’s property market and the high-profile individuals who have made it their home or investment destination. From luxury villas on Palm Jumeirah to opulent mansions in Emirates Hills, the report exposes the lavish lifestyles and financial interests of some of the world’s wealthiest individuals. As Dubai continues to attract billionaires looking for a secure haven for their wealth, questions remain about the ethical and legal implications of their investments in the city-state.
