For those considering choosing a recruitment agency in Dubai, it is best to also get a look at the lay of the land financially. This is going to make it easier to assess what you are getting yourself into when moving to a place like Dubai.
We have spent time in Dubai and understand what the reality is.
Here is a look at the wealth in Dubai and how it adds up based on the opinions that are out there about this region.
Is Everyone In Dubai Rich?
No, not everyone is rich in Dubai. This is a common misconception based on the wealth and affluence commonly associated with Dubai. Yes, it does have tremendous wealth but it’s also home to poverty in certain pockets.
The myth of Dubai being 100% rich has been passed down over the years.
This is due to the idea of “oil money” being endless and being passed down to everyone in Dubai. This is untrue and it is focused on certain elements of the region.
It’s important to note that Dubai itself is not earning a lot of money from oil. Yes, oil does produce a good amount of money, but its wealth comes from other elements including tourism. They also make a tremendous amount of money from general business, finance, and transportation.
How Many People In Dubai Are Rich?
In general, 15-20% of the people in Dubai can be constituted as rich. Everyone else is settled in as middle-class or low-income.
Based on recent stats, 20% of the population is poor.
This is a far different picture from what is spoken about whenever someone mentions Dubai. This is due to lots of workers living in the region and not earning as much as the locals. These foreign workers are willing to work for low wages and live in poor conditions.
From what we have seen, these individuals end up earning around $15 per day.
It’s also important to figure out what constitutes “rich” in Dubai. For the most part, a person who is wealthy in this part of the world needs to have millions in their account. You will need to have around 9 million AED or more.
Importance Of Being Rich In Dubai
In general, a rich person is going to do well in any part of the world. It’s going to make life easier and that is no different in a place like Dubai.
A wealthy person is going to have more options available to them.
If you are someone who is earning a good amount of money annually, you are going to lead a far better quality of life in this expensive city.
For the most part, a person who is earning around 12,000 AED monthly is going to end up leading a decent life.
Who Are The Richest People In Dubai?
Now that you have a general read of Dubai and its people, you will also want to get a look at the top of the food chain financially.
These are the people who are earning the most amount of money for their time in Dubai.
The richest person in Dubai is Majid Al Futtaim with $6.2 billion under his name. You also have the likes of Ravi Pillai and Abdulla bin Ahmad Al Gurair who are earning a significant amount of money and are multi-billionaires in Dubai.
As of right now, there are 13 billionaires in Dubai and 70,000+ millionaires.
This demonstrates the amount of wealth that is present in this part of the world. Yes, it is not as wealthy as it looks, but there is still considerable wealth at the top of the food chain.
Based on what we have noticed over the years, the best way to get wealthy in Dubai would be to start a business. The laws are good and you can end up saving quite a bit of money going down this path. This can work out well for those who want to save money and also continue building a strong business in this part of the world.
This is why everyone is not rich in Dubai.
Yes, there is a good amount of wealth in Dubai and that cannot be ignored. However, this is just like any other part of the world where there are people who are also poor and middle class leading their lives alongside the rich.
Amanda Harper is a travel enthusiast with 10+ years of traveling experience across the planet. Her passion for writing and travel makes her a walking bibliography on modern-day tourism.