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Millionaires in Dubai make everyone else feel poor
The influx of ultra-rich expats is putting pressure on the lifestyles of the merely wealthy.
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Dubai is now the world’s 15th most expensive city to live in.
PHOTO: AFP
Chloe Cornish
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At a Tikki-themed bar in Dubai early in 2024, a man claiming to be a Scandinavian real estate millionaire ordered a round of tequila cocktails while yelling his formula for success in my ear (“fame, power and money”). His companion, a blonde air hostess, fell off her stool.
This absurd moment has come to feel like something of an omen. Bona fide millionaires – possibly possessing some fame and power, but definitely a lot of money – have flocked to the Middle East’s commercial hub in the past year. Wealth advisory firm Henley & Partners estimated that 6,700 millionaires would arrive in the United Arab Emirates (UAE) in 2024, more than any other global destination.
