Forbes recently conducted an investigation into the multimillion-dollar homes owned by some of Dubai’s ultra-rich residents, including billionaires like CZ, Mukesh Ambani, and Vinod Adani. The investigation revealed that CZ, the founder of Binance, owns a 11,600-square-foot, six-bedroom apartment in the 118, a luxury residential tower in downtown Dubai, which he purchased for $13.5 million in October 2021. Mukesh Ambani, Asia’s richest person, purchased two villas on Palm Jumeirah for a combined $238 million, breaking records for the most expensive home sales in Dubai.
Other billionaires, such as Vinod Adani, were found to own even more properties than previously known. Adani has a total of 17 properties, including a villa in the upscale Emirates Hills neighborhood worth an estimated $10 million. In total, Forbes uncovered 76 properties worth more than $600 million owned by 22 billionaires and their family members in Dubai. The properties were revealed as part of the Dubai Unlocked project, a collaborative reporting effort based on leaked data providing a detailed overview of property ownership in the city-state.
Dubai has long been an attractive destination for billionaires due to its lack of capital gains or income taxes, making it an ideal place for wealthy individuals to invest and live. The city’s booming real estate market has also been a draw for billionaires, with home prices rising nearly 30% over the past two years. Many of Dubai’s most coveted neighborhoods and properties were built by developers who have benefitted from the influx of demand for luxury real estate.
While some billionaires have chosen to sell their properties in Dubai as prices have risen, others have continued to invest in the city’s real estate market. The investigation also revealed that Dubai has been a popular destination for wealthy individuals seeking to avoid legal issues in their home countries, with several high-profile figures owning properties in the city. Overall, Dubai remains a hub for billionaires from around the world, offering a luxurious lifestyle and prime investment opportunities in one of the most dynamic real estate markets in the world.
