Forbes recently conducted an investigation into the luxury real estate holdings of some of the wealthiest individuals in Dubai, including Binance founder Changpeng Zhao, Mukesh Ambani, and others. Despite the high-profile nature of these individuals, many details about their properties have been kept under wraps until now. Through a thorough examination of property records and corporate filings, Forbes was able to uncover the lavish homes owned by these billionaires in Dubai.
The investigation revealed that Changpeng Zhao owns an impressive 11,600-square-foot, six-bedroom apartment in the prestigious 118 tower in downtown Dubai, which he purchased for $13.5 million in 2021. Mukesh Ambani, Asia’s richest person, made headlines with his purchases of two villas on Palm Jumeirah totaling $238 million, breaking records for the most expensive home sales in Dubai. Vinod Adani, the brother of billionaire Gautam Adani, was found to own a total of 20 properties in Dubai through various offshore entities.
The investigation was part of a collaborative project called Dubai Unlocked, which utilized leaked data to provide a comprehensive overview of the properties owned by billionaires in Dubai. The data, obtained by the Center for Advanced Defense Studies (C4ADS), shed light on the extent of foreign property ownership in the city-state. Despite the transparency brought about by this project, many billionaires declined to comment or did not respond to inquiries about their properties.
Dubai’s appeal to billionaires is well-documented, with its tax-friendly environment and booming real estate market attracting wealthy investors from around the world. The lack of extradition treaties with many countries also makes Dubai an attractive destination for individuals facing legal troubles in their home countries. The investigation uncovered properties owned by high-profile figures such as Isabel dos Santos, Nirav Modi, and Thaksin Shinawatra, who have all sought refuge in Dubai due to legal issues in their home countries.
The investigation also highlighted the exclusivity of the neighborhoods where billionaires in Dubai tend to reside. The luxurious Palm Jumeirah, with its palm-shaped artificial island and celebrity residents, is a popular choice for the ultra-rich. Other gated communities on the mainland offer championship golf courses and upscale amenities, catering to the discerning tastes of billionaires. The investigation provided a glimpse into the opulent lifestyles of these individuals, with extravagant mansions and high-rise apartments making up their property portfolios.
Overall, the Forbes investigation into the luxury real estate holdings of billionaires in Dubai sheds light on the lucrative property market in the city-state and the lifestyle of the ultra-rich. Despite the secrecy surrounding many of these properties, the collaborative project Dubai Unlocked has provided valuable insights into the extent of foreign ownership in Dubai and the behaviors of some of the world’s wealthiest individuals.
