A new report says that the majority of Ultra High Net Worth Individuals (UHNWIs) who have purchased property in Dubai have made Dubai their primary residence, reflecting the preference of millionaires to live and enjoy the quality of life that the emirate has to offer.

According to Altrata's Residential Real Estate Report 2023, published in partnership with Wealth-X and Realm, 830 UHNWIs, or millionaires with assets of more than $30 million (over Dh110 million), are primary and secondary homeowners. Of these, 66.7% are primary residents and 33.3% are secondary owners.

As many as 90 per cent of them are men and 9 per cent are female millionaires. The majority - 60.9% - had created their own, 36.2% had inherited/created their own and 2.9% had inherited their wealth entirely. Interestingly, 1.4% of Dubai's millionaires own private jets and 0.7% own yachts.

Over the past few years, Dubai has been a haven for millionaires, who migrated to the emirate in large numbers during and after the pandemic.

A Henry Global Citizen report last year predicted that 4,000 millionaires would emigrate to the UAE in 2022, more than Australia, Singapore, Israel, Switzerland, the US, Canada, New Zealand, the UK, India and other large countries.

The wealthy tend to have multiple residential and business interests in multiple locations, and Altrata's Residential Real Estate Study 2023 compares Dubai to Los Angeles and Monaco, two other hotspots for the world's wealthy.

Dubai's super-rich homeowners are younger than those in the other two cities and comprise mainly of junior residents.

"In terms of the interests and hobbies of these super-rich, Dubai is the only one of these three cities to rank highly for technology, after sports and public speaking," the report said.

The oil sector remains a core driver of growth and wealth creation in the UAE, but key policies aimed at strengthening its credentials as a regional business hub are reflected in the primary industry focus of Dubai's UHNW residents, the report added.