How to Become Rich In Dubai: The Millionaire’s Guide to Building Wealth in the UAE
Learning how to become rich in Dubai is not a pipe dream. Indeed, 60% of Dubai millionaires are self-made.
There is, however, a certain playbook that thes lin self-mae millionaires follow, which we will cover in this article. And, luckily for you, living in Dubai makes it easier to follow these lessons.
A survey by HCSB, a banking and financial services firm, listed the UAE as one of the top 5 places for expats to grow their wealth. They highlighted tax-free personal income, high salaries (beyond the global average), attractive benefits, and end-of-service gratuity as factors in favour of growing wealth in the UAE.
1. Invest in yourself
“The most important investment you can make is in yourself,” according to Warren Buffett, one of the 10 richest men in the world.
We begin this list with this idea because “investment in self-development pays the highest dividends,” according to Debasish Mridha, an American physician and poet.
There are two things we have in mind when we talk about investing in yourself.
2. Organise your finances
Do you remember what Robert Kiyosaki said above? It is not about how much money you make but how much of it you can keep.
After surveying millionaires in the US, Dave Ramsey, a financial advisor, found that 3 out of 4 became millionaires from regular, consistent investing.
table structure
| Item |
Price(USD) |
Stock |
Table |
| Notebook |
5:00 |
In Stock |
6:30 |
| Marker |
1:50 |
out of Stock |
5:40 |
Registered |
12:30 |
In Stock |
4:20 |
| Crown |
12:30 |
out Stock |
9:15 |
3. Buy stocks
If you had $1,000 on January 3, 2020, and you bought shares of NVIDIA (a US company producing chips), you would have gotten 16.94 shares at a share price of $59.02.
On March 22, 2024, your $1,000 investment would have been worth $15,976.
Why you should consider the US market
Though the UAE stock market can be lucrative, it remains a fact that the US stock market has made the most money for investors over the years. It is the largest, most liquid, and most diversified. Moreover, most of the top companies in the world operate in the US market.
With Sarwa Trade, you can buy both US stocks and ETFs from the UAE, giving you the best opportunity to build wealth.
Eal estate investment trusts
The downside with real estate is that you will need significant capital to start as an investor.
If you have not gotten the financial strength to pursue any of the three strategies highlighted above, then you should consider investing in real estate investment trusts (REITs) instead.
REITs are stocks of real estate companies and financial institutions that provide mortgage financing to real estate buyers. By buying the stocks of these companies, you can still make money from the real estate market until you have the financial muscle to buy or develop properties.
