Dreaming of joining the millionaire ranks? In the UAE, it’s not just a dream or fantasy; it’s a growing reality. With over 81,200 resident millionaires and a record 9,800 new ones expected to migrate here in 2025, the country is fast becoming a global hub for wealth creation.

The best part? More than 60 per cent of Dubai’s millionaires are self-made, proof that it doesn’t take a family fortune to make your own. Whether you’re an entrepreneur, a salaried professional, or a savvy investor, the path to your first million is more accessible than ever.

Here’s a practical guide, backed by expert insights and real examples from the UAE’s financial elite, on how to build wealth and join the millionaire club.

1. Start with a Clear Goal

Set your millionaire target and work backwards. Decide when you want to hit the $1 million (about Dh3.67 million) mark and calculate how much you need to save and invest each month.

Did you know? UAE financial experts say that saving and investing just $1,800 (approx. Dh6,600) a month could help you reach millionaire status in under 10 years, if done consistently and wisely.

2. Budget Like a Millionaire-in-the-Making

Millionaires don’t spend to impress, they spend to invest. Studies show most millionaires live below their means and budget carefully.

Ramsey Solutions surveyed 10,000 US millionaires and found that the majority don’t drive flashy cars or wear designer watches. Instead, they prioritise financial independence over social status.

Treat your savings goal like rent, non-negotiable, paid first, not last.

3. Make Your Money Work for You

Forget just parking cash in a savings account. To build real wealth, your money needs to grow.

Invest in:

• Index funds and ETFs for long-term, low-cost growth.
• Dubai’s booming real estate market, following the lead of billionaire developers like Hussain Sajwani (DAMAC) and Mohamed Alabbar (Emaar).
• Business ventures or side hustles, how many of today’s millionaires got started?

Fun fact: Sunny Varkey, founder of GEMS Education, turned his family’s small school business into a billion-dollar education empire by spotting a gap and scaling up smartly.

4. Discipline is key

Consistency beats complexity. Set up automatic transfers to your savings and investment accounts every month. This builds wealth silently and steadily, no second-guessing, no missed months.

Even UAE billionaires like Yusuffali M.A. (Lulu Group) and Micky Jagtiani (Landmark Group) built their empires through disciplined expansion and strategic reinvestment, not overnight success.

5. Make Your Money Work for You

Forget waiting on a lucky stock tip; most millionaires didn’t strike gold with one winning bet on Apple, Google, or Nvidia. Around 75 per cent of millionaires credit their wealth to regular, diversified investing, not risky, one-off plays.

Put your money to work by:

• Investing consistently in index funds, ETFs, and mutual funds.
• Exploring Dubai’s robust real estate market, as leveraged by developers like Hussain Sajwani and Mohamed Alabbar.
• Starting or scaling a side business, a proven path used by many self-made UAE-based millionaires.

Millionaires aren’t gamblers, they’re long-term players. They win with discipline, not luck.

6. Track, Tweak and Stay Committed

Wealth-building isn’t set-and-forget. Use apps or spreadsheets to track your monthly progress. Review your portfolio every 6–12 months, adjusting for income changes, market shifts, or new opportunities.

 Warren Buffett’s first goal was to become a millionaire by 30. He did it by reinvesting wisely and keeping a long-term mindset.

Mindset Matters: What Millionaires Know That Others Don’t

• 80% of millionaires were not born into wealth.
• 75% have never carried a credit card balance.
• 79% didn’t receive an inheritance, and only 3% inherited more than $1 million.

These stats prove that discipline beats privilege when it comes to wealth. Building your first million is about choice, not chance.

Inspired by UAE’s Millionaires

Here are some real-life success stories from residents who made it big:

• Pavel Durov – Founder of Telegram, now worth $15.5B, moved to Dubai to build a privacy-first tech empire.
• Ravi Pillai – From construction worker to billionaire real estate developer.
• Abdulla Al Ghurair – Built one of the UAE’s largest banks and launched a foundation to support education for future entrepreneurs.
• Hussain Sajwani – Turned Dubai’s real estate boom into a luxury brand with DAMAC Properties.
• B.R. Shetty – Created a healthcare and finance empire from scratch with NMC Health and UAE Exchange.

Your Million Starts Today

The UAE isn’t a playground for the rich; it’s a launchpad for those willing to work, plan, and invest wisely. Whether you’re earning Dh10,000 or Dh100,000 a month, the road to seven figures is paved with strategy, not luck.

Start now, stay consistent, and maybe one day, you’ll be on the list of UAE’s next-generation millionaires.

(Source: Forbes, Ramsey Solutions)