Dubai: It is no secret that the UAE has a lot of wealth. But the number of millionaires created in the UAE every month by sheer luck, to which some might attribute their winnings, will shock many.
At least five people every month have seen their destiny changed by participating in the growing number of raffle draws that lure 'investments' by the public in return for a chance to win Dh1 million or more. At least Dh905 million has been given in winnings by millionaire programmes so far by seven promotions, according to Gulf News' findings.
At least 325 millionaires were created in the country since the first millionaire programme was launched, and at least Dh18.5 million is given out in winnings every month.
Launched in 1995, Mashreq Millionaire is one of the oldest millionaire promotions in the UAE. Back then, the thrill of a Dh1 million win would make news almost every month, with lengthy interviews of winners in the country's papers.
But such winnings don't make news anymore considering the number of promotions. This has led to the raffles competing to be the biggest to the advantage of the ticketholder, and some promotions today offer up to Dh5 million.
It seems that more than five people are lucky every month. Many choose to pool money to buy tickets every month, and split the winnings. While some choose to have a flamboyant lifestyle, others put it aside for a rainy day. Some choose to give back by donating to charity and those who haven't had enough want to multiply it through investments.
9,000 more rich people
In 2007 alone more than 9,000 people became millionaires in the UAE, pushing the total number of high net worth individuals (HNWIs) to 68,100, according to a study on wealthy people.
Seventy-one countries were covered in the annual World Wealth Report, released by global asset management group Merrill Lynch and consultancy firm Capgemini, which looked at the UAE and Saudi Arabia in detail.
The number of UAE millionaires has grown at a rate of 15.4 per cent. The report found that the rich around the world are diversifying their investments. It noted a decline in investments in alternative assets like hedge funds and private equity, while more money went to real estate.
Launched in 1995, Mashreq Millionaire is one of the oldest millionaire promotions in the UAE. Then, the thrill of a Dh1 million win would make news almost every month.
Making millionaires
Dubai Duty Free
- The only million dollar prize in the UAE
- Millionaires created: 79
- Biggest prize given: $1 million (Dh3.67 million)
- Total amount given in winnings so far: Dh289 million
- Chance of winning: one in 5,000
Abu Dhabi Duty Free
- Established in 2004, the programme awards 15 prizes every month
- Millionaires created: 49
- Biggest prize given: Dh5 million
- Total amount given in winnings so far: Dh150 million
- Amount given in winnings per month: Dh1.5 million
Postcard Millionaire
- Each ticket guarantees an instant win, small or big.
- Biggest prize given: Dh1 million
- Total amount given in winnings so far: Dh70 million
- Amount given in winnings per month: Dh2 million
Citi Bank – Damas millionaire programme
- The latest millionaire programme which started in January 2008. A Citi Bank credit card qualifies entry.
- Millionaires created: 1
- Biggest prize given: Dh1 million
- Total amount given in winnings so far: Dh1 million
Mashreq Millionaire
- One of the oldest and biggest millionaire programmes in the UAE
- Millionaires created: 159
- Biggest prize given: Dh5 million
- Total amount given in winnings so far: Dh285 million
- Amount given in winnings per month: Up to Dh5 million
National Bonds
- Each Dh10 bond qualifies entry into the draw
- Millionaires created: 22
- Total amount given in winnings so far: Dh90 million
- Amount given in winnings per month: Dh5 million
- Prizes given every month: 26,318
RAK Bank Millionaire
- A RAK Bank credit card qualifies entry into the draw
- Millionaires created: 15
- Biggest prize given: Dh1 million
- Total amount given in winnings so far: Dh20 million
Have your say
Have you ever won a large sum of money? How did you use it? Did it change your life? What would you do if you won a million dirhams? Tell us at letter2editor@gulfnews.com or fill in the comments form below.
Your comments
I have been a customer of ADCB's Million Dollar Dreams for two years, and I was surprised at it not being mentioned in your report. Why was it missed out? I've seen the Million Dollar Dreams advertisements in your newspaper too!
Tony
Dubai,UAE
Posted: February 22, 2008, 12:19
If I win a million I will go back to my home country and start my own business.
Uttam
Dubai,UAE
Posted: February 22, 2008, 11:08
I have won only Dh200 through National Bonds, hopefully some day I will strike rich.
Jeetu
Dubai,UAE
Posted: February 22, 2008, 10:39
If I won anything like National Bonds, I would pay some to a charity fund, some to relatives, and start investing eg businesses/small industries.
Mohammad
Ruwais,Bangladesh
Posted: February 22, 2008, 08:27
I have participated in a millionaire programme for eight years but haven't won anything! So I want to tell those who are still dreaming, don't look at the winners but look to the other thousands of people who didn't win!
Qasem
Abu Dhabi,UAE
Posted: February 22, 2008, 08:22
