Mubasher: GCC citizens have often made headlines with excessive spending, especially on luxury items.
Most people often dream of having big fortunes and wonder what they would do if they won a lottery or got rich suddenly.
For some in the GCC that’s not a dream but already the case, with some of these rich Arabs making headlines with their purchases.
Euromonitor International recently offered a deeper glimpse into what the UAE’s wealthy do with their fortunes, listing the luxury goods they spend most of their money on.
Luxury cars, hotels, designer clothes, and jewellery topped the list.
The UAE’s affluent residents’ expenditure on luxury goods is expected to hit $8.044 billion by the end of 2017, according to Euromonitor International.
Residents are predicted to spend up to $2.9 billion on super expensive cars and as much as $1.5 billion on staycations at five-star plus hotels.
The economic slowdown, however, may hold back the spending, which may also be compensated by the increase in visitors’ spending on luxury, bolstering figures overall.
So, what do UAE richest spend their money on?
Luxury cars with $2.869 billion
Designer apparel and footwear (ready-to-wear) with $1.627 billion
Luxury hotels (5-star plus) with $1.503 billion
Luxury jewellery with $618 million
Luxury timepieces with $553 million
Luxury leather goods with $312 million
