Sheikh Mohammed bin Rashid Al Maktoum has been described as the architect of modern Dubai, and the reason is there for all to see. He is credited with turning the once-desert city into the international hub that it is today. The sheikh has since consolidated on that achievement through the Dubai Holding Company. The company has stakes in prominent entities such as HSBC Holdings, Sony, and Essex House Hotel. It has also launched several enterprises, including Emirates Airlines. The revenue from these companies has bolstered the Dubai economy. It has also led to much fortune for Al Maktoum, seeing as he is the company’s majority shareholder, and he now has a net worth of $14 billion. This makes him one of the richest royals in the world.
How Sheikh Mohammed bin Rashid Al Maktoum accumulated his $14 Billion Net Worth
He is the Majority Shareholder of Dubai Holding Company
Sheikh Mohammed bin Rashid al Maktoum owes a major portion of his net worth to his position as the ruler of Dubai and vice president of the U.A.E. The sheikh first entered the corridors of power in the 70s when he was made the defense minister of the Emirates. From there onwards, he became heavily involved in diversifying the economy of his own side of the Emirates. By 2004, he established a major vehicle for that purpose, which is the Dubai Holding Company.
The Dubai Holding Company remains in existence to date and has grown into a huge conglomerate operating in about 13 countries and employing 20,000 people. Some of its major subsidiaries include the Jumeirah Group, which owns a chain of luxury hotels and resorts in several countries. There is also the real estate arm, Dubai Properties, that has developed a wide range of housing choices, including residential towers, residential communities, and mixed-use commercial and residential developments.
Another prominent division of Dubai Holding is the TECOM group which aims to transform the city into a knowledge-based economy as well as a global innovation hub. It achieves this through various sector-driven projects such as Dubai Outsource City, Dubai Media City, Dubai Studio City, and Dubai Industrial City. The Dubai Holding Company generates about $5 billion in revenue each year, including a healthy chunk of profits. Sheikh Mohammed bin Rashid al Maktoum benefits quite well from this as he is the company’s majority shareholder.
Our @TECOMGroupDubai has created a thriving hub at @DubaiIndCity, for both local & international companies to manufacture key supplies & goods for the #UAE. Committed to ensuring a progressive ecosystem, @DubaiIndCity continues to facilitate different sectors.#ThisIsDubaiHolding pic.twitter.com/TSqkCk7TE0
— Dubai Holding (@dubaiholding) April 30, 2020
He is the Founder of the Investment Corporation of Dubai.
Another major money-spinning vehicle for Dubai and its ruler is their investment corporation. The corporation has stakes in several sectors, including financial and investment, energy and industrial, real estate and leisure, and transportation. One of its flagship investments is Emirates Airlines which was launched in 1985. It is now the largest airline in the Middle East and operates about 3,600 flights a week. It has a fleet of about 300 aircraft and flies as many as 150 cities in about 80 countries. Emirates Airlines generates billions of dollars in revenue each year while their profit runs into hundreds of millions. Their success has not come without controversies though, as major rivals accuse it of relying on government handouts to gain a competitive edge.
Sheikh Mohammed bin Rashid al Maktoum Owns the Largest Horse Racing Team in the World, Goldophin.
Al Maktoum’s love story with horses began when he was a child. He had often shared his breakfast with them and grew up riding them on beaches in the city. That love would remain with him all throughout his formative and adult years, and before long, he started assembling his own horse racing team. That team, Goldophin, is now the largest in the world and has facilities in several countries, including the USA, Japan, Ireland, Australia, England, and the UAE.
The team boasts of numerous thoroughbreds and endurance horses, and some of them cost quite a fortune. For instance, Al Maktoum shelled out $460 million to buy the entire Woodlands Stud Empire in 2008. It has been a worthwhile investment though as these horses have won about 6000 races including 315 prestigious group one races. Going by the fact that most horse races boast of price checks topping seven-figures, it stands to reason that the sheikh may have made up to a hundred million dollars from his horse racing team.
Need a hint? This was his second win at G1 level, having claimed the Dubai World Cup ???? the previous season! pic.twitter.com/5AU3nEg5Wg
— Godolphin (@godolphin) February 25, 2021
Sheikh Mohammed bin Rashid Al Maktoum’s $14 billion net worth makes him one of the richest sheikhs and one of the richest royals in the world.
With a net worth of $14 billion to his name, Sheikh Mohammed bin Rashid al Maktoum is filthy rich but he is by no means the richest sheikh in the world. That honor belongs to the king of Saudi Arabia, Salman bin Abdulaziz Al Saud, who has a net worth of $18 billion, and the emir of Abu Dhabi, Khalifa Bin Zayed Al Nahyan, who also has a net worth of $18 billion. Al Maktoum’s $14 billion net worth makes him the third richest sheikh in the world.
When it comes to the rankings of the richest royals in the world, the Dubai ruler is the 5th richest royal presently. Others that make the top ten list include:
- King Maha Vajiralongkorn of Thailand – $43 billion
- Sultan Hassanal Bolkiah of Brunei – $28 billion
- King Saud of Saudi Arabia – $18 billion
- Emir Al Nahyan of Abu Dhabi – $18 billion
- Grand Duke Henri of Luxembourg – $4 billion
- Prince Hans Adam II of Liechtenstein – $3.5 billion
- Emir Al Thani of Qatar – $2.1 billion
- King Mohammed VI of Morocco – $2.1 billion
- Prince Albert II of Monaco – $1 billion
A Look at How the Sheikh Spends His Billions: From Philanthropy to Sports and Arts Patronage.
With a net worth of $14 billion, Sheikh Mohammed bin Rashid al Maktoum can certainly afford to live a luxury life, and you can be sure that he is doing exactly this. His position as a statesman however, means that he has to be circumspect, and as such, we cannot really say how luxurious his lifestyle is. We can however, get a sense of this from his children.
His son, Hamdan, has become quite popular on Instagram thanks to his mind-blowing posts. A scroll through his Instagram page will reveal million-dollar camels and several yachts, including the $70 million Esmeralda and the $180 million Quattroelle. The crown prince also has several luxury cars, including a rumoured gold Lamborghini, and has a knack for skydiving.
Back to the senior Al Maktoum, one thing that he openly spends his money on is philanthropy. The Dubai ruler has about 33 charity programs which are now consolidated under his Mohammed bin Rashid Al Maktoum Global Initiative (MBRGI). The initiative has five pillars which include humanitarian aid and relief, healthcare and disease control, spreading education and knowledge, innovation and entrepreneurship, and empowering communities.
Al Maktoum has donated millions of dollars for the construction of houses in disadvantaged areas such as Palestine and Afghanistan. He has also donated millions for the construction of a mosque in the Netherlands. MBRGI has trained one million young people across the Arab world in coding. They have also funded the translation of 5,000 maths and science online videos into Arabic. The videos are now available for the use of 50 million Arabic-speaking students globally.
I chaired a meeting with Dubai Culture & Arts Authority to launch a new cultural vision to utilize and unify efforts of our 6,000 art and culture companies, 5 creative clusters, 20 museums and over 550 annual cultural events that can position Dubai as a global art destination. pic.twitter.com/4HckqOW0Ey
— HH Sheikh Mohammed (@HHShkMohd) October 1, 2019
In the sporting world, Sheikh al Maktoum hosts the world’s richest horse race, the Dubai World Cup, which has a price of $27 million. In the art world, the published poet has launched the Sheikh Mohammed bin Rashid Center for Cultural Understanding (SMCCU). This is a non-profit which aims to promote a greater understanding of UAE religion, culture, and customs, especially for the many expatriates who reside in Dubai. He has also instituted the Sheikh Mohammed bin Rashid al Maktoum Patrons of the Arts Awards to honor individuals and organizations who have contributed towards arts development in Dubai.