Money & Me: ‘My best investment is a $100m Dubai Hills mansion’

Satish Sanpal, chairman of Anax Holding, aims to be listed among the top 10 billionaires globally by 2034

Satish Sanpal, chairman of Anax Holding, says he will not be incentivised to earn more if he does not spend money. Victor Besa / The National

Indian businessman Satish Sanpal, who is the chairman of UAE-based investment firm Anax Holding, embarked on an acquisition spree during the Covid-19 pandemic, buying land plots and properties in Dubai.

Today, he is reaping the benefits as property prices in Dubai have appreciated many times amid the real estate boom.

Mr Sanpal, 39, counts a mansion in Dubai Hills that he bought off-plan as one of his best investments to date.

Anax Holding, founded in 2018, includes subsidiaries Anax Developments, Anax Media and Anax Hospitality with plans to expand again.

Mr Sanpal, who started his career in the UAE 11 years ago with a gold business, currently lives in the Burj Khalifa with his family.

His ultimate goal is to be listed among the top 10 billionaires in the world by 2034.

“I studied only till the eighth grade since I started working at the age of 15. I took 50,000 Indian rupees ($597) from my mother to start a grocery store. I sustained that business for two years, but it incurred losses,” he says.

“I then started a stock market business where I introduced customers to brokers for a commission. I came to Dubai in search of new opportunities, realised the city has scope for growth and got involved in multiple businesses.”

Mr Sanpal enjoys hobbies such as collecting art, yachts, rare books and manuscripts and luxury cars.

Did wealth feature in your childhood? What did you learn from it?

Money is very important to me. I have seen many highs and lows, both financially and personally. I have realised that if you have no money, you aren’t valued, so I have learnt to respect money.

How did you first earn?

I have never worked for someone else. I have always run businesses. I sustained a loss in my first business and had to shut down my grocery store. But that’s a good thing since it paved the way for me to be here now.

Any early financial jolts?

I have faced many ups and downs in life. Many people borrowed money from me, but never returned it, both in India and the UAE. But it never stopped me and I have always moved on.

How do you grow your wealth?

I am a risk taker. During the Covid-19 pandemic, I acquired land plots and properties in Dubai taking advantage of the massive reduction in prices. Most of those investments have appreciated 10 times in value today owing to the property boom in Dubai.

The UAE government’s pro-business policies and low taxation have helped me create wealth.

Are you a spender or a saver?

I am a mix of both. I believe in maintaining a fine balance between saving and spending. If I don’t spend money, then how will I be incentivised to earn more?

Have you been wise with money?

I make investments in asset classes I understand. I don’t keep a lot of money handy or in the bank. As soon as I get hold of money, I invest it in assets that bring me returns like properties, luxury watches and jewellery.

What has been your best investment?

My best investment is my under-construction mansion in Dubai Hills, which my wife persuaded me to buy. Its value has appreciated to approximately $100 million. I purchased this during the pandemic, too.

Any cherished purchases?

My Bugatti, Rolls-Royce Phantom and yacht.

How do you feel about money?

I always think about money and feel very positive about it. I believe that you can’t achieve much without money. It helps me keep my family happy and enables me to provide them with luxuries.

Any financial advice for your younger self?

Maintain discipline in life, that’s crucial. If you are disciplined, you will have health, wealth and prosperity.

What luxuries are important to you?

Living life the way I want to is the most important luxury. This includes getting a nutritionist to live a healthy lifestyle, buying swanky cars, fine clothes or luxury watches, which make me confident and feel good.

What are your financial goals?

I want to be among the top 10 billionaires globally within a decade. I believe in the power of manifestation.

Any key financial milestones?

I have numerous property investments in Dubai and our development company is set to launch four new projects worth Dh3 billion ($0.82 billion) this year. Construction is progressing on the Vento Tower, our first luxury project in Business Bay, Dubai.

Another milestone is starting my real estate business in the UK.