Dear reader, The UAE is home to a growing number of high-net-worth individuals. The country's health care facilities, education, safety and ease of doing business have increasingly attracted the uber-rich to its shores since Covid-19, according to a study by Swiss bank UBS. By establishing itself as a leading destination for high-net-worth people globally, the Emirates has attracted more than 6,700 millionaires this year, British investment migration consultancy Henley & Partners said in a recent report. As a result, more family offices are setting up shop in the UAE to manage the assets of the ultra-wealthy. And the world’s affluent people are relocating their <a href="https://www.thenationalnews.com/news/uae/2024/06/24/uae-life-surpasses-expectations-for-millionaires-relocating-to-the-country/" target="_blank">financial assets</a> amid political instability, widespread economic uncertainty and military conflicts. <a href="https://www.thenationalnews.com/business/economy/2024/03/22/free-zone-uae-corporate-tax/" target="_blank">The country’s favourable tax environment, </a>quality of life and robust financial infrastructure are significant draws. Dubai-based ethical hacker Aamer Shah, who was featured in our My Salary series, also dreams of becoming so rich one day that his children can be financially independent. He is working towards this goal by investing in a property portfolio. He has purchased two properties in Dubai within five years of moving here. He plans to significantly boost his savings every month so he can buy additional investment properties a few times a year. Mr Shah supplements his income through real estate referrals and reporting bugs to companies. Scroll down for this week’s expert tip on how to generate additional income through side hustles, and share your own tips with us at <a href="mailto:pf@thenationalnews.com">pf@thenationalnews.com</a> The Middle East and Africa region has attracted the most <a href="https://www.thenationalnews.com/business/money/2024/08/21/how-uaes-high-net-worth-individuals-can-avoid-tax-and-financial-pitfalls/" target="_blank">billionaire wealth </a>globally since Covid-19 as the uber-rich move to countries that offer premium health care, education, safety and ease of doing business, according to a new report by Swiss banking group UBS. <a href="https://www.thenationalnews.com/lifestyle/luxury/2024/06/18/uae-retains-position-as-worlds-top-wealth-magnet-for-third-year/" target="_blank">UAE billionaires’</a> aggregate wealth rose by 39.5 per cent annually to $138.7 billion this year, with the number of billionaires growing by one to 18, <i>UBS’s Billionaire Ambitions</i> report found. <a href="https://www.thenationalnews.com/business/money/2024/12/05/middle-east-and-africa-attracted-most-billionaire-wealth-globally-since-covid-19-study-shows/" target="_blank">Read the full story by Deepthi Nair …</a> Indian citizen Aamer Shah has been in Dubai for only five years but already owns two <a href="https://www.thenationalnews.com/business/property/2024/11/07/uae-property-do-i-receive-a-golden-visa-for-buying-real-estate/" target="_blank">investment properties</a>, one ready and the other off-plan. He <a href="https://www.thenationalnews.com/business/money/2024/08/09/money-me-cash-lying-idle-in-a-bank-account-is-counterproductive/" target="_blank">saves money </a>every month and works up a significant buffer before identifying properties in which to invest. Mr Shah <a href="https://www.thenationalnews.com/business/money/2024/06/21/money-me-the-only-cash-one-should-keep-in-the-bank-is-for-a-rainy-day/" target="_blank">does not keep money in the bank </a>and prefers to convert it into gold to beat inflation. The <a href="https://www.thenationalnews.com/uae/2022/03/21/gisec-2022-meet-jayson-e-street-the-ethical-hacker-paid-to-breach-bank-security/" target="_blank">ethical hacker</a>, 33, is from the city of Srinagar in Kashmir and has been <a href="https://www.thenationalnews.com/future/technology/2024/11/13/egypt-mexico-cybersecurity-data-study/" target="_blank">working in cybersecurity </a>for the past 10 years. <a href="https://www.thenationalnews.com/business/money/2024/12/10/my-dubai-salary-i-earn-more-than-dh30000-a-month-as-an-ethical-hacker/" target="_blank">Read the full story by Deepthi Nair …</a> Are markets heading for <a href="https://www.thenationalnews.com/business/money/2024/12/04/are-markets-heading-for-a-santa-rally/" target="_blank">a Santa rally?</a> Trump 2.0 blows up the dollar and other <a href="https://www.thenationalnews.com/business/money/2024/12/04/global-race-for-us-dollar-alternatives-leads-saxo-banks-outrageous-predictions-for-2025/" target="_blank">bold predictions from Saxo Bank</a> for 2025 UAE's first regulated <a href="https://www.thenationalnews.com/future/technology/2024/12/10/bitcoin-mena-uaes-first-regulated-stablecoin-gets-final-approval-and-will-be-available-soon/" target="_blank">stablecoin given final approval</a> and will be available "soon" Many people around the world have embarked on a side hustle to supplement their income driven by the rising costs of living. A side hustle can boost savings or expedite paying off debt. It can also help broaden and improve your skills and network. You could build your side hustle into a full-time income that enables you to quit your current job for more flexibility, fulfilment and money. Your first step to starting a side hustle is to identify a gap in the market and figure out what you can monetise. Then, research how your product or service would solve a problem or satisfy customers’ needs. Consider what your skills are, what your community needs and what you enjoy doing. The intersection of all these answers is how you will earn money. Set a limit for the amount you will invest in your side hustle before you make a certain amount of revenue. Once you know you can definitely earn money, you can always invest more in your side hustle. Check your contract or speak with your HR department to ensure that you are complying with the terms of your current employer. <i>Have you got a great money-saving tip? Email it to us at </i><a href="mailto:pf@thenationalnews.com" target="_blank"><i>pf@thenationalnews.com</i></a><i> for a chance to be featured.</i>
