By December 2023, the National Bonds investment portfolio had surpassed Dh14 billion. Image Credit: X/Dubai Media Office

Dubai: UAE-based sharia-compliant savings and investment company National Bonds announced Monday that 292 customers have attained millionaire status in the first quarter of 2024. A total of 3,770 investors have achieved millionaire status since the inception of National Bonds, the company said in a statement.

Recent data the company released has said that the post-millennial generation in the UAE is emerging as a beacon of financial prudence, actively saving for their future and defying stereotypes.

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Bondholders from Gen Z (born 1997-2012) are exhibiting remarkable financial discipline, becoming the quickest to amass Dh1 million with an average duration of just 3.5 years, compared to the overall average of 4.2 years, according to the company. Additionally, 34 per cent of this demographic continue engaging with National Bonds.

The UAE's millionaire population has increased by 77 per cent since 2013 and is now home to 116,500 millionaires. The company, which launched initiatives like 'My One Million,' empowers individuals to achieve Dh1 million in savings through a combination of disciplined savings and cumulative profits over a predetermined period.

"Our mission at National Bonds is to provide a responsible, secure, and accessible pathway for all savers in the region to realize their financial dreams – and to reward their diligence through our comprehensive rewards program," said Rehab Lootah, Deputy Group CEO of National Bonds.

"As UAE continues to attract and nurture millionaires, we stand ready to support this momentum, aligning our efforts to make UAE a hub for realizing and creating wealth."

"In addition to fostering individual prosperity, National Bonds is committed to enriching the broader economic landscape of the region," she added.

"By December 2023, the company's investment portfolio had surpassed Dh14 billion (US$3.8 billion), establishing it as a trusted financial partner for UAE nationals and residents.

With savings yielding returns of up to 5.84 per cent in 2023, National Bonds said it delivers tangible benefits, reinforcing its reputation as a dependable choice for savers.

"The notable rise in the number of millionaires further validates the efficiency of National Bonds' customer-centric solutions and products in promoting financial empowerment. Looking ahead, the company remains resolute in its commitment to fostering a culture of financial responsibility and security, thus ensuring a brighter and more prosperous future for all UAE savers," the company statement added.