Money & Me: ‘Being wealthy doesn't equal being successful’

Kabir Joshi once sold perfume on the streets of Chicago. Today, he is the founder and chief executive of a property investment company and a property developer in the UAE.

After moving to a job with the US Federal Emergency Management Authority (Fema), which offers flood insurance to American homeowners, he attended an exhibition in New York for Dubai Properties in 2004 and was so impressed that he immediately moved to Dubai.

“I found it to be a great opportunity, so I decided to settle down here for the foreseeable future,” Mr Joshi says.

“I've gone from being the sales manager for large accounts at Dubai Holding to now heading 400,000 square foot of development worth more than $100 million.”

His company, Vantage Capital, was established in 2019 and offers real estate and transaction advisory services to banks and family offices. Mr Joshi also set up Vantage Properties in 2023 with two projects in Jumeirah Village Circle.

Previously, he was the head of real estate at Noor Bank.

The Indian resident, 43, holds a bachelor’s degree in business administration from Punjab University and an MBA in strategy and finance from Hult International Business School, Boston.

Mr Joshi lives in an apartment he owns in Dubai’s International Media Production Zone.

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

My father was in the army. I lived a very luxurious life without wealth. Growing up, I was a horse rider, swam in Olympic-sized swimming pools and played squash.

Since my father was in the army, it gave me access to a classy style of living with simplicity, because there was no money behind it, but I was appreciating the finer things in life.

My first experience with wealth was when I started working as a sales manager with Dubai Properties. This was the first time I was doing transactions worth $20 million to $40 million for plots in Business Bay.

What I learned from my exposure to wealthy people is that those who have made money on their own are the hardest to convince to invest. It also taught me that being wealthy doesn't equal being successful.

If you're in pursuit of something that you enjoy, that is the greatest success in life.

The whole idea of property development is not just following my passion, but also to create wealth. But that is not the ultimate goal for me.

How did you first earn? What did your first job pay?

I got commission of $5 per bottle of perfume sold in the US. But my first actual job, which was with Fema, I started on a contract of $15 per hour.

When I became a team leader, then I got an annual salary of $60,000.

Any early financial jolts?

I was 28 when the global financial crisis struck. At that time, I had more than 20 off-plan apartments and villas to my name, so my money was invested in real estate.

I lost all that money overnight. They were worth more than $1.5 million. I lost every single dirham I’d made in the past four years in Dubai.

How do you grow your wealth?

I grow my wealth through my skills and continuous learning. I dig deeper into every element of what I do.

I'm a developer, but I know construction, design, building information modelling, how a consultant and a contractor works, and what my competition is doing. I'm completely data driven.

Wealth creation is directly proportional to my skill sets and my ability to be on the top when I'm in a room of professionals who are doing exactly what I'm doing.

In terms of assets, I believe in real estate and invest across the US, India and Dubai. I don't invest in crypto. I like index funds.

Are you a spender or a saver?

I'm a spender. I spend on my lifestyle, my 16-year-old son and travelling.

Have you been wise with money?

I have been very good at making money. But when the crisis hit and I lost all the money that I had made, I went back to school to understand finance better.

Since then, I have started making very wise decisions with money. I always have a safety net and created an ecosystem in my personal finances where I don't need to worry about tomorrow.

What has been your best investment?

It's in relationships, with my ex-wife, my son, my parents, clients, partners, investors, co-workers and my team.

These are the best investments because a lot of time goes into building and maintaining relationships. Time is the only currency you can never get back.

Any cherished purchases?

I make one every week. I buy my favourite cigar, I smoke it on the weekend. I cherish it as much as I cherished it the first time I bought it.

How do you feel about money?

Money can buy things that make you happy. So in that sense, money can buy you happiness.

Money should always flow. It needs to flow into your account, out of your account, into your business, out of your business, and it has to flow in the right direction.

Any financial advice for your younger self?

Save for a rainy day, because they often show up at least expected moments in your life. Also, believe in your skills.

Any key financial milestones?

I'm building more than $100 million-worth of real estate in Dubai’s premium affordable segment. I consider this a milestone.

A personal milestone would be making and losing more than $1 million between the ages of 24 and 28.

All my learning about making and losing money and how not to lose money again came from those four years.

What luxuries are important to you?

An easy start to the morning, waking up without stress.

What are your financial goals?

To make Vantage Properties have more than Dh1 billion worth of assets under development by next year.