Dubai has solidified its position as a premier destination for the world’s wealthy, now hosting an impressive 81,200 millionaires, including 237 centi-millionaires and 20 billionaires, marking a remarkable 102% growth in its wealthy population over the past decade.
The emirate’s ascent in the global wealth rankings has been meteoric, now placing 18th globally among the world’s wealthiest cities, climbing from its previous position of 21st. This substantial increase in high-net-worth individuals (HNWIs) underscores Dubai’s growing appeal as a global wealth hub.
According to the Henley Private Wealth Migration Report 2024, the UAE was projected to welcome a net inflow of 6,700 millionaires in 2024, positioning it as the top global destination for migrating millionaires. This impressive growth is attributed to several key factors, including —
- the emirate’s strategic zero personal income tax policy
- business-friendly environment
The city’s appeal to wealthy individuals is further enhanced by —
- its world-class infrastructure
- premium lifestyle offerings
- robust security measures
Dubai’s luxury real estate market has particularly benefited from this influx of wealth, with areas such as Palm Jumeirah, Emirates Hills, and Dubai Marina emerging as preferred locations for ultra-wealthy residents.
Dominic Volek, Group Head of Private Clients at Henley & Partners, attributes this success to the following factors —
- Dubai’s attractive Golden Visa program
- luxurious living conditions
- favorable business environment
Introducing long-term residence visas for investors and entrepreneurs has further cemented Dubai’s position as a preferred destination for wealth preservation and growth.
Experts predict Dubai’s wealthy population will continue to grow. Projections indicate the city, along with Abu Dhabi, will more than double its centi-millionaire population by 2035, further establishing the emirate as a global financial powerhouse.