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Dubai has seen its millionaire population doubled over the last 10 years, making it one of the fastest growing wealth hubs in the world, according to Henley & Partners and New World Wealth.
Between 2014 and 2024, the number of individuals living in the emirate with at least $1 million in investable wealth went up by 102% to 81,200, reflecting its position as a magnet for the affluent.
The emirate is ranked 6th in Henley’s World’s Fastest Growing Wealth Hubs list, just behind Shenzhen, which recorded a 142% growth in millionaire population over the past decade, as well as Scottsdale ( up 125%), Bengaluru (120%), West Palm Beach (112%) and Hangzhou (108%).
Dubai has also recorded the biggest climb in Henley’s Top 50 Cities for Millionaires over the past year, moving from the 21st to 18th place. Over the past decade, its millionaire community grew faster than the Bay area, which includes San Francisco and Silicon Valley in the US.
The emirate is likewise anticipated to be a hotspot for individuals with at least $100 million.
As of 2024, Dubai is home to 237 centi-millionaires and 20 billionaires. Over the next ten years, Dubai and Abu Dhabi (which has 75 centi-millionaires) are expected to see their centi-millionaire populations more than double.
“The Middle East wealth shift reflects the region’s strategic pivot towards becoming global financial centres, combined with zero income and capital gains taxes,” Henley & Partners and New World Wealth noted.
Richest cities
Overall, New York is the richest city on the planet, with 384,500 millionaires, followed by the Bay Area (342,400), Tokyo (292,300), Singapore (242,400) and Los Angeles (220,600) in the top five.
The other cities that are currently ahead of Dubai in terms of millionaire population include London, which is home to 215,700 millionaires, Paris (160,100), Hong Kong (154,900), Sydney (152,900), Chicago (127,100), Milan (115,000), Beijing (114,300), Osaka-Kyoto-Kobe (112,200), Shanghai (110,5000), Toronto (108,400), Melbourne (94,000) and Houston (81,800).
While it’s currently wealthier than Dubai, London has seen negative growth, with its millionaire population falling by 12% over the past decade.
(Writing by Cleofe Maceda; editing by Seban Scaria)
