Dubai’s role as a global wealth hub is strengthening, shifting from a luxury stopover to a permanent destination for high-net-worth individuals (HNWIs), according to a new report by Betterhomes.
As of December 2024, Dubai is home to 81,200 resident millionaires, contributing significantly to the UAE’s total of 130,500 dollar millionaires—a 98% increase over the past decade.
With an estimated 142,000 millionaires expected to migrate worldwide in 2025, even a 5% share choosing Dubai could add approximately 7,100 new wealthy residents and bring nearly USD 7.1 billion in new investment.
Strong property market
Betterhomes notes that affluent buyers are making substantial investments in Dubai’s real estate, with average residential purchases by HNWIs reaching Dhs 11.4 million (USD 3.1 million). Ultra-high-net-worth families are committing more than Dhs 134 million (USD 36.5 million) on premium properties such as villas, waterfront compounds, and branded residences designed for long-term living and family planning.
Dubai’s luxury property sector recorded Dhs 147.2 billion (USD 40 billion) in villa and townhouse sales year-to-date, marking a 41% rise from the previous year. Notable activity includes 85 transactions on Palm Jumeirah worth Dhs 3.8 billion (USD 1 billion) and 30 deals in Emirates Hills totaling Dhs 1.9 billion (USD 517 million). Properties priced above Dhs 35 million (USD 10 million) accounted for Dhs 9.4 billion (USD 2.6 billion) in sales over the last six months.
Factors supporting growth
According to Louis Harding, CEO at Betterhomes, “Dubai has matured into the world’s most compelling plug‑and‑play city for wealth. What’s changed is intent; founders, operators and multi‑generational families are anchoring here, not passing through.”
The city’s appeal is supported by clear policies, zero personal income tax, modern infrastructure, elite healthcare and education, and a currency pegged to the US dollar. These factors reduce barriers and encourage long-term settlement.
The Dubai International Financial Centre (DIFC) ecosystem further supports wealth management through private banking, trustees, and legal and accounting services.
Evolving luxury lifestyle
Branded residences are becoming more than status symbols; they now offer integrated services such as concierge, wellness, club access, and rental management. This trend is especially strong in waterfront and villa markets with limited supply.
Harding adds, “This cycle is driven by real users, not leverage. Global wealth is consolidating in branded ecosystems and legacy neighbourhoods. With policy clarity and quality-of-life premiums compounding, Dubai’s prime market is shifting from cyclical to structural.”
Betterhomes expects continued strength in Dubai’s prime and super-prime property segments, increased family office services, and a focus on concierge-grade developments. Compared to legacy wealth hubs like London, San Francisco, Hong Kong, and Paris, Dubai offers faster, clearer, and more scalable options for wealth creators facing rising taxes and regulations elsewhere.
This shift represents a structural change in global wealth migration, positioning Dubai as a key permanent base for international investors and families.
tanvir@dubainewsweek.com
