Dubai has been ranked as the fourth richest city in Europe, the Middle East and Africa (EMEA), according to a new report that highlights the emirate’s rapid growth in wealth over the past decade.
The report, titled Dubai’s Rise, was published in collaboration with MCB, New World Wealth, and Stewards Investment Capital. It places Dubai behind only London, Paris, and Milan in the regional wealth rankings.
Wealth growth in Dubai
As of June 2025, Dubai is home to just over 86,000 millionaires, including 251 centi-millionaires (individuals with wealth exceeding $100 million) and 23 billionaires, the report said.
Over the past 10 years, the emirate’s total investable wealth has grown by 110 percent, making it one of the five fastest-growing cities globally in terms of private wealth, according to data from New World Wealth.
Tech and family offices
The report noted Dubai’s rising role as a hub for technology entrepreneurs and investors. In June 2025, the city had 6,700 tech millionaires and five tech billionaires, a number projected to double by 2035.
It also highlighted the UAE’s growing importance as a centre for family offices, with at least 250 active offices across the country. These entities manage the assets and personal affairs of wealthy individuals, often offering services beyond traditional wealth management.
Factors driving growth
The authors of the report cited favourable tax policies, including the absence of capital gains tax, as a key factor behind the inflow of wealthy individuals and businesses, particularly in sectors like fintech, cryptocurrency, and software development.
“The emirate has a strong technology infrastructure, competitive tax rates, and, most importantly, it is a safe place in the region. This means it is in a great position to become a major global technology hub,” the report said.
If current trends continue, the report predicts that Dubai could become the richest city in the EMEA region by 2040, surpassing the top three cities currently ahead of it.
It also noted that Dubai’s visible concentration of wealth now exceeds that of many traditional financial centres in the region, further strengthening its position as the wealthiest city in the Middle East.
tanvir@dubainewsweek.com
