Dubai has firmly established itself among the world’s most affluent cities, ranking 18th globally for the number of high-net-worth individuals (HNWIs).
The latest World’s Wealthiest Cities Report 2024, published by Henley & Partners in collaboration with New World Wealth, reveals that Dubai now houses 81,200 millionaires, including 237 centi-millionaires — those with wealth exceeding $100 million — and 20 billionaires. This marks a significant leap for the city, up three spots from last year.
Dubai a hub for millionaires and investors
Dubai’s rise in wealth rankings highlights its growing status as a premier global hub for investment, business, and luxury living. The city has become a magnet for the world’s wealthiest individuals, solidifying its place not only in the Middle East but on the global stage.
The report confirms that Dubai is the wealthiest city in the Arab world and one of the fastest-growing cities globally for millionaires. Over the last decade, the number of millionaires in Dubai surged by an impressive 102%, making it the third-fastest growing city for high-net-worth individuals, following Shenzhen and Hangzhou.
Rapid growth in wealth and population
In 2024, Dubai welcomed 8,700 new millionaires, bringing its total number of HNWIs to 81,200. The city also saw growth in its ultra-wealthy population, with the number of centi-millionaires increasing to 237, up from 212 in 2023. This trend underscores Dubai’s increasing allure as a destination for significant wealth.
Abu Dhabi’s wealth surge
Dubai’s neighbor, Abu Dhabi, has also seen notable growth in its wealthy population. Between 2014 and 2024, the capital’s millionaire population grew by 80%, reaching 17,800 by the end of 2024.
The city now hosts 75 centi-millionaires and 8 billionaires, reflecting its emergence as a key player in the wealth sector.
Looking ahead, both Dubai and Abu Dhabi are poised for continued growth in the ultra-wealthy segment. By 2034, the number of individuals with wealth exceeding $100 million in both cities is expected to double.
This projected increase is driven by the region’s ongoing economic development, favorable investment climate, and progressive reforms aimed at attracting HNWIs.
As Dubai and Abu Dhabi continue to enhance their infrastructure, tax regimes, and business-friendly policies, their dominance in the global wealth landscape seems set to grow, making them increasingly attractive to international investors and wealthy individuals alike.
tanvir@dubainewsweek.com
