Dubai, famed for its towering skyscrapers and opulent lifestyle, is fast becoming one of the world’s most attractive destinations for the ultra-wealthy.
A new report by global research firm New World Wealth highlights the emirate’s rapid rise as a global wealth hub, revealing a staggering 102% increase in its millionaire population over the past decade.
In 2024 alone, Dubai was home to 81,200 millionaires, 237 centimillionaires (individuals worth over $100 million), and 20 billionaires—up significantly from 2014 figures of 40,000 millionaires, 212 centimillionaires, and 15 billionaires.
The surge in wealth is driven by Dubai’s favorable conditions: low taxes, political stability, a strong economy, and a high standard of living.
“Dubai’s low-tax policies, safe environment, and strong economy are attracting wealthy individuals from around the globe,” the report stated. “It has become an ideal place for starting businesses and making investments.”
Beyond the financial perks, Dubai offers world-class infrastructure, healthcare, education, and leisure options—making it especially appealing to high-net-worth individuals and their families.
Meanwhile, cities like London are witnessing a decline in millionaire residents. In 2024, over 11,000 millionaires reportedly left the UK capital, largely due to increasingly burdensome tax policies. “While London and the UK are driving wealth away with higher taxes, Dubai is taking the opposite approach,” the report notes.
Analysts anticipate even more British individuals and businesses relocating to Dubai in the coming years, reinforcing its growing reputation as a premier global wealth hub.
