Dubai Ranks as Second in the Region for Tech Millionaires

Dubai’s status as a global hub for technology-driven wealth is on the rise, with the emirate now hosting 6,500 tech millionaires as of mid-2024, according to new data from research firm New World Wealth. The study, released in collaboration with South African tech developer Platform45, ranks Dubai second in the Middle East for high-net-worth tech individuals. Istanbul follows in third with around 2,000.

Dubai’s success is linked to its investment in emerging tech industries, particularly fintech, cryptocurrency, and software development, areas that are rapidly attracting high-net-worth talent to the emirate.

The city’s rise as a technology hub is supported by Dubai’s Virtual Assets Regulatory Authority (VARA), which oversees and promotes the virtual assets sector, making Dubai one of the few cities globally with a dedicated regulatory body for digital assets. The local startup ecosystem has also seen success, with unicorns such as Careem, Souq, and Tabby emerging from Dubai, underscoring the potential for digital-first businesses in the region.

Dubai’s high-net-worth population is notable even beyond the tech sector. Data from Henley and Partners indicates that Dubai is home to 72,500 millionaires, 212 centimillionaires, and 15 billionaires. The UAE as a whole is projected to attract over 6,700 new millionaires by the end of 2024, making it a leading choice globally for wealth migration.

Worldwide, Silicon Valley remains the largest tech wealth center, with 265,000 tech millionaires and 60 billionaires, followed by hubs like Greater Seattle and Shenzhen.