Dubai’s Millionaire Population Surges to 81,200 in Ten Years

Dubai’s millionaire population has more than doubled over the past decade, reaching 81,200 in 2024, according to the newly released World’s Wealthiest Cities Report 2025 by Henley & Partners in collaboration with New World Wealth. The city now also hosts 237 centi-millionaires—those with assets exceeding USD 100 million—and 20 billionaires, cementing its position as one of the world’s fastest-growing wealth centres.

This represents a significant increase from 2023, when Dubai was home to 72,500 millionaires, 212 centi-millionaires, and 15 billionaires. With a 102% growth rate over the past ten years, Dubai ranks third globally in millionaire growth, following Shenzhen (142%) and Hangzhou (108%) in China.

The UAE capital’s rapid wealth accumulation is attributed to a range of factors, including its favourable tax environment, strong infrastructure, stable governance, and recent policy changes encouraging residency for high-net-worth individuals. Dubai has become a key magnet for global capital, entrepreneurship, and wealth migration—especially in the wake of the pandemic, as wealthy individuals increasingly seek safe, well-connected, and opportunity-rich environments.

According to previous data by Henley & Partners, the UAE remains the world’s top destination for migrating millionaires. In 2023 alone, the country attracted approximately 4,500 high-net-worth individuals, almost double the figure for the next leading destination—the United States. Dubai accounted for the vast majority of these new arrivals, driven by streamlined visa pathways, expanding financial markets, and a booming luxury property sector.

The latest numbers position Dubai as the 21st wealthiest city globally by millionaire count—overtaking major European financial hubs such as Frankfurt and Geneva. The report also notes that Dubai’s wealth growth shows no sign of slowing, as the city continues to diversify its economy through strategic investments in finance, technology, and tourism under its long-term development plans like Dubai Economic Agenda D33.