Dubai becomes millionaire hotspot after 102% wealth surge: Report finds

Dubai's millionaire population grew 102% between 2014 and 2024, according to the Henley & Partners World's Wealthiest Cities Report, the fastest climb of any city in the global rankings.

In total, the emirate has attracted 81.2 millionaires, including 237 centimillionaires, who possess more than one hundred million dollars in cash and cash equivalents, and 20 billionaires, according to the report.

Dubai rose from 21 to 18 places in the ranking of the fifty most prosperous cities in the world and is therefore among the largest financial centres in the world.

Henley & Partners partly explains this by Dubai’s progressive zero per cent personal income and capital gains taxes, as well as the emirate’s attractiveness to investors, entrepreneurs, and residents, who are able to obtain long-term residency permits in the UAE.

Dubai’s growing infrastructure also makes it an increasingly desirable destination for those seeking to settle there permanently, rather than just visiting the city as a tourist.

How does Dubai compare to established wealth centres?

By contrast, only two of the world’s fifty most populous cities increased their level of millionaires over the last ten years. They are Moscow and, notably, London, which is one of only two global cities to record a decrease in its millionaire population over the past decade.

While New York retains the largest number of millionaires in the world's tables with 384,500, the list shows that the emirate of Dubai is registering an increase in both numbers and wealth. Henley & Partners predicts that in 2026, Dubai will welcome more than 7,000 new millionaires and attract 70 billion AED in wealth.