Dubai: Future Hub for the Ultra-Wealthy

Dubai's Millionaire Count Could Double by 2035 – What’s Behind It?

Dubai is increasingly becoming a global haven for the ultra-wealthy, with forecasts suggesting that the number of centi-millionaires with a liquid investable wealth of over 100 million dollars will more than double by 2035. The United Arab Emirates, led by Dubai, has already shown impressive growth: reaching a 98 percent increase in the number of millionaires over the past decade, hitting a population of 130,500 by the end of 2024.

What makes Dubai so appealing to the rich?

According to the 2025 report by Henley & Partners and New World Wealth, Dubai has become the 18th wealthiest city in the world, boasting 81,200 millionaires, 237 centi-millionaires, and 20 billionaires. This amazing growth even surpasses the famous Silicon Valley's 98 percent rise, cementing Dubai's place on the global financial elite map.

The reasons are clear: zero income and capital gains tax, world-class infrastructure, and a vibrant, multicultural lifestyle. These factors are like a magnet for high-net-worth individuals from all over the globe. In just 2024, 7,200 new dollar millionaires moved to the UAE, representing a significant increase compared to previous years.

Luxury Real Estate and Financial Power

Dubai's luxury real estate market is booming, with high-end transactions further boosting the city's global appeal. Nearby Abu Dhabi is also noteworthy, with an 80 percent increase in millionaires, and forecasts suggest the number of centi-millionaires there will also double.

Experts credit Dubai's success to well-functioning legal frameworks, sophisticated financial systems, and so-called 'residence-by-investment' programs, which allow talents and wealth to flow freely into the city.

The Global Competition

Globally, the USA dominates: New York (384,500 millionaires, 66 billionaires) and the Bay Area (342,400 millionaires, 82 billionaires) are at the top of the list, followed by Tokyo and Singapore. In Europe, London and Moscow are the only major cities experiencing a decline in the number of millionaires. Meanwhile, rapidly growing hubs like Shenzhen, Hangzhou, and Bengaluru are entering the race, thanks to a technological boom.

Dubai's Special Role

While Dubai's property prices don't reach the levels of Monaco, New York, or Hong Kong, the city remains notably attractive for its luxurious lifestyle and tax-free environment. Experts emphasize that the city’s continuous financial innovation, technological growth, and investor-friendly regulations ensure that Dubai remains one of the most sought-after destinations.

Summary

In the coming decades, Dubai is expected to not only see a surge in millionaires but also in centi-millionaires and billionaires. The emirate uniquely combines economic dynamism with a world-class quality of life, further strengthening its role on the global economic map. For those planning their next big business or financial move, keeping an eye on Dubai's future is a wise choice.

(The article is based on the report by Henley & Partners and New World Wealth.)