Dubai Joins EMEA's Richest Cities Club

Dubai Now the 4th Richest City in EMEA

Dubai has reached another remarkable milestone in its economic development: it is now the fourth richest city in the EMEA region (Europe, Middle East, and Africa), surpassing many traditional financial hubs. According to the latest data, as of June 2025, there are 86,000 millionaires, 251 centi-millionaires, and 23 billionaires living in the emirate. The total liquid investable wealth of all residents in the city has reached 1.1 trillion USD (approximately 4 trillion dirhams), placing Dubai alongside London, Paris, and Milan.

According to the study "The Rise of Dubai," if the current growth trend continues, Dubai could become the richest city in the EMEA region by 2040. The survey, conducted by MCB Group, Stewards Investment Capital, and New World Wealth, examined not just the scale of wealth but also what makes Dubai so attractive to the affluent.

More than Just Money – A Quality Lifestyle

Dubai is not just about luxury; it offers attributes that make it uniquely appealing on a global level. In addition to a safe environment, modern infrastructure, political stability, and tax incentives, factors contributing to the city's popularity include:

year-round cultural and recreational programs,

premier healthcare facilities,

international-standard education,

excellent air connections to anywhere in the world,

and a constantly growing real estate market.

This combination not only attracts wealthy individuals but also families, young professionals, and digital nomads. As a result, the city's population surpassed 4 million in June 2025, marking a historical high.

Wealth Does Not Always Stay – But People Do

It is important to understand that the 1.1 trillion USD mentioned in the study does not necessarily mean this money is physically located in Dubai. Wealthy individuals often have international portfolios, and some of their money remains in foreign banks or global asset managers. Nonetheless, the fact that more of these individuals are choosing to reside in Dubai clearly indicates the city's increased prestige and economic allure.

The report states that Dubai is already home to at least 250 family offices, managing wealth on behalf of ultra-wealthy individuals – centi-millionaires and billionaires. Most of these offices were established in the post-COVID era, with founders originating from regions such as Africa, India, Russia, the Middle East, or Europe.

The Recipe for Successful Economic Diversification

One of the most crucial elements of Dubai's rise is the conscious diversification of its economy. The emirate is not solely reliant on oil or tourism: financial services, logistics, technology, real estate, healthcare, and education are all sectors that are continuously evolving, attracting new players, and creating stable jobs.

Additionally, Dubai leads in the area of green living and sustainability, as highlighted by the study. Initiatives for eco-state, developing green infrastructure, and transitioning to renewable energy all contribute to making the city attractive not only economically but also environmentally for future generations.

Current Wealth Rankings of EMEA Cities

According to New World Wealth, the richest cities in the EMEA region by June 2025 are:

1. London – 212,000 millionaires

2. Paris – 163,000 millionaires

3. Milan – 121,000 millionaires

4. Dubai – 86,000 millionaires

Although Dubai still trails behind the top three cities, its growth rate is exceptional. Property prices are rising, foreign investments are stable, infrastructure is constantly improving, and the regulatory environment is becoming increasingly favorable.

Looking Forward: Among the World's Richest Cities

The authors of the study see Dubai well on its way to becoming not only a regional but also a global leader among the wealthiest cities. The goal for 2040 is realistic, especially given the investments in new technologies, international capital-raising efforts, and continuous urban development.

Dubai's success is measured not just in economic indicators but also in its ability to provide living conditions that appeal to the world's wealthiest and most dynamic sectors.

The city's example shows that with the right vision, a stable regulatory environment, and openness, a new financial world order hub can indeed be established in the middle of the desert.

(Source: Based on The Rise of Dubai study.)