UAE's Wealth Boom: 13,000 New Millionaires

More Millionaires Than Ever in the UAE – Dubai Continues to Draw Wealth

The United Arab Emirates has reached another impressive milestone: by 2024, the country will have added 13,000 new millionaires, bringing the total wealthy population to 240,343. According to UBS Global Wealth Report 2025, the nation's total wealth now amounts to $785 billion, equivalent to approximately 2.88 trillion dirhams.

Wealth is Concentrating – Every 30th Resident a Millionaire

Worldometers estimates that the UAE's population increased by about 385,000 in 2024, which means statistically every thirtieth resident is a millionaire. This growth represents a 5.8% increase in the number of millionaires, making the UAE the world's second-fastest growing market for dollar millionaires, surpassed only by Turkey, which recorded an 8.4% increase.

How Millionaires Spend Their Wealth

According to the report, in the UAE, 62% of the gross wealth comprises financial assets – such as stocks, bonds, and investment funds – while the remaining 48% consists of non-financial assets like real estate and land ownership. Financial awareness and diversified investment portfolios play a key role in managing the wealth of the country's elite.

The average wealth per adult stands at $147,663, a globally outstanding figure.

Wealth Transfer and Inheritance

The volume of wealth transfer in the UAE is also noteworthy: UBS estimates that $19 billion worth of wealth will change hands through inheritance or transfers between spouses, accounting for 1.4% of the country's total private wealth.

This trend impacts the country's future not only economically but also socially and politically, as UBS's chief economist stated, wealth is not just an economic metric but a force shaping society.

Regional and Global Comparison

In the Middle East, Saudi Arabia leads with approximately 340,000 millionaires, followed by the UAE in second place with 240,000, and Israel with 186,000 wealthy individuals.

Globally, Switzerland continues to boast the highest average wealth, with $687,166 per adult. The USA, Hong Kong, Luxembourg, and Australia follow in the ranking.

Global wealth increased by 4.6% in 2024, driven mainly by the American continents and strengthening financial markets. The Asia-Pacific and EMEA regions showed much slower growth, with below 3% and below 0.5%, respectively.

Looking Ahead: The Era of Inheritance

According to UBS, over the next 20–25 years, more than $83 trillion in wealth will change hands globally. Of this, $29 trillion will transfer in the United States, $9 trillion in Brazil, and more than $5 trillion in China will move across generations.

Summary

The economic development of Dubai and the entire UAE is measurable not only in numbers but also in quality of life, investment confidence, and social stability. The accumulation of wealth indicates not only the economic strength of the country but also reinforces its global allure – whether for investors, families, or new settlers.

(Source: Based on data from Worldometers.)