Dubai sees 102% rise in millionaires over past decade

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Dubai has experienced a dramatic 102% rise in the number of millionaires over the past decade, cementing its status as one of the world’s fastest-growing wealth hubs, according to a report by New World Wealth.

The research firm’s 2024 data shows that the emirate is now home to 81,200 millionaires, 237 centimillionaires, and 20 billionaires. In 2014, those figures stood at 40,000 millionaires, 212 centimillionaires, and 15 billionaires.

The surge is largely attributed to Dubai’s investor-friendly policies, low taxes, and high quality of life. The city’s robust infrastructure, safety, education, and healthcare systems are seen as key attractors for affluent individuals and families.

“Dubai continues to pull wealthy individuals from around the globe thanks to its strong economy, modern lifestyle, and business-friendly environment,” the report said.

The influx is particularly noticeable among British nationals. Amid rising taxes and economic uncertainty in the UK, a growing number of high-net-worth individuals are choosing to relocate to Dubai. In 2024 alone, more than 11,000 millionaires reportedly left London.

“While London and the UK are driving wealth away with higher taxes, Dubai is taking the opposite approach,” New World Wealth noted.

Centimillionaires — individuals with a net worth of at least $100 million — are also increasingly favouring Dubai over traditional Western hubs.

Analysts suggest that the UAE’s tax-free policies, coupled with ease of doing business, have made the city an attractive alternative for entrepreneurs and investors seeking both financial growth and lifestyle benefits.

Experts predict the trend will continue in the coming years, particularly as economic pressures mount in Europe and more businesses seek global flexibility.