Renowned for its iconic skyscrapers and opulent lifestyle, Dubai is increasingly establishing itself as a significant global wealth magnet.
Over the past decade, the city has experienced a notable surge in the number of millionaires choosing to reside there.
According to a report by the international research firm New World Wealth, Dubai has emerged as one of the fastest-growing centers for wealth worldwide.
The report indicates that the number of millionaires in Dubai has grown by an impressive 102% over the last ten years.
In 2024, the city was home to 81,200 millionaires, 237 centimillionaires, and 20 billionaires, a significant increase compared to 2014 when these figures stood at 40,000 millionaires, 212 centimillionaires, and 15 billionaires.
The report defines a centimillionaire as an individual with a net worth of at least $100 million. New World Wealth’s analysis states: “Dubai’s low-tax policies, secure environment, and robust economy are attracting affluent individuals from across the globe. It has become an ideal location for launching businesses and making investments.”
The report also highlights that Dubai’s modern infrastructure, high-quality healthcare system, excellent educational institutions, and extensive leisure facilities contribute to its appeal as a prime destination for the wealthy.
In contrast, London has seen a decline in its millionaire population. In 2024, 11,300 millionaires left the city, with the UK’s new tax regulations cited as a primary factor.
New World Wealth observed: “While London and the UK are driving wealth away with higher taxes, Dubai is adopting the opposite strategy.”
Experts predict that a growing number of British individuals and businesses will relocate to Dubai in the coming years, further solidifying its status as a prominent global wealth hub.
