Dubai's millionaire population surges 102% in decade, fastest growth globally

Dubai's millionaire population surges 102% in decade, fastest growth globally

Dubai has emerged as the world's fastest-growing destination for wealthy individuals, with its millionaire population surging 102 per cent over the past decade, according to the Henley & Partners World's Wealthiest Cities Report 2025, produced in partnership with New World Wealth, the only independent firm systematically tracking global wealth migration since 2013.

The emirate now hosts 81,200 millionaires, including 237 centi-millionaires with investable wealth exceeding $100 million and 20 billionaires. This dramatic expansion propelled Dubai from 21st to 18th place among the world's top 50 wealthiest cities between 2014 and 2024.

Tax advantages and regulatory framework

Dubai's appeal rests on a comprehensive tax framework that includes zero personal income tax, no capital gains tax, and no inheritance tax, allowing wealth to be transferred to heirs without deductions. The UAE's Golden Visa program, requiring a minimum investment of AED 2 million (approximately $550,000), offers 10-year renewable residency without requiring a UAE sponsor, further strengthening the emirate's position as a wealth hub.

By the end of 2024, an estimated 6,700 millionaires relocated to the UAE, significantly exceeding the 3,800 who moved to the United States during the same period. The country's investment-friendly regulations, strong legal frameworks and residency-by-investment programmes have positioned it among the fastest-growing destinations for ultra-high-net-worth individuals globally.

Financial sector expansion

Dubai International Financial Centre recorded 28 per cent year-on-year growth in active companies in 2025, reaching 8,844 firms, with more than 1,050 regulated entities including over 500 wealth and asset management companies. Combined balance sheets of banks operating in DIFC reached $251 billion by the end of 2025, representing 19 per cent annual growth and a 195 per cent increase since 2015.

The emirate's expanding role as an international financial centre received further recognition when Dubai climbed to seventh place in the Global Financial Centres Index published in March 2026, marking its highest-ever global ranking.

Global wealth migration patterns

The report projects that Dubai and Abu Dhabi will more than double their centi-millionaire populations over the next decade. Looking ahead to 2035, Henley & Partners forecasts growth exceeding 100 per cent in the population of centi-millionaires across several emerging wealth hubs in the UAE, Asia and Europe.

Globally, New York retained its position as the world's wealthiest city with 384,500 millionaires, followed by the San Francisco Bay Area with 342,400 millionaires, which overtook New York in the number of billionaires. Tokyo ranked third, ahead of Singapore, while Los Angeles moved into fifth place.

London slipped to sixth place and was one of only two cities in the global top 50 to record a decline in millionaire population over the past decade. The city lost 11,300 millionaires in 2024 alone, marking a 12 per cent decline over ten years and the highest millionaire exodus in Europe. High capital gains tax and estate duty rates, along with the abolition of non-domiciled tax status and Brexit impacts, are cited as primary drivers of the departure.

Moscow joined London as the only other top-50 city to experience a decline in its millionaire population during the period.

Henley & Partners emphasized that global wealth is becoming increasingly mobile, with high-net-worth individuals gravitating towards cities that combine investment freedom, legal certainty and lifestyle advantages.