Dubai: The Most Sought-After Hub for the Ultra-Wealthy
Dubai has firmly established itself as a beacon for the ultra-wealthy, particularly for centi-millionaires—individuals with liquid investable wealth of $100 million or more. With a population of 237 centi-millionaires and 20 billionaires, the city has seen remarkable growth, projected to double its centi-millionaire count by 2035.
Remarkable Growth in Wealth
According to the 2025 World’s Wealthiest Cities Report by Henley & Partners and New World Wealth, Dubai ranks 18th globally, hosting 81,200 millionaires and witnessing a staggering 102% increase in its millionaire population over the past decade. In comparison, the Bay Area has grown by 98%, showcasing Dubai’s impressive ascent as a wealth hub.
The Driving Forces Behind the Migration
Several factors draw high-net-worth individuals (HNWIs) to Dubai. Chief among these are the zero income and capital gains taxes, world-class infrastructure, and a cosmopolitan lifestyle that offers an unparalleled quality of life. This unique combination positions Dubai as a cornerstone for the Middle East’s financial renaissance.
Surge in Millionaire Population
The UAE, led by Dubai, has reported a significant 98% increase in its millionaire population, reaching 130,500 by December 2024, according to Knight Frank’s Private Capital Report. In 2024, 7,200 new dollar millionaires migrated to the UAE, demonstrating a consistent upward trend influenced by strategic economic reforms and visionary governance.
Thriving Luxury Real Estate Market
Dubai’s luxury real estate market is booming, attracting HNWIs seeking high-value properties. The emirate’s thriving property transactions are indicative of its transformation into a global luxury hub. The proximity to Abu Dhabi enhances Dubai’s appeal, with the latter witnessing an impressive 80% growth in its millionaire population.
Investment Freedom and Lifestyle Appeal
Juerg Steffen, CEO of Henley & Partners, emphasizes that cities like Dubai that offer a blend of investment freedom and lifestyle dividends are at the forefront of attracting mobile capital. Robust legal frameworks, advanced financial systems, and residence-by-investment programs make Dubai a compelling entry point for global talent and wealth.
Strategic Diversification for Centi-Millionaires
Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that centi-millionaires often seek to diversify their geographical presence to mitigate risks and seize opportunities. Dubai’s favorable policies provide seamless entry routes, attracting a diverse spectrum of investors, from tech entrepreneurs to traditional wealth holders.
A Global Context of Wealth
On a global scale, the US is the leading country with 11 cities in the Top 50 for millionaires, starting with New York, which boasts 384,500 millionaires. Other major cities such as Tokyo and Singapore follow closely. Interestingly, London and Moscow show a decline in millionaire populations, reinforcing Dubai’s opposite trajectory of growth.
Emerging Wealth Centers
Cities like Shenzhen and Hangzhou are also witnessing rapid growth among millionaires, driven predominantly by thriving tech ecosystems. Meanwhile, various European cities are expected to see growth in centi-millionaire populations, leveraging investment migration schemes that entice wealthy individuals.
Dubai’s Real Estate Appeal
While Dubai may not dominate the list of the world’s most expensive cities for real estate—led by Monaco and New York—it still attracts investors due to its luxury offerings and favorable tax conditions. This unique blend ensures that Dubai remains a significant player in the global property market.
The Role of Innovation and Policy
Andrew Amoils, head of research at New World Wealth, underscores Dubai’s combination of financial innovation and investor-friendly policies as key factors in its enduring appeal. Beyond the established wealth hubs, emerging locations like the Cayman Islands and Costa Rica are also expected to see substantial growth, but Dubai’s unique combination of economic dynamism and lifestyle allure positions it as a standout choice for the ultra-wealthy seeking a luxurious lifestyle and robust investment opportunities.
Looking Ahead
Dubai’s trajectory shows no signs of slowing. As it continues to innovate and attract global wealth, the emirate’s appeal will undoubtedly grow, redefining the landscape of ultra-wealth in the years to come.
