The Emirate of Dubai Already well known across the world for great wealth and unmatched business, the city of Dubai has now finally officially entered the club of the world’s top 20 cities in terms of wealth, and now being home to the rich and famous. Now home to 81,200 millionaires. This massive figure includes a total of 237 centi-millionaires (those with wealth greater than $100 million) and 20 official US dollar billionaires.
As per the ‘World’s Wealthiest Cities Report 2024’ published by Henley & Partners in cahoots with New World Wealth, Dubai climbed three places, ranking 18th in the whole world in terms of the number of rich people living in the city.
The report highlights Dubai’s constant and consistent long-term rise as a leading global center for growth investment, business, and high-net-worth people, cementing its place as a leading and top-notch destination for money and prosperity.
Dubai also topped Arab cities in the wealth rankings, becoming one of the fastest-growing cities around the world for the rich and famous. It has secured the top spot in the Arab world and climbed from 21st to 18th place internationally on the list of the world’s super-rich cities for the year 2025, as per the latest report.
Over the past ten years or so, the city saw an impressive 102 per cent growth in the cohort of millionaires, making it the third-fastest growing city in the world for high net-worth individuals (HNWIs), behind only the Chinese tech and manufacturing hubs of Shenzhen and Hangzhou.
Dubai the New Geneva
The report revealed that Dubai attracted 8,700 new millionaires, only raising the total number of HNWIs in Dubai to 81,200 by the end of 2024, an increase from 72,500 in 2023.
The number of ultra-wealthy people in Dubai—those with a net worth is more than $100 million—rose to 237 by the end of last year, up from 212 in 2023, showing the emirate’s growing attractiveness as a global wealth hub.
Meanwhile, Abu Dhabi witnessed a significant increase in its millionaire population over the past ten years or so. Between 2014 and 2024, the capital showed an 80 per cent boost in the number of millionaires, hitting 17,800 by the end of the previous year.
Abu Dhabi is now home to about 75 centi-millionaires (individuals with a net worth of more than $100 million) and 8 US dollar billionaires, underscoring the emirate’s growing profile as a center for wealth creation and business.
Dubai is currently home to 237 centi-millionaires, while Abu Dhabi, with 75 centi-millionaires, leads the list of cities projected to see a significant increase in ultra-wealthy people over the next decade.
The number of wealthy guys with a net worth, which is north of about, say, $100 million in both emirates, is likely to double by 2034, driven by the region’s long-term economic growth, investor-friendly business policies, and strategic vision for the future.
This projected wealth boom shows a broader shift in the Middle East’s financial map as Dubai and Abu Dhabi improve their positions as global wealth hubs—bettered by favorable tax regimes, great infrastructure, and progressive economic reforms made at attracting high-net-worth people and international investors.
Conclusion
This is being helped by things like Dubai becoming a more attractive place to park their cash in a safe place. The Swiss, for instance, have shot themselves in the foot by doing things like freezing Russian assets.
The fact that leading Western capitals are no longer even pretending to be long term and neutral in their approach is what is bringing money into the Dubai property market.
People are buying apartments in Dubai and along with shops and offices in Dubai as ways to preserve their wealth to make sure that they do not face things like sanctions and other issues coming out of biased governments.
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