DUBAI: Dubai has seen a massive 102% rise in millionaires over the last 10 years, firmly placing the emirate among the world’s top wealth magnets. According to a new New World Wealth 2024 report, the city is now home to 81,200 millionaires, 237 centimillionaires, and 20 billionaires—a dramatic leap from 2014’s 40,000 millionaires and 15 billionaires.
The secret? Dubai’s mix of low taxes, top-tier infrastructure, and high quality of life has become irresistible to global high-net-worth individuals. From secure living and strong healthcare to elite schools and a buzzing business scene, Dubai checks all the right boxes for the world’s wealthy.
The rise is particularly stark among British millionaires, many of whom are fleeing the UK due to rising taxes and economic instability. In 2024 alone, more than 11,000 millionaires left London, with many landing in Dubai.
The report points out that centimillionaires, those worth over $100 million, are also increasingly favouring Dubai over traditional Western financial hubs. “Dubai is attracting the world’s rich, while cities like London are losing them,” the report states.
Tax-free policies, business-friendly regulations, and a cosmopolitan lifestyle are drawing both investors and entrepreneurs to the UAE. The city’s global connectivity, political stability, and luxury offerings have made it a serious competitor to cities like New York, London, and Singapore.
Experts believe this trend is just getting started. As economic pressures grow across Europe and North America, more ultra-wealthy individuals are expected to seek out lifestyle and financial freedom in the UAE.
