Dubai ranks fourth-richest city in EMEA as wealth surges 110% in a decade

Dubai: Dubai has been ranked the fourth-richest city in the Europe, Middle East, and Africa (EMEA) region, trailing only London, Paris, and Milan, as its investable wealth climbed 110 percent over the past decade. 

The city’s rise cements its position among the world’s top five fastest-growing wealth hubs, as well as as a global center for business, finance, and luxury living.

According to a new study by Henley & Partners’ New World Wealth, Stewards Investment Capital, and MCP, Dubai now hosts 23 billionaires, 251 centi-millionaires, individuals with investable wealth exceeding $100 million, and more than 86,000 millionaires. 

The total investable wealth held in the emirate stands at an estimated $1.1 trillion, placing it firmly alongside the world’s leading financial capitals.

London topped the EMEA list with 212,000 millionaires, followed by Paris with 163,000, and Milan with 121,000. Dubai’s leap into fourth place reflects an unprecedented decade of expansion, one that could see it rival or surpass many traditional Western wealth centers by 2040 if current growth trends persist.

Experts attribute Dubai’s performance to its highly diversified economy, which spans finance, real estate, technology, healthcare, retail, media, energy, and tourism, unlike other Middle Eastern wealth hubs more dependent on a single sector. 

Tax-free perks

The emirate’s tax-free environment, political stability, and world-class infrastructure have also made it one of the world’s eight recognized safe havens for wealth, drawing investors, professionals, and families from across the globe.

Beyond economic strength, Dubai’s appeal lies in its high quality of life, advanced public services, year-round sunshine, and a cultural openness that attracts residents seeking long-term stability and prosperity.

Dubai’s wealth boom has been mirrored by a surge in population. The city’s residents have more than doubled in 14 years, from 1.93 million in 2011 to nearly 4 million as of August 2025.

In tandem with this growth, the Dubai Land Department (DLD), in collaboration with the Department of Economy and Tourism (DET) and a coalition of 13 developers and five local banks, launched a new initiative to support first-time homebuyers.

The program targets residents over 18 who have never owned property in the UAE, offering them tailored financing options and incentives designed to ease access to the housing market. The initiative is expected to boost homeownership, encourage long-term residency, and reinforce Dubai’s position as a premier destination for living and investment.