Dubai records fastest rise in millionaire rankings worldwide

Dubai: Dubai has recorded the fastest climb in the global rankings of cities attracting wealthy individuals, with the emirate now home to 81,200 millionaires, including 237 centi-millionaires, people with investable wealth exceeding $100 million, and 20 billionaires, according to the Henley & Partners World's Wealthiest Cities Report 2025.

The report found that Dubai's millionaire population surged 102 per cent between 2014 and 2024, propelling the city from 21st to 18th place among the world's top 50 wealthiest cities, Al Bayan newspaper reported.

The sharp rise demonstrates Dubai's growing appeal as a global wealth hub, supported by its investor-friendly policies, zero tax on personal income and capital gains, and expanding role as an international financial centre.

The report projects that Dubai and Abu Dhabi will more than double their centi-millionaire populations over the next decade, placing the UAE among the world's fastest-growing destinations for ultra-high-net-worth individuals. 

It attributes the shift to the country's strategic focus on attracting global capital through investment-friendly regulations, strong legal frameworks and residency-by-investment programmes.

Globally, New York retained its position as the world's wealthiest city with 384,500 millionaires, followed by the San Francisco Bay Area, which recorded 342,400 millionaires and overtook New York in the number of billionaires. 

Tokyo ranked third, ahead of Singapore, while Los Angeles moved into fifth place after London slipped to sixth. London and Moscow were the only cities in the global top 50 to record a decline in their millionaire populations over the past decade.

Henley & Partners said global wealth is becoming increasingly mobile, with high-net-worth individuals gravitating towards cities that combine investment freedom, legal certainty and lifestyle advantages. Looking ahead to 2035, it forecasts growth of more than 100 per cent in the population of centi-millionaires in Dubai, Abu Dhabi and several emerging wealth hubs across Asia and Europe.