Dubai ranks best in luxury lifestyle among world's wealthy in Middle East

Dubai: Dubai has been ranked as the seventh biggest wealth hub in the world for high-net-worth individuals (HNWIs), up from 12th last year, according to the Julius Baer Global Wealth and Lifestyle Report 2025. The rise makes Dubai the highest-ranked city in the Middle East and reflects its continued growth as a hub for luxury living, business, and innovation.

With the average increase in currency prices in Dubai just 1 per cent, the report highlights a sharp increase in demand for high-end goods and services—particularly in cars and residential property, which saw significant price spikes over the past year. This rise in big-ticket spending was offset by price stability across several lifestyle categories.

“Dubai has risen five places to seventh, consolidating its position as a serious contender among traditional wealth hubs,” the report states.

Travel, lifestyle drive growth

The surge in business and leisure travel was a key contributor to lifestyle cost increases, with 53 per cent and 47 per cent of respondents respectively reporting more travel activity. This coincides with record-breaking traffic at Dubai International Airport, which saw 92.3 million passengers in 2024, making it the world’s busiest international airport.

According to Julius Baer, the appetite for luxury experiences remains high in the Middle East. HNWIs in the region continue to invest heavily in premium hotels, luxury menswear, fine dining, and high-end tech and fashion, including smartphones and handbags.

“The GCC economies remain resilient amidst global macroeconomic uncertainty and regional geopolitical tensions,” said Rishabh Saksena, Co-Head Global Asset Class Specialists at Julius Baer. “The broader outlook for 2025 is positive, supported by robust non-oil performance, strong fiscal buffers, and a continued commitment to economic reform.”

Dubai’s long-term appeal rising

The report adds weight to Dubai’s positioning as a long-term residence for global elites. Property sales values in 2024 rose 27 per cent year-on-year, and the city’s HNWI population has grown by 102 per cent over the past decade, according to Henley & Partners.

“The momentum of millionaires relocating to Dubai is predicted to continue,” the report notes. “Net inflows are expected to surpass those of all other countries.”

Dubai’s rise is supported by forward-thinking residency options, including the Golden Visa and Entrepreneur Visa, as well as its status as a major financial and innovation hub. In 2024, the Dubai International Financial Centre (DIFC) reported a 25 per cent increase in active companies, while Abu Dhabi’s non-oil economy grew 8.6 per cent.

“Dubai continues to lead the region’s services and tourism rebound, with visitor numbers projected to exceed 22 million in 2025,” added Saksena.

Shifting global trends in luxury

The Julius Baer report also highlights how global luxury spending patterns are evolving. For the first time since the index launched, there was an overall 2 per cent drop in global prices in US dollar terms, driven by falling tech prices and conservative consumer spending in some regions.

At the same time, experiential luxury – such as fine dining and exclusive travel – remains in strong demand. HNWIs globally are now prioritising “longevity, both physical and financial”, the report finds, with nearly all respondents taking steps to extend their lifespan and reassess long-term wealth strategies.

In the Middle East, real estate (18%) and equities (13%) were the most preferred asset classes, showing investor confidence in regional growth.

“Our findings represent the final moment ‘before’ the current situation,” said Christian Gattiker, Head of Research at Julius Baer, referring to recent geopolitical tensions and tariffs. “Next year’s Global Wealth and Lifestyle Report will likely provide a fascinating ‘after’ perspective.”

Dubai eyes podium finish

With UAE ambitions to double the size of its economy by 2033, continued investments in healthcare, wellness infrastructure, and population growth forecasts, Dubai is building a lifestyle ecosystem for every stage of life. A projected 29 per cent increase in over-60s by 2050 is prompting city-wide planning in longevity-focused living.

As Dubai edges closer to the global Top 5 in luxury lifestyle rankings, its blend of ambition, access, and innovation is proving irresistible to the world’s wealthiest. From elite property to global connectivity and curated experiences, Dubai’s luxury story is still unfolding—with momentum firmly on its side.