Dubai now among 20 wealthiest global cities

Dubai has officially entered the ranks of the world’s top 20 cities for wealth, now home to 81,200 millionaires, including 237 centi-millionaires (those with wealth exceeding $100 million) and 20 billionaires.

According to the ‘World's Wealthiest Cities Report 2024’ issued by Henley & Partners in collaboration with New World Wealth, Dubai climbed three spots, ranking18th globally in terms of the number of wealthy people residing in the city.

The report highlights Dubai's continued rise as a leading global hub for investment, business, and high-net-worth individuals, cementing its status as a premier destination for wealth and prosperity.

Dubai also toped Arab cities in wealth rankings, becoming one of the fastest-growing cities globally for millionaires. It has secured the top place in the Arab world and climbed from 21st to 18th place globally on the list of the world’s wealthiest cities for 2025, according to the latest report.

Over the past decade, the city recorded an impressive 102 per cent growth in the number of millionaires, making it the third-fastest growing city in the world for high net-worth individuals (HNWIs), trailing only Shenzhen and Hangzhou.

The report revealed that Dubai attracted 8,700 new millionaires, who only, increasing the total number of HNWIs in the city to 81,200 by the end of 2024, up from 72,500 in 2023.

The number of ultra-wealthy individuals in Dubai—those with a net worth exceeding $100 million—rose to 237 by the end of 2024, up from 212 in 2023, reflecting the emirate’s growing appeal as a global wealth hub.

Meanwhile, Abu Dhabi witnessed a significant surge in its millionaire population over the past decade. Between 2014 and 2024, the capital recorded an 80 per cent increase in the number of millionaires, reaching 17,800 by the end of 2024.

Abu Dhabi is now home to approximately 75 centi-millionaires (individuals with a net worth of over $100 million) and 8 billionaires, underscoring the emirate’s rising profile as a centre for wealth creation and investment.

Dubai, currently home to 237 centi-millionaires, and Abu Dhabi, with 75 centi-millionaires, top the list of cities projected to witness significant growth in ultra-wealthy residents over the next decade.

The number of wealthy people with a net worth exceeding $100 million in both emirates is expected to double by 2034, driven by the region’s sustained economic growth, investor-friendly climate, and strategic vision for the future.

This projected wealth boom reflects a broader shift in the Middle East’s financial landscape, as Dubai and Abu Dhabi strengthen their positions as global wealth hubs—bolstered by favourable tax regimes, robust infrastructure, and progressive economic reforms aimed at attracting high-net-worth individuals and international investors.