Why Dubai Is Becoming a Global Hub for Millionaires

Dubai, one of the fastest-growing wealth capitals in the world, is poised to more than double its centi-millionaire population by 2035. According to the World’s Wealthiest Cities Report 2025, released by Henley & Partners in collaboration with New World Wealth, Dubai is quickly positioning itself as a future global epicenter for the ultra-wealthy, not just in the Middle East, but globally.

Ranked 18th worldwide, Dubai is now home to:

• 81,200 millionaires

• 237 centi-millionaires (net worth $100 million+)

• 20 billionaires

Over the past decade, the city has seen a 102% increase in millionaire residents, making it one of the world’s most dynamic and elite wealth hubs. It’s also the biggest climber in the Top 50 wealthiest cities, jumping three places from its 2024 position.

“Cities that blend investment freedom with lifestyle dividends are winning – and Dubai exemplifies this,”
— Dr. Juerg Steffen, CEO, Henley & Partners

A City Built for Wealth

Dubai’s rise is fueled by several key factors:

• Zero income and capital gains taxes

• World-class infrastructure and connectivity

• Safe and luxurious lifestyle

• Investor-friendly policies and residency-by-investment programs

This mix has made Dubai particularly attractive for global entrepreneurs, investors, and high-net-worth individuals.

“Dubai’s surge is driven by inflows of migrating millionaires and rising local tech and investment industries,”
— Andrew Amoils, Head of Research, New World Wealth

Top Cities for Millionaires in 2025

Despite Dubai’s explosive growth, New York City remains the world’s wealthiest with:

• 384,500 millionaires

• Over 800 centi-millionaires

• 66 billionaires

Read More: Pakistanis Can Now Apply for 5-Year UAE Visas: All Details Here

Other leading cities include:

• Bay Area (San Francisco & Silicon Valley): 342,400 millionaires, 82 billionaires

• Tokyo & Singapore: Strong contenders in 3rd and 4th spots

• Los Angeles: Now ahead of London with over 220,000 millionaires

• London: Slips to 6th, with a 12% decline in millionaire population over the decade

• Paris, Hong Kong, Sydney, and Chicago round out the Top 10

Cities on the Rise

Between 2014 and 2024, several cities experienced phenomenal millionaire growth:

• Shenzhen (+142%)

• Hangzhou (+108%)

• Dubai (+102%)

• Bengaluru (+120%)

• Scottsdale, West Palm Beach, Miami, Austin, Washington, DC

In Europe, Warsaw (+83%) has emerged as a growing wealth center, while Abu Dhabi and Riyadh are leading Gulf counterparts to Dubai.

The Next Generation of Centi-Millionaire Hotspots

Dubai and Abu Dhabi are forecast to double their centi-millionaire populations by 2035, thanks to a combination of zero tax policies, strategic economic planning, and increasing global appeal.

Other cities with strong future centi-millionaire potential include:

• Delhi and Bengaluru (India’s tech boom)

• Warsaw and Athens (Europe’s emerging financial centers)

• St. Julian’s, Sliema, Lugano, Riga, and Jūrmala (offering targeted investment migration programs)

Global Real Estate: The Price of Prestige

Monaco remains the world’s most expensive real estate market, with prime property exceeding $38,800 per square meter.

Other expensive cities include:

• New York City, Hong Kong, London: $24,000–$27,500 per sq. meter

• Paris, Saint-Jean-Cap-Ferrat, and Sydney: Top-tier European and Australian spots

France dominates the luxury property list, followed by the US, Switzerland, and Italy.

Why Millionaires Are Choosing Dubai

Dubai has become a haven for the wealthy thanks to:

• No personal income tax

• No capital gains tax

• Easy business setup and full foreign ownership

• Luxurious, high-quality lifestyle

• Safe, modern infrastructure with global connectivity

Whether you’re raising a family, growing a business, or simply looking for a secure place to enjoy your wealth, Dubai offers a compelling mix of opportunity and comfort.

UK Millionaires Leading the Wealth Migration

The millionaire migration isn’t just regional—it’s international. Thousands of wealthy individuals from the UK are relocating to Dubai. In 2024 alone, over 11,000 millionaires left London, many of whom chose Dubai as their new home.

Reasons include:

• Rising taxes and economic uncertainty in the UK

• Dubai’s welcoming financial environment and world-class lifestyle

Dubai: A Playground for Centi-Millionaires

Dubai isn’t just attracting millionaires—centi-millionaires and even billionaires are relocating as well. With booming sectors like real estate, hospitality, fintech, and crypto, the city offers fertile ground for growing and preserving ultra-high net worth.

Read More: UAE Golden Visa: 5 ways to get 10-year residency without a job

Looking Ahead: Dubai’s Wealth Future

With Europe facing inflation, rising taxes, and slower growth, Dubai is poised for continued expansion. The UAE government’s emphasis on:

• Innovation

• Infrastructure development

• Inclusive economic policies

…makes the country a go-to destination for wealth creation and preservation.

Final Thoughts: A New Capital of Wealth

Dubai is not just building iconic skyscrapers—it’s building a future where global wealth converges. The city represents a real, measurable shift in how the world’s ultra-wealthy live, invest, and grow their fortunes.

Whether you’re a millionaire looking for a tax-efficient home, an entrepreneur in search of opportunity, or an investor chasing returns,

Dubai is writing the next chapter of global capital