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Dubai’s centi-millionaires to double by 2035; here's why
The UAE has seen its millionaire population surge by 98 per cent over the past decade, reaching 130,500 by December 2024
Dubai’s ascent as a global haven for the ultra-wealthy is gaining increased interaction, with its centi-millionaire population — those with liquid investable wealth of $100 million or more — projected to more than double by 2035.
According to the 2025 World’s Wealthiest Cities Report by Henley & Partners and New World Wealth, Dubai has soared to 18th place globally, hosting 81,200 millionaires, 237 centi-millionaires, and 20 billionaires. Its 102 per cent millionaire growth over the past decade outpaces most global cities, including the Bay Area’s 98 per cent, cementing its status as a premier wealth hub.
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Driven by zero income and capital gains taxes, world-class infrastructure, and a cosmopolitan lifestyle, Dubai’s magnetic appeal is drawing high-net-worth individuals (HNWIs) from across the globe, positioning the emirate as a cornerstone of the Middle East’s financial ascent.
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The UAE, with Dubai at its forefront, has seen its millionaire population surge by 98 per cent over the past decade, reaching 130,500 by December 2024, according to Knight Frank’s Private Capital Report. This places the UAE as the 14th-largest wealth market worldwide. In 2024 alone, 7,200 new dollar millionaires migrated to the UAE, up from 4,700 in 2023 and 5,200 in 2022, drawn by strategic economic reforms, visionary governance, and a tax-free environment.
Dubai’s luxury real estate market has flourished, with high-value property transactions soaring as HNWIs invest in prime properties, transforming the city into a global luxury hub. The emirate’s proximity to Abu Dhabi, which saw 80 per cent millionaire growth and expects its 75 centi-millionaires to double by 2035, amplifies the UAE’s regional dominance as a financial powerhouse.
Juerg Steffen, CEO of Henley & Partners, highlights that cities like Dubai, blending investment freedom with lifestyle dividends, are leading the race for mobile capital. Robust legal frameworks, sophisticated financial systems, and residence-by-investment programs make Dubai a gateway for global talent and wealth.
Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that centi-millionaires strategically diversify their geographical presence to mitigate risk and maximise opportunity, with Dubai’s policies offering seamless entry routes. This strategic allure is evident in the emirate’s ability to attract a diverse pool of investors, from tech entrepreneurs to traditional wealth holders, seeking both financial growth and an unmatched quality of life.
Globally, the US dominates with 11 cities in the Top 50, led by New York (384,500 millionaires, 66 billionaires) and the Bay Area (342,400 millionaires, 82 billionaires). Tokyo (292,300 millionaires) and Singapore (242,400) follow, while Los Angeles (220,600) has surpassed London (215,700), pushing the UK capital to sixth. London and Moscow (30,000 millionaires) are the only top 50 cities with negative growth, declining by 12 per cent and 25 per cent, respectively. Paris (160,100), Hong Kong (154,900), Sydney (152,900), and Chicago (127,100) complete the top 10.
Other fast-growing cities include Shenzhen (50,800 millionaires, 142 per cent growth), Hangzhou (32,200, 108 per cent), and Bengaluru (120 per cent), driven by tech ecosystems. European cities like Warsaw (83 per cent) and Athens, alongside smaller hubs like Malta’s St. Julian’s and Switzerland’s Lugano, are projected to see centi-millionaire populations double by 2035, leveraging investment migration programs.
Dubai’s real estate, while not topping the World’s Most Expensive Cities list— led by Monaco ($38,800 per m²), New York ($27,500), Hong Kong ($26,300), and London ($24,000) — remains a key draw due to its luxury offerings and tax advantages.
Andrew Amoils, head of Research at New World Wealth, emphasises that Dubai’s blend of financial innovation, tech growth, and investor-friendly policies ensures its enduring appeal. Beyond the top 50, emerging wealth hubs like the Cayman Islands, Costa Rica, and Cape Town are projected to see over 100 per cent centi-millionaire growth by 2035, but Dubai’s unique combination of economic dynamism and lifestyle allure sets it apart. As the emirate continues to innovate and attract global wealth, its trajectory as a leading destination for HNWIs is poised to accelerate, redefining the global geography of super-wealth.
Issac John
Issac John is Managing Editor at Khaleej Times and has over 45 years of experience in top-tier newspapers across UAE. A seasoned business writer and economic analyst, he brings unmatched insight into the geopolitics and geoeconomics shaping the Gulf and India.
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