Every 30th person a millionaire; UAE added 13,000 new millionaires in 2024

The UAE added approximately 13,000 new millionaires in 2024, taking the total number of high-net-worth individuals in the country to 240,343, according to the UBS Global Wealth Report 2025 released on Wednesday.

It is estimated that millionaires in the UAE command approximately $785 billion (Dh2.88 trillion) in wealth.

Recommended For You

Discover Al Jurf as Abu Dhabi’s next iconic beachfront destination

UAE authority warns against dealing with unlicensed Dubai companies

As 'Bajrangi Bhaijaan' turns 10, Kabir Khan remembers film

UAE weather: Chance of rain in some areas; dusty conditions expected

Tiger Properties sells out phase one of 255m-tall Auresta Tower; launches phase two on July 15

 

The UAE saw a 5.8 per cent growth in millionaires last year, making it the second-fastest-growing market after Türkiye, which saw an 8.4 per cent increase in the number of US dollar millionaires, according to the 16th edition of the report.

According to Worldometers data, the UAE’s population grew by 385,048 last year, which means that every 30th person in the population was a millionaire.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

The Global Wealth Report 2025 states that close to 62 per cent of gross wealth in the UAE is allocated to financial assets, while non-financial assets, such as real estate and land, make up roughly 48 per cent.

It is estimated that the average wealth per adult in the UAE is $147,663.

It expects to see a volume of wealth transfers, both inter-generational and intra-generational (i.e., from widow/er to spouse), of $19 billion (Dh70 billion) in the UAE, equivalent to 1.4 per cent of the country’s entire private wealth.

In the Middle East, Saudi Arabia leads the ranking with almost 340,000 millionaires, followed by the UAE with 240,000 and Israel with 186,000.

Earlier, property consultancy Knight Frank stated, quoting Henley & Partners data, that the UAE attracted 7,200 millionaires last year, a 53 per cent increase over the previous year, bringing the total number of high-net-worth individuals (HNWIs) in the country to 130,500.

“Wealth is not just an economic measure – it’s a social and political force. As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress,” said Paul Donovan, chief economist at UBS Global Wealth Management.

Globally, Switzerland maintained its top position in terms of average wealth per adult, at $687,166, followed by the US ($620,654), Hong Kong ($601,195), Luxembourg ($566,735), and Australia ($516,640).

The Swiss bank’s study noted that global wealth increased by 4.6 per cent in 2024, following a 4.2 per cent rise in 2023. The speed of growth was largely tilted towards North America, with the Americas overall accounting for the majority of the increase, with more than 11 per cent. A stable US dollar and buoyant financial markets were key contributors to this growth. The Asia-Pacific (APAC) and Europe, the Middle East, and Africa (EMEA) regions were lagging, with growth rates of below 3 per cent and less than 0.5 per cent, respectively.

Over the next 20–25 years, UBS estimates that more than $83 trillion will be transferred, with $9 trillion moving horizontally between spouses and $74 trillion moving between generations. The largest volume of wealth transfers is anticipated in the US (over $29 trillion), Brazil (nearly $9 trillion), and mainland China (more than $5 trillion).

Waheed Abbas

waheedabbas@khaleejtimes.com

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.