This is how many millionaires are living in Dubai right now
Dubai Bling, but for real…
Dubai has been attracting the rich and the wealthy for time immemorial, but it seems like the desire of the ultra-loaded to live in the city has touched an all-time high, and reports are telling us that it’s only upwards from here.
The World’s Wealthiest Cities Report 2025, conducted by New World Wealth for Henley & Partners shows that as of 2024 and with the wealth calculated in dollars, Dubai is home to 81,200 millionaires. The year before that, there were 72,500 millionaires living in Dubai. There are also 237 centimillionaires – whose wealth is in the hundreds of millions – and 20 billionaires.
Clearly, it’s raining cash (hallelujah).
Those are impressive numbers in itself, but the growth trajectory is even more so. In the past decade there has been a 102 per cent increase in the number of millionaires in Dubai, a number second only to two cities of global economic giant, China.
According to older data by the same firm, an investment migration advisory entity, almost twice as many millionaires moved to Dubai than to the next most popular country, the United States. Another study, launched by global real estate consultancy Savills, revealed that Dubai and capital Abu Dhabi claim the top spots for attracting millionaires and developing wealth for them, as well as the top cities where millionaires are looking to move to.
So, the millionaires and billionaires love Dubai, but why is that?
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Dubai is essentially a tax haven, offering some of the most competitive tax rates and attractive incentives to investors and entrepreneurs. With no capital gains tax, no income tax and an increasingly diversifying economy, the wealthy are looking to Dubai as government policies transform to make doing business here more profitable than ever.
A number of other factors also come into play, including safety and security, an obvious matter of concern for those with a lot of moolah, the top-tier healthcare system, global-standard education and the city’s geopolitical location – a central position that connects it to most of the world, including some of the biggest financial and metropolitan hubs (via the gift that keeps on giving that is Emirates).
On the other hand, Abu Dhabi has generational wealth, fuelled by astounding oil reserves and sovereign funds, and both the places offer a quality of life found in few cities, what with the luxury residential developments that never seem to end, food, year-round leisure and nightlife.
What does the future hold?
The study noted that Dubai and Abu Dhabi can expect to see their centimillionaire populations more than double over the next 10 years. Everyone and their mom will be moving to Dubai, which is great, but here’s to hoping we have flying cars by then because that can’t be good for traffic.
Images: Unsplash
