Dubai has been named the fourth wealthiest city across Europe, the Middle East and Africa, that’s a lot of millionaires

Dubai is fast becoming one of the world’s wealthiest cities. The emirate is attracting investors, professionals, and families from around the globe and Dubai’s total liquid investable wealth is approximately $1.1 trillion.

What other cities are wealthier than Dubai?

Dubai is currently the fourth wealthiest city in EMEA in terms of millionaire numbers. London remains in first place with 212,000 millionaires. Paris comes next with 163,000, followed by Milan with 121,000. Dubai takes fourth place, but experts say if growth continues, it could climb higher by 2040 to become the wealthiest city in the region. According to Khaleej Times the study was carried out by MCB Group, boutique investment advisory firm Stewards Investment Capital, and research company New World Wealth.

Why is Dubai one of the wealthiest cities?

Dubai’s rise as a global wealth hub comes down to a mix of lifestyle and opportunity. Some of the key reasons include:

  • Safety and stability

  • No income tax

  • A strong and diverse economy

  • Growing property market

Also read: Dubai property market ranks top 3 globally for growth in 2025

  • Flight connections

  • Top healthcare and schools

  • Year-round sunshine and things to do

How fast is Dubai growing?

It’s not just wealth that is growing. Dubai has seen steady growth over the past decade. Just last year, in 2024, the population was 3.77 million. The year before that, in 2023, it was 3.61 million. As of August 2025, the figure stands at 4 million residents, that’s an increase of more than 223,000 people in just one year. To put it in perspective, Dubai’s population has more than doubled since 2011, when it was 1.93 million. All these figures are according to DXB Interact.

Also read: Dubai’s population just hit 4 million 

Attracting investors

It is now easier than ever for residents to get on the property ladder in Dubai. A new initiative launched by the Dubai Land Department and the Department of Economy and Tourism, with support from more than 13 developers and five banks, is designed to help first-time buyers own a home. The programme, open to all UAE residents over the age of 18 who have never owned property before, comes with exclusive perks and is part of Dubai’s wider D33 strategy to grow the economy and improve quality of life.

This scheme is expected to encourage more people to settle in the city, boosting investment and adding to Dubai’s reputation as a global hub for professionals, families and investors.

Also read: New initiative launched to help first-time property buyers in Dubai

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