Dubai has solidified its status as one of the world’s fastest-growing wealth hubs, with its millionaire population skyrocketing by 102% over the past decade. According to the World’s Wealthiest Cities Report 2025 by Henley & Partners and New World Wealth, Dubai is now home to 81,200 resident millionaires, 237 centi-millionaires (those worth over $100 million), and 20 billionaires — a dramatic rise from 2014, when the emirate had just 40,000 millionaires.
A Strategic Pivot to Wealth
This growth has placed Dubai 18th on the list of the Top 50 Cities for Millionaires, climbing three spots from 21st in 2024. It is also ranked 6th among the world’s fastest-growing wealth hubs, outpacing major cities like the Bay Area in millionaire growth. Experts attribute Dubai’s meteoric rise to a potent mix of zero income and capital gains taxes, high-quality infrastructure, business-friendly policies, and a safe, luxurious lifestyle. The emirate has become a beacon for mobile capital, particularly as traditional financial centers like London face declining millionaire populations due to restrictive tax regimes.
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London Declines Amid Policy Changes
In contrast to Dubai’s wealth boom, London has seen an exodus of 11,300 millionaires in 2024 alone. Its millionaire population has dropped by 12% over the past decade, now standing at 215,700. The UK’s high tax environment is largely to blame, pushing wealthy individuals and businesses to seek friendlier jurisdictions — with Dubai emerging as a prime destination.
Regional Shift
Dubai’s growth isn’t occurring in isolation. Abu Dhabi, with 75 centi-millionaires, is following a similar trajectory. Both cities are expected to more than double their centi-millionaire populations by 2035, driven by a regional shift positioning the Gulf as a global financial center. This is further supported by the proliferation of investment migration programs that offer residence in exchange for substantial capital investments.
A Global Trend: New Tech Capitals Emerging
Dubai’s wealth boom mirrors trends seen in Asia and North America. Shenzhen and Hangzhou in China reported millionaire growth of 142% and 108% respectively. Bengaluru in India, often dubbed the “Silicon Valley of India,” has seen a 120% increase in millionaires, highlighting the global rise of tech-driven wealth hubs. U.S. cities such as Scottsdale, West Palm Beach, Miami, Austin, and Washington DC also feature prominently in the list of fastest-growing wealth centers.
U.S. Still Dominates the Top Tier
Despite Dubai’s rise, U.S. cities dominate the upper ranks. New York City remains the world’s wealthiest with 384,500 millionaires, 818 centi-millionaires, and 66 billionaires. The Bay Area follows closely with 342,400 millionaires and the highest number of billionaires at 82, thanks to its continued dominance in tech innovation.
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The report also highlights the world’s most expensive real estate markets. Monaco tops the list with property prices exceeding $38,800 per square meter. New York, Hong Kong, and London follow, while Paris edges out Sydney for sixth place. Notably, France has the most cities on this year’s list, underscoring its appeal despite broader economic challenges.