Dubai has officially broken into the top 20 richest cities in the world, coming 18th in a global ranking compiled by consultants Henley & Partners and New World Wealth.
The result highlights the emirate's rapid growth as a major international centre for capital, investment and the wealthy. According to the report, Dubai is now home to
- 81,200 millionaires
- 237 centimillionaires (with a fortune of more than $100 million)
- 20 billionaires
This makes Dubai not only the richest city in the Arab world, but also one of the fastest growing cities in the world in terms of wealthy residents. Between 2023 and 2025, Dubai will rise from 21st to 18th in the world ranking, demonstrating rapid development and steady growth in wealth. Over the past 10 years, the number of millionaires in the city has increased by 102%, making it the third fastest-growing wealthy city in the world - just behind the Chinese megacities of Shenzhen and Hangzhou.
In 2024 alone, the emirate attracted 8.7 thousand new millionaires who moved to the city from around the world. This growth is the result of successful economic policies, a high quality of life, developed infrastructure and a stable business environment.
It is worth noting that Abu Dhabi is no less successful. From 2014 to 2024, the number of millionaires in the UAE capital will increase by 80%, reaching the mark of 17.8 thousand people. The city is also home to around 75 centi-millionaires and 8 billionaires. By 2034, the number of ultra-wealthy people (those with assets of more than Dh100 million) in Dubai and Abu Dhabi is expected to double. This will be fuelled by:
- Transparent and favourable tax policies;
- Developed world-class infrastructure;
- Economic reforms aimed at attracting investors and skilled professionals;
- growing global confidence in the UAE as a stable and promising jurisdiction.
As a result, the UAE is steadily becoming a global magnet for capital, strengthening its position on the map of the world's most influential and financially powerful countries.