Dubai has experienced significant growth in its millionaire population, doubling in size over the past decade to reach 81 200 individuals with at least $1 million in investable wealth. This remarkable increase of 102% makes the emirate one of the fastest-growing wealth hubs globally, according to data from Henley & Partners and New World Wealth.

Ranked 6th on Henley’s list of the World’s Fastest Growing Wealth Hubs, Dubai follows behind Shenzhen, which saw a 142% increase in its millionaire population. Other cities in the ranking include Scottsdale with a 125% rise, Bengaluru at 120%, West Palm Beach at 112%, and Hangzhou with 108% growth. Notably, Dubai’s ascent has been particularly impressive, surpassing the growth rates of areas like the Bay Area in the United States, which includes San Francisco and Silicon Valley.

In addition to its growing millionaire community, Dubai is also becoming a destination for ultra-wealthy individuals. As of 2024, the emirate hosts 237 centi-millionaires and 20 billionaires. Projections indicate that both Dubai and Abu Dhabi, which has 75 centi-millionaires, will see their centi-millionaire populations more than double in the next ten years. The Middle East’s financial landscape is shifting, primarily due to the region’s strategic aim to become global financial centers, coupled with the attractive zero income and capital gains taxes, as highlighted by Henley & Partners and New World Wealth.

Globally, New York remains the richest city, with 384 500 millionaires, followed by the Bay Area at 342 400, and Tokyo at 292 300. Other cities ahead of Dubai include London, which has 215 700 millionaires, and Paris with 160 100. While London maintains a larger millionaire population than Dubai, it has seen a decrease of 12% in its millionaire count over the last decade.