Once viewed as a short-term destination, Dubai has now established itself as a long-term haven for high-net-worth individuals (HNWIs). According to newly released research, the city has witnessed a record surge in millionaire migration, positioning itself among the world’s top wealth hubs as other traditional cities face stagnation.
Dubai’s growing appeal is reflected in the UAE’s ascent to the 14th largest wealth market in the world. The country now accommodates approximately 130,500 millionaires, representing a remarkable 98% increase over the past ten years. This shift has been underpinned by a real estate sector that has evolved beyond speculation, embracing long-term investment strategies in premium, branded, and enduring developments.
Forecast for 2025: Dubai Set to Attract 7,100 New Millionaires
The global landscape of wealth migration reached a high point in 2024, with over 134,000 individuals holding more than $1 million in investable assets moving to new countries. Projections suggest this number will climb to 142,000 in 2025. Should Dubai attract just 5% of these affluent individuals, the emirate could welcome approximately 7,100 new millionaires, bringing with them over $7.1 billion (AED 26 billion) in capital, almost half the value of Dubai’s total FDI for 2024.
Diverse Wealth Sources Fuel Dubai’s Inbound Investment
Dubai’s rising profile as a global wealth hub is supported by a diverse array of inbound investors:
- Chinese entrepreneurs establishing overseas structures
- Vietnamese capital diversifying amidst economic uncertainty
- Turkish and Argentinian wealth seeking stability amid currency volatility
- UK and US citizens relocating assets for preservation and long-term growth
These movements are driven by Dubai’s strategic blend of advantages, including tax efficiency, political and economic stability, world-class infrastructure, and geographic positioning that facilitates access to major international markets.
Robust Economic Forecasts Reinforce Confidence
The UAE’s economic resilience stands in contrast to slower-growth regions. GDP is projected to grow by 4% in 2025, accelerating to 5% in 2026, and maintaining a steady 4.7% by 2027, all while inflation remains contained at around 2%. This performance starkly contrasts with the Eurozone, where growth is expected to linger below 1% over the same period.
Real Estate Momentum: End-User Demand Fuels Market Surge
Despite a sustained four-year property upswing, Dubai’s luxury real estate market has yet to revisit its 2014 pricing peak. However, current growth is being driven by real users rather than speculative buyers. Villas and townhouses have achieved AED 53.3 billion in sales year-to-date, marking a 50% year-on-year rise. Notably, Palm Jumeirah recorded 35 transactions amounting to AED 1.4 billion, while Emirates Hills saw 19 deals totalling AED 1.3 billion, both underscoring continued strong demand for high-end living.
Dubai’s Ultra-Wealthy Demographic Expands Rapidly
Dubai is now home to 237 centi-millionaires and 20 billionaires, out of a total of approximately 81,200 resident millionaires. This number is expected to double by 2035. The emirate has topped the global market in $10 million+ home sales for two consecutive years, surpassing traditional elite real estate markets like London and New York. Experts assert that this trend reflects a structural realignment in global wealth distribution. Dubai is no longer merely attracting capital. It is becoming an integral node in the architecture of global affluence.
Dubai’s ascent as a destination of choice for the world’s wealthy is no longer a temporary phenomenon. The emirate has strategically positioned itself as a long-term base for capital, lifestyle, and business, supported by enduring fundamentals rather than fleeting trends.
Source: https://www.arabianbusiness.com/money/wealth/dubai-emerges-as-premier-destination-for-global-millionaire-migration-report
