According to a recent report by Henley & Partners, the number of ultra-high-net-worth individuals globally is expected to double by the year 2035, indicating a significant shift in global wealth distribution.
Dubai’s Rapid Ascent Among Global Wealth Capitals
Over the past decade, Dubai has seen extraordinary growth in its millionaire population, increasing by 102% between 2014 and 2024. The city is now home to approximately 81,200 millionaires, which includes 237 individuals with fortunes exceeding $100 million and 20 billionaires.
The World’s Wealthiest Cities Report 2025 places Dubai at the 18th position globally, a three-place climb from the previous ranking. This upward trajectory is shared by only a few cities worldwide, such as Shenzhen (142% growth) and Hangzhou (108%).
Gulf Economies Position for High-Net-Worth Growth
Dubai, along with Abu Dhabi and Riyadh, is poised for a dramatic increase in the number of centi-millionaires—those with wealth over $100 million—between 2025 and 2035. The projection highlights the Gulf region’s transformation into a leading financial hub, underpinned by a favorable tax environment that excludes both income and capital gains taxes.
Strategic Relocation and Wealth Preservation
High-net-worth individuals are increasingly diversifying their residency portfolios, employing strategies similar to those used in investment management. Through structured investment migration programs, affluent families are gaining access to jurisdictions that offer economic stability and opportunities for wealth protection and growth.
Global Wealth Distribution: New York Still Leads
Despite Dubai’s remarkable rise, New York remains the world’s most affluent city, boasting 384,500 millionaires, including 818 centi-millionaires and 66 billionaires. The United States continues to dominate the global wealth landscape, with 11 cities featured in the top 50 rankings.
The Bay Area, encompassing San Francisco and Silicon Valley, holds second place with 342,400 millionaires and 82 billionaires, reflecting a 98% increase in millionaire residents over the last ten years.
Key Global Wealth Hubs
Top Rankings and Notable Shifts:
- Tokyo ranks 3rd with 292,300 millionaires.
- Singapore follows in 4th with 242,400.
- Los Angeles (220,600) has overtaken London (215,700), relegating the UK capital to 6th position.
- Paris retains 7th place with 160,100 millionaires.
- Hong Kong advances to 8th (154,900), ahead of Sydney (152,900), now 9th.
- Chicago breaks into the top 10 for the first time, with 127,100 millionaires.
Conversely, London and Moscow have seen a decline in their millionaire populations, with Moscow experiencing a 25% drop, bringing it to 40th place.
Shenzhen: Asia’s Wealth and Tech Powerhouse
Shenzhen has emerged as a critical hub in Asia’s tech landscape. Home to leading firms such as Huawei, Tencent, and BYD, the city has seen exceptional growth in wealth generation over the past two decades. It now leads in several cutting-edge industries, including 5G, electric vehicles, drones, and computer hardware.
Monaco Tops Global Property Costs
Monaco continues to hold the title for the world’s most expensive real estate market, with premium apartments priced at over $38,800 per square metre. Other high-end markets include:
- New York: $27,500
- Hong Kong: $26,300
- London: $24,000
These figures underscore the increasing demand for luxury real estate in key financial cities.
Source: https://www.arabianbusiness.com/money/wealth/dubai-is-now-home-to-over-81000-millionaires