Influx of millionaires sees UAE become world’s 14th largest wealth market

The number of dollar millionaires in the UAE has soared by nearly 100% over the past decade, meaning the UAE now ranks as the 14th largest wealth market worldwide. That is according to research from Knight Frank.

Rich people, or high-net-worth individuals (HNWIs), from across the globe are being drawn to the UAE by its appealing business climate, fiscal advantages, lifestyle and visionary government. In 2024, the UAE welcomed 7,200 millionaires said the Knight Frank report, building on an influx of 4,700 in 2023 and 5,200 in 2022.

As at the end of December 2024, the total number of dollar millionaires in the UAE stood at 130,500, securing its position as the 14th-largest wealth market globally. Perhaps even more telling is the presence of 325 resident centi-millionaires (individuals with $100+ million in liquid investable wealth) and 28 billionaires.

The greatest proportion of the UAE’s inbound millionaires over the last decade came from India (31%), followed by the Middle East (20%), Russia and CIS (14%) and the UK and Europe (12%).

“In a world characterised by political volatility and economic uncertainty, wealthy individuals are increasingly seeking geographic diversification – not merely as a safeguard but as a strategic imperative. The UAE, with Dubai at the forefront, has capitalised on this trend with remarkable acumen,” stated Knight Frank in its report.

The influx is not expected to slow down in 2025: “With a record-breaking 142,000 millionaires forecast to change their domicile globally in 2025, the UAE stands poised to capture a significant share of this wealth migration wave, strengthening its status as a wealth hub that has successfully transitioned from regional player to global force.”

UAE luxury real estate

The arrival of rich people is not surprisingly driving up demand for luxury homes. On average, a HNWI coming from outside the GCC spends $36.5 million on a property (for living and/or investment), while so-called ultra-high-net-worth-individuals are prepared to spend even more.

In 2024, total residential transactional volumes in the UAE approached a record 170,000 deals, with $10 million-plus home sales accounting for about 6% of this figure by total value of sales. The Palm Jumeirah remains Dubai’s premier ultra-prime location, followed by Emirates Hills.

“Real estate remains at the heart of wealth strategies for UHNWIs, both as a store of value and as a means of wealth preservation. Across the MENA region, demand for prime and super-prime homes has reached unprecedented levels, fuelled by both local and international buyers seeking security, stability and long-term growth,” stated Knight Frank’s authors in their report.