UAE becomes emerging hub for world's richest people

Dubai: Dubai, a state in the United Arab Emirates (UAE), is famous worldwide for its high-rise buildings and ultra-luxury lifestyle, but now over the past 10 years, it has been attracting millionaires and their number is increasing steadily and rapidly.

According to a report by global research firm New World Wealth, Dubai has become one of the fastest-growing wealth centers in the world.

The report states that the number of millionaires in Dubai has increased by 102 percent over the past 10 years. In 2024, there were 81,200 millionaires, 237 centi-millionaires, and 20 billionaires living in Dubai. In 2014, there were 40,000 millionaires, 212 centi-millionaires, and 15 billionaires living in Dubai.

According to the report, a centi-millionaire is someone whose wealth is at least 100 million US dollars or more. Dubai currently has 237 centi-millionaires.

New World Wealth said in its analytical report that Dubai’s low tax policy, safe environment, and strong economy are attracting wealthy individuals from around the world. Dubai has become an ideal place to start a business and invest.

The report further stated that Dubai’s modern infrastructure, high-quality health, education, and entertainment facilities make Dubai an attractive destination for wealthy individuals.

On the other hand, London has seen a decline in the number of millionaires.

11,300 millionaires migrated from London in 2024, which is attributed to the new tax laws in the UK.

New World Wealth clarified in the report that while London and the UK are pushing the wealthy away from tax increases, Dubai is taking the opposite path.

Experts expect more British individuals and businesses to head to Dubai in the future.