Dubai has officially cemented its place on the global map of prosperity, rising to 18th place among the world’s top 20 wealthiest cities, according to the latest Henley & Partners Wealth Report 2025. The city’s rapid transformation over the last decade, both economically and socially, has resulted in a remarkable 102% increase in resident millionaires, growing from 40,000 in 2013 to over 81,200 millionaires in 2025.

With its world-class infrastructure, investor-friendly policies, zero income tax, and a thriving luxury lifestyle, Dubai is now drawing the attention of global investors, high-net-worth individuals (HNWIs), and international entrepreneurs alike.

Dubai’s Surge in Global Wealth Rankings

Once considered a rising star, Dubai has quickly established itself as a serious player among the wealth capitals of the world. According to the 2025 report, the emirate has now surpassed several European and Asian cities to claim the 18th spot globally, outpacing well-known financial centers such as Rome, Berlin, and Toronto.

What makes this more impressive is that Dubai is the only Middle Eastern city to make it into the top 20 list. This milestone reinforces the UAE’s long-term vision of becoming not just a tourism and real estate hub, but a global wealth magnet.

Millionaire Boom: Doubling in Just a Decade

The number of resident millionaires in Dubai has surged by over 102% in 10 years, reaching 81,200 in 2025. Among them, the city is now home to 212 centi-millionaires (those with wealth above $100 million) and 15 billionaires.

This dramatic growth highlights the emirate’s unmatched ability to attract and retain wealth. The rise has been driven by several factors including:

• Rapid economic diversification
• Robust property market
• Expanding financial and fintech sectors
• Ease of doing business
• Quality of life and safety

What’s Attracting the Wealthy to Dubai?

Dubai’s rise in wealth rankings isn’t just by chance—it’s backed by strategic decisions and smart governance. Here’s what makes Dubai a magnet for the world’s elite:

1. Zero Income Tax

Dubai’s tax-free environment remains one of the biggest pull factors for global investors and entrepreneurs. Without the burden of income, capital gains, or inheritance taxes, HNWIs retain more of their wealth.

2. Golden Visa & Residency Reforms

Long-term residency programs, including the 10-year Golden Visa, have encouraged wealthy families and professionals to settle in Dubai with security and stability.

3. Booming Real Estate Sector

Dubai’s real estate continues to break records, offering luxurious living options and high returns. Luxury neighborhoods like Palm Jumeirah, Dubai Hills Estate, and Downtown Dubai are in high demand among affluent buyers.

4. World-Class Infrastructure

From aviation to healthcare, education to technology, Dubai’s modern infrastructure rivals the best in the world.

5. Safety & Quality of Life

Dubai ranks as one of the safest cities globally, offering residents a high quality of life, cultural diversity, and political stability—factors that significantly influence wealthy migration.

Comparison With Global Counterparts

According to the wealth report, New York City remains the wealthiest city in the world, followed by Tokyo, The Bay Area (San Francisco/Silicon Valley), London, and Singapore. Dubai, however, stands out as the fastest-growing among the top 20, showing a stronger decade-on-decade millionaire growth than nearly all its peers.

Interestingly, some historically strong wealth centers have seen declines. London, for instance, has dropped a few positions in the global wealth index, attributed to political uncertainty and tax reforms in the UK. Meanwhile, Dubai’s political and economic climate continues to support upward mobility.

Sector-Wise Contributions to Wealth Growth

• Financial Services – Expansion of international banks and fintech startups
• Tourism & Hospitality – Boosted by global events like Expo 2020 and consistent high tourist arrivals
• Trade & Logistics – With Jebel Ali Port and Emirates Airlines at the forefront
• Luxury Retail & Automotive – A favorite for global luxury brands and exotic car owners
• Technology & Innovation – Smart city initiatives and growing tech investments

Dubai’s Influence in the Region and Globally

Dubai’s rapid climb up the wealth rankings also reflects its growing influence in the broader Middle East region. As a beacon of stability, opportunity, and innovation in a region known for dynamic changes, Dubai continues to set a precedent for urban and economic development.

Its rise is also significant globally. With continued focus on sustainability, smart cities, AI-driven governance, and digital economy initiatives, Dubai is positioning itself not only as a financial capital but also as a future-ready city. The city’s ability to attract wealth is a testament to its global positioning and a reflection of the trust it has earned from international investors and residents.