📈 UAE Sees Sharp Rise in Millionaire Residents in 2024, UBS Reports
Dubai, UAE – The United Arab Emirates welcomed 13,000 new dollar millionaires in 2024, marking a 5.8% increase in its high-net-worth resident base compared to the previous year, according to the UBS Global Wealth Report 2025.
This substantial increase is largely attributed to relocation trends, a pattern that has continued for the fourth consecutive year. The influx of wealthy individuals reflects the UAE’s strengthening position as a global magnet for wealth migration, fueled by its business-friendly ecosystem, luxury real estate, and tax advantages.
🌍 Global Wealth Shifts Favor UAE and Turkey
According to the UBS report, Turkey recorded the highest growth rate in millionaire population at 8.4%, adding nearly 7,000 new dollar millionaires in a single year. The UAE followed closely with its 13,000 new additions.
“Wealth is far from static,” stated the report. “The increase in UAE’s millionaire population is a direct reflection of its appeal to investors and entrepreneurs across the globe.”
💼 Where the Wealth Is Coming From
Research from real estate consultancy Knight Frank supports UBS’s findings, showing a rise in ultra-high-net-worth investments from Saudi Arabia, India, China, and the UK into the UAE. Prime areas like Jumeira Bay Island are seeing record-breaking deal sizes, especially in luxury real estate.
According to UBS, the UAE now hosts 240,343 dollar millionaires, with a combined net worth of $785 million. Meanwhile, Saudi Arabia surpasses that count with 339,029 millionaires, holding a total wealth of $958.3 million.
“In a time of shifting economies and volatile markets, understanding where wealth is moving—and why—is more important than ever,” said Robert Karofsky, co-President of UBS Global Wealth Management.
