📈 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.
What’s driving the increase in millionaires in the UAE?
Relocation of wealthy individuals, investment opportunities, favorable tax laws, and a strong luxury real estate sector.
Which nationalities are leading the investment in the UAE?
High-net-worth individuals from Saudi Arabia, India, China, and the UK are driving much of the wealth influx.
How does UAE compare to Saudi Arabia in millionaire count?
The UAE has 240,343 dollar millionaires, while Saudi Arabia has 339,029, according to UBS.
Which areas in Dubai are attracting ultra-wealthy buyers?
Locations such as Jumeira Bay Island, Palm Jumeirah, and Downtown Dubai continue to attract ultra-luxury buyers.
