Canada Global (Web News) Over the past ten years, Dubai has experienced a significant rise in the number of millionaires making the city their home.
A study by the international research firm New World Wealth highlights Dubai as one of the fastest-expanding hubs of wealth globally.
The data shows a remarkable 102% increase in Dubai’s millionaire population over the past decade. In 2024, the city recorded 81,200 millionaires, alongside 237 centimillionaires and 20 billionaires. This marks a sharp increase from 2014, when there were 40,000 millionaires, 212 centimillionaires, and 15 billionaires. (Centimillionaires are defined as individuals with a net worth of $100 million or more.)
According to the report, Dubai’s appeal lies in its favorable tax environment, robust economy, and safe living conditions, which continue to draw wealthy individuals from across the world. The city’s reputation as a business-friendly destination is further strengthened by its advanced infrastructure, excellent healthcare, top-tier education system, and luxury lifestyle options.
Meanwhile, the report contrasts Dubai’s growth with London’s declining millionaire numbers. In 2024 alone, London saw an exodus of around 11,300 millionaires, largely attributed to changes in the UK’s tax regime.
New World Wealth commented that while the UK is losing affluent residents due to heavier taxation, Dubai is benefiting from its more welcoming approach.
Experts anticipate that this trend will continue, with increasing numbers of wealthy Britons and businesses relocating to Dubai, further establishing the city’s status as a leading global centre of wealth.
