Dubai is solidifying its status as a global wealth magnet, now home to 81,200 millionaires, including 237 centi-millionaires and 20 billionaires, according to the newly released World’s Wealthiest Cities Report 2025 by Henley & Partners in partnership with New World Wealth.
The report highlights a remarkable 102% increase in Dubai’s millionaire population between 2014 and 2024. This growth places Dubai among the top three fastest-growing wealth hubs globally, alongside Shenzhen (142%) and Hangzhou (108%) in China.
A Rising Star in Global Wealth
Dubai has jumped three spots to rank 18th globally, underscoring its strategic evolution as a leading international financial center. With projections suggesting a quadrupling of its millionaire population by 2035, Dubai is expected to join Abu Dhabi as one of the world’s most dynamic high-growth wealth centers.
The city’s appeal is driven by its zero income and capital gains tax, world-class infrastructure, and business-friendly environment.
“The world’s centi-millionaires are increasingly designing their geographical footprints with the same strategic care they apply to their investment portfolios,” said Dominic Volek, Group Head of Private Clients at Henley & Partners. “Formal investment migration pathways are opening systematic entry routes into these rapidly growing regions.”
Global Wealth Landscape – A Snapshot
While Dubai experiences explosive growth, New York remains the world’s top city for millionaires with:
- 384,500 high-net-worth individuals
- 818 centi-millionaires
- 66 billionaires
The United States dominates the global rankings with 11 cities in the top 50. The Bay Area (San Francisco + Silicon Valley) ranks second with 342,400 millionaires and 82 billionaires, outpacing New York in billionaire count.
“Top wealth hubs share common DNA — strong legal systems, advanced financial infrastructure, and residence-by-investment programs that attract global capital,” said Dr. Juerg Steffen, CEO of Henley & Partners.
Global Rankings: Who’s Up, Who’s Down?
- Tokyo (3rd): 292,300 millionaires
- Singapore (4th): 242,400
- Los Angeles (5th): 220,600 (surpassed London)
- London (6th): 215,700 – one of only two cities with negative growth (-12%)
- Moscow (40th): 30,000 – sharp decline of 25%
Other notable changes:
- Hong Kong climbed to 8th
- Chicago entered the top 10 for the first time
- Beijing and Shanghai dropped to 12th and 14th respectively
Spotlight on Shenzhen: Asia’s Wealth Powerhouse
Shenzhen, home to tech giants like Huawei, Tencent, BYD, and DJI, is fast becoming the world leader in tech innovation. It leads several key sectors including EVs, mobile tech, drones, and 5G.
“Shenzhen has seen especially strong wealth growth over the last two decades,” said Andrew Amoils, Head of Research at New World Wealth.
Luxury Living: The Most Expensive Cities
- Monaco: $38,800 per sq. meter
- New York: $27,500
- Hong Kong: $26,300
- London: $24,000
As Dubai’s economic and financial influence continues to grow, it is clear that the city is not just attracting wealth — it’s actively shaping the future of global wealth migration.
