As of December 2024, the UAE hosted 130,500 dollar millionaires, ranking as the 14th largest wealth market globally.
UAE Emerges as a Global Wealth Hub with Surging Millionaire Influx and Luxury Real Estate Boom
Over the past decade, the United Arab Emirates (UAE) has witnessed a remarkable 98% increase in dollar millionaires, positioning itself as the world’s second-fastest growing wealth market. This surge has fueled an unprecedented demand for high-value properties, according to recent reports.
In 2024 alone, the UAE attracted 7,200 millionaires, building upon the influxes of 4,700 in 2023 and 5,200 in 2022, as per data from Henley & Partners. This strategic positioning has transformed the UAE from a regional financial center into a global wealth hub, as highlighted in Knight Frank’s Private Capital Report.
Faisal Durrani, Partner and Head of Research for MENA at Knight Frank, stated, “In the Middle East, we are witnessing a defining era of wealth creation and real estate investment. The region’s sustained economic growth, underpinned by ambitious national visions and strategic policy reforms, has reinforced its position as a global investment hub.”
Real estate remains central to wealth strategies for ultra-high-net-worth individuals (UHNWIs), serving both as a store of value and a means of wealth preservation. Across the MENA region, demand for prime and super-prime homes has reached unprecedented levels, driven by both local and international buyers seeking security, stability, and long-term growth.
As of December 2024, the UAE hosted 130,500 dollar millionaires, ranking as the 14th largest wealth market globally. The country is also home to 325 centi-millionaires (individuals with over $100 million in liquid investable wealth) and 28 billionaires—figures that have increased by 110% over the decade.
The largest proportion of incoming millionaires originated from India (31%), followed by the Middle East (20%), Russia & CIS (14%), and the UK and Europe (12%).
Dominic Volek, Group Head of Private Clients at Henley & Partners, added, “With a record-breaking 142,000 millionaires forecast to change their domicile globally in 2025, the UAE stands poised to capture a significant share of this wealth migration wave, strengthening its status as a wealth hub that has successfully transitioned from regional player to global force.”
This wealth migration has delivered substantial economic benefits. Dubai has led global markets for $10 million-plus home sales for two consecutive years, surpassing both London and New York with 435 such transactions in 2024, slightly above the 434 recorded in 2023.
The fourth quarter alone saw 153 residential sales exceeding $10 million—an all-time record. The momentum continued into 2025, with 111 $10 million-plus sales in the first quarter, marking the highest Q1 result on record and a 5.7% year-on-year increase from Q1 2024.
“Dubai’s luxury residential market continues to defy gravity. Demand, particularly from international buyers, remains unrivaled on the global stage. In 2024 alone, Dubai not only led the world in the number of $10 million-plus home sales but also topped total transaction value, with 435 deals worth $7.1 billion. It has firmly established itself as the global epicenter for ultra-luxury real estate—surpassing legacy markets like New York, London, and Hong Kong. It’s a staggering achievement for a market that, until recently, was considered relatively young,” Durrani explained.
The Palm Jumeirah remains Dubai’s premier ultra-prime location, recording 34 $10 million-plus transactions in Q1 2025 valued at $562.8 million. Emirates Hills followed with 15 sales totaling $356.7 million, including the quarter’s most expensive deal: a six-bedroom villa sold for $106.3 million in January—representing a 1,635% increase from its 2015 purchase price of $6.6 million.
At the very top end, demand remains robust with 12 transactions over $25 million in Q1 2025, only slightly below the 15 deals in Q4 2024.
This demand is creating supply pressures across price segments. In the AED 2,000–3,000 per square foot range, new home delivery fell by 57% year-on-year, while the AED 3,000–5,000 per square foot segment saw a 39% decline.
The ultra-luxury sector faces the most severe shortfall, with just 16 villas delivered in the AED 5,000-plus per square foot category in 2024, following virtually no new villa deliveries in this segment in 2023.
Nicholas Spencer, Partner – Private Capital and Family Enterprises, MENA, said, “Dubai has cemented its position as a premier destination for HNWIs seeking real estate for personal use or for investment purposes, with a distinct focus by the global elite on making the city a permanent base or a second home. Our research revealed an astounding $4.4 billion earmarked for investment in Dubai’s residential market by global HNWIs, a rise of 76% on 2023, highlighting the seemingly limitless international demand from the super-rich for a home in the city.”
Last year, total residential transactions approached 170,000 deals worth approximately $115 billion, with $10 million-plus home sales accounting for about 6% of this figure by total value.
The appetite for Dubai real estate increases with wealth levels, rising from 28% among those worth $2–5 million to 78% for individuals with personal wealth exceeding $15 million.
GCC-based HNWIs budget an average of $3.1 million for home purchases, while global HNWIs plan to spend an average of $36.5 million.
Among ultra-high-net-worth individuals considering Dubai property, 25% are prepared to spend $60–80 million, while 16% would spend over $80 million.
Knight
