Last year, the UAE welcomed 7,200 new millionaires, marking a 53% increase from the previous year, according to property consultancy Knight Frank. This growth pushed the total number of high net worth individuals (HNWIs) in the country to 130,500.
Referencing data from Henley & Partners, the report highlighted that the UAE saw a notable rise in millionaire inflows in 2024, with 4,700 in 2023 and 5,200 in 2022.
At the close of last year, the UAE had 325 resident centi-millionaires, each holding over $100 million in investable assets, alongside 28 billionaires—growth that has jumped by 110% over the last decade.
Majority of Relocating Millionaires
The report revealed that 31% of the millionaires who moved to the UAE were from India, followed by 20% from the Middle East, 14% from Russia and the CIS, and 12% from the UK and Europe.
Interestingly, the UAE has now emerged as the 14th wealthiest market globally, according to Knight Frank’s Private Capital Report released recently.
The number of dollar millionaires in the UAE has nearly doubled in the past ten years, marking it as the second-fastest growing wealth market in the world. Factors such as the uncertainties surrounding US tariffs and other geopolitical challenges have led many millionaires and professionals to view the UAE as a safe haven.
“With projections of 142,000 millionaires likely to relocate worldwide in 2025, the UAE is well-positioned to capture a substantial portion of this wealth migration, enhancing its reputation as a wealth hub that has evolved from a regional player to a global powerhouse,” stated Dominic Volek, group head of private clients at Henley & Partners.
Unprecedented Luxury Property Sales
This influx of millionaires has significantly boosted the local luxury real estate market, especially in Dubai, due to its safety, favorable tax environment, and absence of income tax.
“Real estate is central to the wealth strategies of ultra-high net worth individuals (UHNWIs), serving both as a value storage option and a wealth preservation method. Demand for prime and super-prime properties across the Mena region has reached record levels, driven by both local and international buyers seeking security and long-term growth,” remarked Faisal Durrani, partner and head of research for Mena at Knight Frank.
For the past two years, Dubai has led the market in sales of homes priced over $10 million, surpassing cities like London and New York. Last year, Dubai recorded 435 transactions for homes in this price bracket, slightly exceeding the 434 sales noted in 2023. In the fourth quarter alone, 153 residential sales over $10 million occurred, setting a new record.
This trend continued into 2025, with 111 sales of $10 million-plus properties in the first quarter, representing the highest Q1 figures on record and a 5.7% increase compared to Q1 2024, indicating another record-setting year ahead.
“Dubai’s luxury residential sector shows remarkable resilience. Demand, particularly from international buyers, remains unmatched globally. In 2024, Dubai not only led the world in the number of $10 million-plus transactions but also topped total transaction value, achieving 435 deals worth $7.1 billion,” Durrani added.
He further noted that the emirate has surpassed traditional markets like New York, London, and Hong Kong.
The Palm Jumeirah remains the top ultra-prime area in Dubai, recording 34 transactions over $10 million in the first quarter of 2025, amounting to $562.8 million in total. Emirates Hills came in second, with 15 transactions totaling $356.7 million.
“Dubai has established itself as a top destination for high net worth individuals seeking real estate for personal or investment purposes, with a strong emphasis on establishing a permanent residence or a second home in the city,” stated Nicholas Spencer, partner and head of private capital and family enterprises in Mena at Knight Frank.