The 16th edition of the Global Wealth Report 2025 from UBS reveals that the United Arab Emirates (UAE) welcomed approximately 13,000 new millionaires in 2024, bringing the total number of high-net-worth individuals in the country to 240,343.
According to the report, the combined wealth of these individuals is estimated at around $785 billion, with an average wealth of approximately $147,663 per adult in the UAE. The country experienced a growth rate of 5.8% in the millionaire population in 2024, making it the second-fastest growing market in the world for high-net-worth individuals, following Turkey, which recorded an 8.4% increase.
The report indicates that 62% of the total wealth in the UAE is invested in financial assets, while non-financial assets, such as real estate and land, account for about 48%. Additionally, the report forecasts a wealth transfer in the UAE that could reach $19 billion in the near future, whether between generations or between spouses, equating to 1.4% of the total private wealth in the country.
Global Growth of 4.6%
In 2024, global wealth observed a growth of 4.6%, following a 4.2% increase in 2023, indicating a continued upward trend. However, the growth pace varied across regions.
Niels Zilkens, head of wealth management for the Middle East at UBS Global Wealth Management, stated, “This year’s UBS report emphasizes the growing role of the Middle East in global wealth dynamics, particularly for the UAE and Saudi Arabia, both of which are experiencing increases in the number of millionaires and significant growth in average wealth, especially the UAE, which has seen an increase of more than 23% since 2020.”
With expectations of a total wealth transfer amounting to approximately $122 billion, both markets are entering a pivotal phase of generational transition.
Wealth values have risen significantly in North America, with the Americas accounting for the largest share of this increase, surpassing 11%, attributed to the stability of the US dollar and a rebound in financial markets.
In 2024, the wealthiest adults were in North America, with an average wealth of $593,347, followed by Oceania ($496,696) and Western Europe (average wealth of $287,688). However, when measuring growth in real dollars, more than half of the 56 markets included in the sample did not contribute to global wealth growth last year, with a noticeable decline in the average wealth of adults.
Switzerland Remains on Top
Despite these variances, Switzerland continues to lead in average individual wealth for adults, followed by the United States, Hong Kong, and Luxembourg. Denmark, South Korea, Sweden, Ireland, Poland, and Croatia saw the highest increases in average wealth, all experiencing double-digit growth rates when measured in local currencies.
The United States, Greater China, and France reported the highest numbers of millionaires whose wealth is measured in US dollars, with the US accounting for approximately 40% of the world’s millionaires. Over the past 25 years, global wealth has shown steady and significant growth, with a compound annual growth rate of 3.4% since 2000.
The “Daily Millionaire” Category
This year’s report highlights a growing segment of millionaires often overlooked—the “daily millionaires” who have investable assets ranging from $1 million to $5 million. The number of individuals in this category has quadrupled since 2000, reaching around 52 million worldwide by the end of last year.
A daily millionaire refers to individuals possessing a net worth of at least one million units of currency, living typical lives with ordinary jobs. They are not necessarily exceptionally wealthy or famous, but rather ordinary people who have achieved this wealth level through smart financial habits and savvy investments.
The total wealth of this group today is around $107 trillion, nearing the $119 trillion held by individuals with wealth exceeding $5 million. The growth of this category is largely attributed to rising real estate prices and currency effects. Despite regional differences, the long-term upward trend in the daily millionaire category has become evident worldwide.
Wealth Transfer
In the next two to three decades, over $83 trillion in wealth is expected to be transferred, with $9 trillion likely to be passed within couples and $74 trillion between generations. The United States is anticipated to lead in wealth transfers (over $29 trillion), followed by Brazil (around $9 trillion) and Greater China (more than $5 trillion).