Why the World’s Wealthiest Are Choosing Dubai: 6,700 Millionaires Relocated in 2024

Dubai’s transformation into a global magnet for wealth shows no signs of slowing down. As of 2025, the city is now home to 81,200 millionaires, including 237 centimillionaires (individuals with a net worth over $100 million) and 20 billionaires. Even more remarkable, 6,700 new millionaires moved to Dubai in 2024 alone, marking one of the highest net inflows of high-net-worth individuals (HNWIs) globally.

A Global Wealth Hub on the Rise

This steady stream of affluent individuals isn’t just about luxury living—it’s a strong signal that Dubai has matured into one of the world’s most attractive destinations for wealth creation, preservation, and lifestyle.

From a growing finance and tech ecosystem to zero income tax, world-class infrastructure, and geopolitical neutrality, Dubai continues to offer the perfect blend of business efficiency and high quality of life.

Why Are Millionaires Moving to Dubai?

Here are the top reasons why HNWIs and ultra-HNWIs are making Dubai their home base:

1. Tax-Friendly Environment

Dubai offers zero income tax, no capital gains tax, and a business-friendly regulatory system, making it a top choice for global entrepreneurs and investors.

2. Luxury Lifestyle & Safety

From private islands and high-end real estate to Michelin-starred dining and elite schools, Dubai offers a world-class standard of living. Add in its top-tier healthcare and one of the world’s lowest crime rates, and the appeal becomes clear.

3. Real Estate as a Wealth Magnet

Dubai’s real estate sector continues to perform strongly, with high rental yields and stable capital appreciation. Affluent buyers see Dubai as a smart place to invest in premium properties—whether in waterfront villas, branded residences, or penthouses in iconic towers.

4. Residency & Citizenship Flexibility

Innovative visa programs like the Golden Visa and Investor Visa offer long-term residency to those who invest in real estate or launch businesses, giving wealthy families more flexibility and stability.

5. Global Connectivity

Dubai is one of the most connected cities in the world, with Emirates Airlines offering direct flights to over 150 cities. This makes it ideal for international entrepreneurs and digital nomads alike.

What This Means for Dubai’s Real Estate Market

The influx of wealth has had a direct impact on the luxury and ultra-luxury property segments, which continue to see strong demand. High-net-worth individuals are increasingly looking for:

• Waterfront mansions and villas (e.g., Palm Jumeirah, Dubai Islands)

• Branded residences (e.g., Bulgari, Dorchester, Ritz-Carlton)

• Private communities with 5-star amenities (e.g., Emirates Hills, Dubai Hills)

Prices in the prime property sector have surged, but demand remains strong, driven by limited supply and continued global interest.

Looking Ahead: Dubai’s Wealth Future

Dubai is expected to attract even more wealthy individuals in the years ahead. According to various wealth migration reports, the city could soon rival traditional wealth hubs like London, New York, and Singapore—not only in numbers but also in economic influence.

Whether you’re an investor, a luxury homebuyer, or a global entrepreneur, the message is clear: Dubai is no longer just a stopover city—it’s a destination for building and securing long-term wealth.