Dubai, which is famous for its skyscrapers and opulent way of life, is currently becoming a major global hub for wealth as the number of millionaires deciding to live in the city has increased dramatically during the last ten years.

A recent report by a global wealth research firm New World Wealth has revealed a significant surge in the number of high-net-worth individuals residing in Dubai.

The report reveals that the number of millionaires in Dubai has grown by an impressive 102% in the last decade.

In 2024, the city was home to 81,200 millionaires, 237 centimillionaires, and 20 billionaires, compared to 2014 when these numbers were significantly lower at 40,000 millionaires, 212 centimillionaires, and 15 billionaires.

The report defines a centimillionaire as someone whose net worth is at least $100 million. New World Wealth’s analysis states: “Dubai’s low-tax policies, safe environment, and strong economy are attracting wealthy individuals from around the globe. It has become an ideal place for starting businesses and making investments.”

The report also points out that Dubai’s modern infrastructure, high-quality healthcare, top-notch education, and leisure facilities make it an appealing destination for the wealthy.

In contrast, London has seen a decline in the number of millionaires. In 2024, 11,300 millionaires left the city, with the UK’s new tax policies cited as a major reason.

New World Wealth noted: “While London and the UK are driving wealth away with higher taxes, Dubai is taking the opposite approach.”

Experts predict that more British individuals and businesses will move to Dubai in the coming years, further cementing its position as a global wealth hub.