UAE Attracts Over 7,000 Millionaires In 2024 53 Per Cent Increase From 2023

The UAE attracted 7,200 millionaires last year, an increase of 53 per cent over the previous year, taking the number of high net worth individuals (HNWIs) to 130,500 in the country, property consultancy Knight Frank said.

Quoting data from Henley & Partners, it said the UAE witnessed higher inflows of millionaires in 2024 when compared to the previous two years, attracting 4,700 in 2023 and 5,200 in 2022.

At the end of last year, there were 325 resident centi-millionaires with $100-plus million in investable wealth and 28 billionaires - figures that have surged by 110 per cent over the past decade.

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The majority - 31 per cent - of millionaires who relocated to the UAE came from India, followed by the Middle East (20 per cent), Russia & CIS (14 per cent) and the UK and Europe (12 per cent).

It added that the UAE became the 14th-largest wealthiest market globally, Knight Frank said in the Private Capital Report released on Tuesday.

Interestingly, the number of dollar millionaires in the UAE almost doubled over the past decade, making it the second-fastest growing wealth market worldwide.

Due to uncertainty around the US tariff row and other geopolitical crises, the UAE has attracted a large number of millionaires and professionals due to its safe-haven status.

“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,” said Dominic Volek, group head of private clients at Henley & Partners.

This strong inflow of millionaires has resulted in a massive boost to the local luxury property marke who relocated to UAE, especially Dubai, due to safety and security, low tax rates and zero income tax.

“Real estate remains at the heart of wealth strategies for UHNWIs, both as a store of value and as a means of wealth preservation. Across the Mena region, demand for prime and super-prime homes has reached unprecedented levels, fuelled by both local and international buyers seeking security, stability and long-term growth,” said Faisal Durrani, partner and head of research, Mena, Knight Frank.

Dubai has been the most active market for sales of $10 million-plus homes for the past two years, eclipsing both London and New York. The emirate registered 435 home sales of $10 million-plus last year, edging past the 434 transactions recorded in 2023. During Q4 alone, 153 residential sales in excess of US$ 10 million were completed – an all-time record.

This momentum continued into 2025, with 111 $10 million-plus sales in the first quarter. This marked the highest Q1 result on record and a 5.7 per cent year-on-year increase from Q1 2024, putting the market on track for another record year in 2025.

“Dubai's luxury residential market continues to defy gravity. Demand, particularly from international buyers, remains unrivalled 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,” Durrani said.

He added that the emirate surpassed legacy markets like New York, London and Hong Kong.

The Palm Jumeirah remains Dubai's premier ultra-prime location, recording 34 $10 million-plus transactions in Q1 2025 with a combined value of $562.8 million. Emirates Hills followed in second place with 15 sales, totalling $356.7 million.

“Dubai has cemented its position as a premier destination for HNWI 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,” said Nicholas Spencer, partner and private capital and family enterprises, Mena, Knight Frank.

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