Home To 86,000 Millionaires, Dubai Now Ranks 4Th Wealthiest City In Europe, Mena

(MENAFN- Khaleej Times)

A booming economy and strong investor inflows have propelled Dubai to become the fourth-wealthiest city in the Middle East and fourth in Europe, Middle East and Africa (EMEA) after London, Paris, and Milan.

The emirate is home to 86,000 millionaires , 251 centi-millionaires, and 23 billionaires at the end of June 2025, according to The Rise of Dubai study released on Wednesday.

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"If current growth trends continue, Dubai is on track to overtake these cities to become EMEA's wealthiest city by 2040," said the report, which MCB Group, boutique investment advisory firm Stewards Investment Capital, and New World Wealth conducted.

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"Dubai's total liquid investable wealth is approximately $1.1 trillion (Dh4 trillion) as at June 2025. This refers to the combined investable wealth of all people currently living in the city. This does not necessarily mean that they hold their money there. Many high net worth individuals (HNWIs), for instance, will still keep much of their wealth with large banks and wealth managers abroad, and invest in global stock markets," said Andrew Amoils, head of research at New World Wealth.

He added that Dubai ranked the fourth-wealthiest city in EMEA in terms of millionaire (HNWI) numbers. The first-ranked London is home to 212,000 millionaires, Paris is second with 163,000, and Milan is third with 121,000 high net worth individuals as of June 2025.

Thierry Hebraud, CEO of MCB, said Dubai's position as a global business hub, combined with the strengths of the Mauritius International Financial Centre, creates powerful synergies.

"Dubai's transformation into a leading global wealth hub

reinforces its appeal as a bridge between established and emerging markets. Together with regulatory sophistication and technological excellence, Dubai offers new investment opportunities that don't exist in traditional markets," said Bilal Adam, CEO of Stewards Investment Capital.

"We view the UAE as a gateway to high-growth opportunities geared towards business growth, wealth preservation, and legacy building," he said.

Highlighting the key factors that contributed to the emirate's strong wealth growth, The Rise of Dubai study said its safe-haven status; low taxes which attracted wealthy retirees; highly diversified economy; rising property prices and a convenient base for global investors to reach any destination in the world due to its strong air connectivity; consistently strong foreign direct investment flows; first-class healthcare system; good international schools and all-year-round leisure activities; and a world leader in eco-state living.

The growing wealth is attracting professionals, investors, retirees and digital nomads, resulting in its population also reaching the highest level in its history last month. Official data showed that the city's population crossed 4 million.

According to New World Wealth's in-house database, the UAE is the fastest-growing family office hub in the world, and is the home base to at least 250 family offices as of June 2025.

"Most of these were set up fairly recently (post-Covid) by HNWIs that originally came from Africa, India, Russia, the UK, CIS, and the Middle East. Family offices are normally only cost-effective for ultra-wealthy centi-millionaires and billionaires," the report said.

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