Dubai tops growth among world’s wealthiest cities as millionaire population soars

The emirate recorded a staggering 78 percent increase in its millionaire population over the past decade, according to the 2024 World’s Wealthiest Cities Report published by international wealth migration specialists Henley & Partners in collaboration with global data firm New World Wealth.

Now ranked the 21st wealthiest city globally, Dubai is cementing its status as the preeminent financial centre of the Middle East.

With over 72,500 resident millionaires today according to the report’s findings, the city’s rise is a testament to its commitment to pro-business policies and welcoming stance towards global capital – factors that look set to propel it further up the rankings in future, Henley & Partners’ Head of Middle East, Philippe Amarante, told Arabian Business.

But while Dubai is leading growth in the region, this isn’t the full Middle Eastern story. Saudi Arabia also represents a rising force for the super-wealthy. The kingdom’s transformation agenda to diversify its oil-dependent economy and open up to foreign investment could make Riyadh and other Saudi cities serious contenders in wealth rankings to come.

For now, however, Dubai is riding high – benefitting from not only its economic policies but a pandemic pivot that saw it reopen as a safe haven for global tourism and business when other destinations locked down.

“Dubai effectively said ‘we’re open for business’ but in an appropriately cautious and controlled manner,” said Amarante.

Its reliability and ease of doing business were a major draw for wealthy individuals and firms seeking stability during economic chaos elsewhere, according to Amarante.

Covid’s impact on Dubai’s millionaire migration

The pandemic significantly impacted changing dynamics on the global wealth front over the past two years. While some cities like Moscow saw their millionaire numbers plunge due to the instability wrought by Russia’s war in Ukraine, others capitalised on new opportunities.

Nowhere more so than Dubai, which used the pandemic to turbocharge its standing as an international commerce hub catering to the world’s richest.

“The measures the government has implemented — vaccinations, social distancing — everything was a calculated risk and I guess that has resonated very well from a tourism perspective. [Dubai] had this effect of being an exclusive provider of top-level tourism and business conducting that resonated within these [wealthy] communities,” he added.

Since then, the UAE has expanded the categories for Green and Golden Visas, leading to an even greater influx of new wealthy residents.

“It’s just an efficient place to be from any angle you look at it.”

This comes after the announcement of the Al Maktoum Airport expansion, which Amarante believes is a “testament” to the city’s growth. “They are building this giga airport the world hasn’t seen yet, and everybody is scratching their heads wondering why they did it. But actually, in 10 years, we are going to need it, and that is really a great testament to the UAE and Dubai’s trajectory.”

“Saudi might be an interesting one but will they be able to per capita in that sense overtake at some point Dubai or Abu Dhabi? I don’t know…”

Wealth migration rises in Chinese cities, falls in London

Further afield, China established a notable presence with five mainland cities cracking the top 50 list, demonstrating the country’s millionaire boom.

While Beijing debuted in 10th place following a mammoth 90 percent millionaire increase this decade, Shanghai, Shenzhen, Guangzhou, and Hangzhou have also flourished. Shenzhen in particular marked the globe’s fastest wealth growth over the past 10 years at an exponential 140 percent.

As Asia’s powerhouses prosper, some long-time heavyweights have lost ground. Tokyo, which topped rankings a decade ago, has dipped to third place with a modest decline.

And London, once dominant as the world’s wealthiest city, continues sliding – now down at number five despite a population of 227,000 resident millionaires.

Brexit complications around business and property ownership exacerbated by Britain’s uncertain politics are seen as key factors driving its decline.

“I think with London, you have the perfect storm. You have the effects of Brexit which make private and business lives for wealthy people a little bit more complicated. If you have a nice little house in the South of France, you can now only go there for three months per stint and six months in total over a year. This freedom of movement within the Schengen zone is out of the window – that is a problem,” Amarante told Arabian Business.

This, coupled with fiscal pressures, has only exacerbated the issue. “Everybody talks about taxing the rich. That’s not nice. [The UK] is very politically unstable, policies keep changing, people who have big businesses don’t like that unreliability,” he explained.

As a result, many former Londoners have reportedly relocated to more internationally accessible hubs like Dubai.

“[Dubai] gives them reliability, fairness, ease of doing business.”

Rising stars in the wealthy cities rankings

The world’s wealthiest cities are still dominated by traditional powerhouses led by top-ranked New York. But the report also weighs new entrants that could break into elite ranks going forward.

In Africa, fast-developing Kenya’s capital Nairobi has seen its millionaires jump 25 percent this past decade to over 4,400 residents today.

Meanwhile, Cape Town in South Africa grew its millionaire cohort 20 percent to 7,400.

Looking further ahead across the next 10 years, the report highlights India’s tech centre Bengaluru, the Arizona city of Scottsdale, and Vietnam’s commercial hub Ho Chi Minh City as lower-ranked locations presently experiencing over 100 percent wealth growth rates to watch.