UAE Adds 13,000 New Dollar Millionaires in 2024: UBS Global Wealth Report
According to the UBS Global Wealth Report 2025, the United Arab Emirates added 13,000 new dollar millionaires to its resident base in 2024, marking a 5.8% increase year-over-year. This brings the country’s total number of dollar millionaires to 240,343, with a combined net worth of $785 billion.
Global Relocations Continue to Drive UAE’s Wealth Growth
For the fourth consecutive year, relocations played a major role in expanding the UAE’s millionaire population. High-net-worth individuals (HNWIs) from countries like Saudi Arabia, India, China, and the UK continue to see the UAE as a prime destination for investment, residence, and wealth preservation.
The UBS report also highlighted Turkey as another standout, registering an 8.4% increase in millionaire residents—roughly 7,000 new millionaires in 2024.
“We concluded that wealth is far from static,” the report stated, emphasizing shifting global economic forces and regional wealth creation trends.
Surge in High-Value Investments
Real estate consultancy Knight Frank reported a noticeable rise in ultra-luxury property transactions in Dubai, especially in areas like Jumeira Bay Island. Many of these deals are driven by HNWIs seeking strategic, long-term investments.
Analysts note that deal sizes are growing, and the UAE remains highly attractive due to tax advantages, political stability, and a business-friendly environment.
UAE vs. Regional Wealth
| Country | Millionaires | Total Net Worth |
|---|---|---|
| UAE | 240,343 | $785 billion |
| Saudi Arabia | 339,029 | $958.3 billion |
Despite being smaller in population, the UAE continues to rival Saudi Arabia in total millionaire wealth due to its strong inflow of global investors and expats.
Why the UAE?
Robert Karofsky, Co-President of UBS Global Wealth Management, summed it up well:
“In an era marked by rapid economic shifts, increasing volatility, and unprecedented market developments, understanding the trends and drivers of wealth creation is more crucial than ever.”
The UAE’s tax-friendly policies, ease of doing business, and luxury lifestyle options make it a top choice for wealth migration and wealth preservation in an evolving global economy.
