Dubai has become the fourth-wealthiest city in the Middle East and Africa (EMEA), behind London, Paris, and Milan. The city is now home to 86,000 millionaires, 251 centi-millionaires, and 23 billionaires, according to the “The Rise of Dubai” study released by MCB Group, Stewards Investment Capital, and New World Wealth.
The report highlights that Dubai’s total liquid investable wealth currently stands at $1.1 trillion (Dh4 trillion), representing assets of its residents, though much remains invested internationally. If current growth trends continue, Dubai could become the richest city in EMEA by 2040.
Andrew Amoils, Head of Research at New World Wealth, noted that London leads with 212,000 millionaires, followed by Paris with 163,000 and Milan with 121,000. Dubai’s rapid rise reflects its growing status as a global hub for wealth and investment.
Experts attribute Dubai’s wealth growth to its strong economy, safe-haven reputation, and attractive tax policies. Thierry Hebraud, CEO of MCB, and Bilal Adam, CEO of Stewards Investment Capital, highlighted Dubai’s role as a strategic bridge between established economies and emerging markets. The city’s global connectivity, advanced infrastructure, and business-friendly regulations attract investors worldwide.
Dubai’s surge in prosperity has also driven population growth, with residents surpassing 4 million for the first time. The city has become the world’s fastest-growing hub for family offices, hosting more than 250 offices, mainly established post-Covid by ultra-wealthy individuals from Africa, India, Russia, the UK, and the Middle East.
With luxury lifestyles, rising property values, world-class healthcare and education, and leadership in sustainable living, Dubai continues to strengthen its position as a premier destination for wealthy investors and global talent.
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