Dubai recorded an impressive 102 per cent growth in its millionaire population between 2014 and 2024, cementing its position as one of the world's most dynamic wealth hubs.
Dubai now boasts 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires, according to the latest World's Wealthiest Cities Report 2025. The emirate has climbed three places to reach 18th position globally.
These findings represent an impressive 102 per cent growth in the city's millionaire population between 2014 and 2024, making it one of only three cities to outpace the Bay Area's growth rate, alongside Chinese cities Shenzhen (142 per cent) and Hangzhou (108 per cent), according to the report, published in collaboration with New World Wealth.
Dubai emerges as star performer in global wealth hubs
Dubai's future looks even more promising, with forecasts suggesting it will more than double its centi-millionaire population over the next decade (2025-2035), leading the anticipated high-growth centres worldwide alongside Abu Dhabi.
This reflects the region's strategic pivot towards becoming a global financial centre, bolstered by its zero income and capital gains tax regime.
"The world's centi-millionaires are increasingly designing their geographical footprints with the same strategic care they apply to their investment portfolios — diversifying their presence across multiple jurisdictions to mitigate risk while maximising opportunity. Formal investment migration pathways create systematic entry routes into these rapidly developing regions, enabling forward-looking individuals to situate themselves and their family members within environments designed for both safeguarding and multiplying personal wealth." Dominic Volek, Group Head of Private Clients at Henley & Partners
While Dubai shows remarkable growth, New York maintains its position as the world's top city for millionaires with 384,500 high-net-worth individuals, including 818 centi-millionaires and 66 billionaires.
The United States continues to dominate the overall rankings with 11 cities in the top 50. The Bay Area, which includes San Francisco and Silicon Valley, holds 2nd place with 342,400 millionaires and 82 billionaires—more than New York.
The region has experienced 98 per cent growth in its millionaire population over the past decade.
"These urban centers share common DNA — robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital. Seven of the Top 10 wealthiest cities are in countries with residence by investment programs, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs." Dr. Juerg Steffen, CEO of Henley & Partners
Tokyo secured 3rd place with 292,300 millionaires, followed by Singapore in 4th with 242,400.
Los Angeles (220,600 millionaires) has overtaken London, pushing the UK capital out of the top 5 to 6th place with 215,700 millionaires.
London and Moscow are the only two cities in the top 50 with negative growth over the past decade, declining by 12 per cent and 25 per cent respectively. Moscow now ranks 40th with 30,000 millionaires.
Paris (160,100 millionaires) held onto 7th place, while Hong Kong (154,900) moved up to 8th, pushing Sydney (152,900) down to 9th.
Chicago (127,100) entered the top 10 for the first time, leapfrogging Beijing and Shanghai, which fell to 12th and 14th places respectively.
"Asia's top tech hub, Shenzhen is the base city for global tech giants Huawei, Tencent, BYD, DJI and ZTE and has experienced especially strong wealth growth over the past 20 years. It is now arguably the world's leading city in a number of key tech sub-sectors including computer hardware, electric vehicles, Wi-Fi dongles, mobile phones, flying drones, 5G, energy units and electronics." Andrew Amoils, Head of Research at New World Wealth
Monaco tops the list of most expensive cities, with prime apartment prices exceeding $38,800 per square metre, followed by New York ($27,500), Hong Kong ($26,300), and London ($24,000).