Overview of UAE’s 2024 Wealth Boom
According to the UBS Global Wealth Report 2025, there are currently 13,000 extra UAE millionaires living in the UAE, and that is an increase of 5.8 percent in 2024 as compared to the previous year. This increase is to reach a total of the number of residents who have the dollar-millionaire to 240,343 and their accumulated wealth totals to 785 million. It can be also mainly attributed to relocation, the trend that has been preserved throughout the past four years. UAE is home to some of the wealthiest people in the world with its political stability, the lack of income tax, lifestyle of luxury and a high standard of living have made it one of the most popular destinations on earth to the rich.
Global Wealth Magnet: Why the UAE Attracts HNWIs
The UAE has been ranked among other fast developing wealth centers like Turkey but its development has been more stable and wide spread. The rich investors are especially attracted to such central locations as:
- Jumeirah Bay Island, Dubai
- Emirates Hills, Dubai
- Downtown Dubai
- Palm Jumeirah
- Al Marjan Island, Ras Al Khaimah
- Saadiyat Island, Abu Dhabi
- Fahid Island, Abu Dhabi
- Yas Island, Abu Dhabi
- Hayat Island, Ras Al Khaimah
These are places where routinely multi-million-dirham deals are transacted and one such deal is Lakshmi Mittal buying a villa in Emirates Hills worth an AED 367 million. The Saudi Arabian, Indian, Chinese and the UK investors continue to be the biggest contributors in the number of UAE millionaires.
Wealth Composition: Financial Assets vs. Real Estate
In the organization the UBS has reported that 62 percent of the wealth of UAE millionaires is dedicated to the financial assets, and 48 percent is directed in the UAE property investment and land, which points to the strong property attraction in the country. In comparison with Saudi Arabia, the wealth structure of their millionaires is somewhat less adventurous because they invest approximately 58% in financial instruments.
In addition, the level of debts held by the HNWIs in UAE stands at approximately 9% and that will enhance their purchasing power and trust in the markets.
Economic Impact: Property and Investment Markets Thrive
The regular entry of millionaires is playing a very notable role in enhancing the UAE real estate market. According to reports of Knight Frank, more than 60 per cent of the newly relocated HNWIs have UAE property investment as the top investment option. The demand of Dubai luxury property in places such as Palm Jumeirah, Downtown, and Al Marjan keeps increasing and that is what makes its stability in price and high appreciation of capital.
Due to the response offered by the developers, they are initiating super-luxury and wellness-oriented communities, and the off-plan market is experiencing high-volume interests and shorter sell-out periods.
Future Outlook: UAE’s Wealth Growth Trajectory to 2029
The UAE can also look forward in terms of a huge generational wealth transfer with UBS estimating that in the UAE and Saudi Arabia alone, 122 billion will change hands between generations. Remarkably, the median wealth of the UAE has multiplied by 23 percent since 2020, which is an indicator of the rising number of wealthy investors of the middle class.
The next shift will also keep on having some impact on the investment trends where the UAE property investment, estate planning solutions and family office solutions will be in increased demand.
