Millionaires Increase in UAE Resident Base

The UAE continues to be a prime destination for global wealth, experiencing a 5.8% increase in its dollar millionaire resident base in 2024, adding approximately 13,000 new millionaires. This growth, highlighted in the UBS 'Global Wealth Report 2025', underscores the UAE's sustained appeal for high-net-worth individuals, largely driven by relocation trends. The report also noted significant shifts in millionaire populations globally, with Turkey experiencing an 8.4% increase in its millionaire count during the same period.

The UAE's real estate sector is a major beneficiary of this wealth influx. Banking and property market sources highlight substantial multi-million dollar investments shaping the UAE's investment landscape. Knight Frank's recent report indicates significant investments from high-net-worth individuals from Saudi Arabia, India, China, and the UK. Locations like Jumeira Bay island are witnessing increasingly large-scale transactions.

Currently, the UAE boasts an estimated 240,343 dollar-millionaires with a combined wealth of $785 million. In comparison, Saudi Arabia has 339,029 dollar-millionaires, holding a combined wealth of $958.3 million. The report emphasizes the importance of understanding wealth creation trends amidst economic volatility, as stated by Robert Karofsky, co-President of UBS Global Wealth Management.