Dubai – currently one of the fastest-growing wealth capitals globally – is set to more than double its centi-millionaire population by 2035, according to the newly released World’s Wealthiest Cities Report 2025, compiled by Henley & Partners and New World Wealth.
Dubai is positioned as a key future epicenter for the ultra-wealthy, not only in the Middle East but globally – outpacing nearly every other city in millionaire growth and emerging as the world’s fastest-rising millionaire magnet.
Now ranked 18th globally, Dubai is home to 81,200 millionaires, along with 237 centi-millionaires – individuals with wealth exceeding $100 million – and 20 billionaires.
It is also the biggest climber in the Top 50 this year, jumping three places from its 2024 ranking, according to data compiled by the residence and citizenship advisory firm.
The city witnessed a staggering 102% growth in millionaire residents over the past decade – a surge that places it among the world’s most dynamic and elite wealth hubs.
“Cities that blend investment freedom with lifestyle dividends are winning – and Dubai exemplifies this,” Dr. Juerg Steffen, CEO of Henley & Partners, was quoted as saying in the press release issued by the advisory firm.
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A city built for wealth
Dubai’s phenomenal rise is attributed to a powerful combination of no income or capital gains taxes, world-class infrastructure, a secure and luxurious lifestyle, and its strategic position as a business and travel crossroads. The city has also become a magnet for global entrepreneurs and investors, thanks to its robust residency-by-investment options.
“Dubai’s surge is driven by inflows of migrating millionaires and rising local tech and investment industries,” Andrew Amoils, Head of Research at New World Wealth, noted in the press release.
Top cities for millionaires in 2025
New York City remains the world’s wealthiest city, with 384,500 millionaires, over 800 centi-millionaires, and 66 billionaires.
The Bay Area – encompassing San Francisco and Silicon Valley – follows closely with 342,400 millionaires and the highest number of billionaires (82), thanks to its dominance in tech wealth creation.
Tokyo and Singapore round out the third and fourth positions, bolstered by Japan’s market recovery and Singapore’s status as a secure financial hub in Asia. Los Angeles has overtaken London to claim fifth place, now hosting over 220,000 millionaires. London has slipped to sixth, marking a 12% decline in its millionaire population over the past decade.
Paris, Hong Kong, and Sydney hold steady in the next tier, while Chicago makes its debut in the global Top 10 this year, pushing past Beijing and Shanghai.
Cities on the rise
Several cities have seen explosive millionaire growth between 2014 and 2024. Chinese tech hubs Shenzhen and Hangzhou lead the global rankings with millionaire population increases of 142% and 108%, respectively.
Dubai ranks third in this high-growth club, followed closely by US cities like Scottsdale, West Palm Beach, Miami, Austin, and Washington DC – all benefiting from business-friendly environments and domestic migration.
India’s Bengaluru, dubbed the “Silicon Valley of India,” has also experienced exceptional wealth growth (+120%), as its tech ecosystem continues to mature and attract capital.
In Europe, Warsaw has emerged as a promising new hub with an 83% increase in its millionaire count, while Abu Dhabi and Riyadh are leading wealth growth in the Gulf alongside Dubai.
Next-generation centi-millionaire hotspots
The report also highlights cities with strong centi-millionaire growth potential through 2035. Dubai (currently home to 237 centis) and Abu Dhabi (75 resident centis), are forecast to double their centi-millionaire populations, reflecting the region’s strategic pivot towards becoming global financial centers, combined with zero income and capital gains taxes.
Indian cities Delhi and Bengaluru are expected to follow a similar path, driven by booming tech industries.
In Europe, Warsaw and Athens are identified as key emerging wealth centers. Meanwhile, smaller cities such as St. Julian’s and Sliema in Malta, Lugano in Switzerland, and Riga and Jūrmala in Latvia are set to benefit from targeted investment migration programs that appeal to the ultra-wealthy.
The world’s most expensive real estate
Monaco remains the most expensive city in the world, with prime real estate regularly exceeding $38,800 per square meter. New York City, Hong Kong, and London also feature prominently, with prices ranging from $24,000 to $27,500 per square meter.
Paris has edged ahead of Sydney to take sixth place, while the French Riviera’s Saint-Jean-Cap-Ferrat maintains its top-five position. Notably, France leads the rankings for expensive cities and towns, with six entries on the list, followed by the US, Switzerland, and Italy.
The future of global capital
The 2025 report underscores how wealth is becoming more fluid, more mobile, and more global.
As Dubai, Singapore, and others embrace innovation, tax advantages, and lifestyle incentives, they are increasingly seen as gateways to opportunity in a fragmented world.
For the moment, Dubai is not just growing wealth — it is redefining where and how the world’s wealth lives.
