The number of millionaires in the United Arab Emirates has increased by 98% over the past decade, particularly in Dubai, which is the world’s second fastest growing market for wealth and real estate sales. The private capital report of global property consultancy Knight Frank showed that tax benefits with high networks (HNWIs) around the world, lifestyle occupations and visionary governance will be transferred to the VAE.
In 2024 alone, the country welcomed 7,200 billionaires, and according to Henley & Partners, it has flowed into 5,200 and 5,200 from 4,700 in 2022 and 2022. The influx follows a decade of strategic positioning in which the VAE transformed from a local financial center into a global asset advocate, Knight Frank said.
“In the Middle East, we are witnessing a defining era of wealth creation and real estate investment. The region’s sustained economic growth, underpinned by ambitious national visions and strategic policy reforms, has reinforced its position as a global investment hub,” stated Faisal Durrani, partner – head of research, MENA, Knight Frank.
Dubai attracts wealthy investors pursuing global diversification strategies.
Durrani explained that real estate is the focus of Uhnwis’ wealth strategy, both as a means of maintaining value memory and prosperity. Across the MENA region, demand for Prime and Super Prime Houses has reached unprecedented levels of heated by local and international buyers seeking security, stability and long-term growth. In a world characterized by political volatility and economic uncertainty, wealthy individuals are increasingly looking for geographical diversification not only as protection but as a strategic obligation. Vae, located in the foreground and Dubai’s real estate sector, uses this trend at a crossroads with incredible ingenuity and prosperity between the West and the West.
By the end of December 2024, the VAE’s total dollar billionaires was 130,500, earning its position as the world’s 14th largest financial market. What’s even more meaningful are the 325cm billionaires (people with over $100 million in fluid assets) and 2.8 billion beings, an increase of 110% over the past decade.
The majority of UAE’s incoming billionaires for the past decade came from India, followed by the Middle East, Russia, the CIS, the UK and Europe.
“With a record-breaking 142,000 millionaires forecast to change their domicile globally in 2025, the UAE stands poised to capture a significant share of this wealth migration wave, strengthening its status as a wealth hub that has successfully transitioned from regional player to global force,” noted Dominic Volek, group head of private clients at Henley & Partners.
Dubai Clocks 111 Luxury Home Sales Over $10 Million in Q1
This asset transfer provides a substantial economic dividend. Dubai is the most active real estate market with more than $10 million in sales in the past two years, which has been in the shadows of both London and New York. The Emirate recorded 435 home sales last year, exceeding $10 million, and recorded 434 transactions recorded in 2023. In the fourth quarter alone, 153 people completed living sales of over $10 million.
Dubai’s real estate dynamics continued in 2025, with sales of over $111 in the first quarter exceeding $10 million. This was the highest result of 5.7% compared to the first quarter of 2024, compared to the first quarter of 2024, and an increase of 5.7%.
“Dubai’s luxury residential market continues to defy gravity. Demand, particularly from international buyers, remains unrivalled on the global stage. In 2024 alone, Dubai not only led the world in the number of $10 million-plus home sales, but also topped total transaction value, with 435 deals worth $7.1 billion. It has firmly established itself as the global epicentre for ultra-luxury real estate, surpassing legacy markets like New York, London and Hong Kong. It’s a staggering achievement for a market that, until recently, was considered relatively young,” added Durrani
At the very upper end, demand is remarkably steady. In Q1 2025, there were 12 transactions for more than $25 million, which is just slightly less than the 15 agreements made in Q4 2024. These figures show the persistent demand from global UHNWIs for one-of-a-kind trophy residences.
Emirates Hills Secures the Most Expensive Property Sale of Q1 2025
Palm Jumeirah remains Dubai’s leading ultra-prime prime prime prime prime prime real estate goal, with over $34 million for $562.8 million in the first quarter of 2025. Emirates Hills totaled $356.7 million, bringing sales of a total of $15.
The neighborhood also recorded the most expensive offers of the quarter. The villa has six bedrooms, which sold for $106.3 million in January after being purchased for $6.6 million in 2015. Mainstream markets rose 27.6% over the same period.
“Dubai has cemented its position as a premier destination for HNWI seeking real estate for personal use or for investment purposes, with a distinct focus by the global elite on making the city a permanent base or a second home. Our research revealed an astounding $4.4 billion earmarked for investment in Dubai’s residential market by global HNWIs, a rise of 76 percent on 2023, highlighting the seemingly limitless international demand from the super-rich for a home in the city,” stated Nicholas Spencer, partner – private capital and family enterprises, MENA.
