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FAME Delivered > Blog > Lifestyle > Dubai Doubles Its Millionaires as London Loses Its Grip on Global Wealth
Lifestyle

Dubai Doubles Its Millionaires as London Loses Its Grip on Global Wealth

Staff Editor
Staff Editor Published April 13, 2025
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Dubai Doubles Its Millionaires as London Loses Its Grip on Global Wealth
Dubai Doubles Its Millionaires as London Loses Its Grip on Global Wealth
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Dubai Emerges as a Major Wealth Magnet

  • According to the 2025 World’s Wealthiest Cities Report (by New World Wealth & Henley & Partners), Dubai now hosts 81,200 millionaires, up from 72,500 in 2023.
  • It also boasts:
    • 237 centi-millionaires (worth $100M+)
    • 20 billionaires
  • Over the past decade, Dubai saw a 102% rise in millionaires, trailing only Shenzhen (142%) and Hangzhou (108%).

London’s Decline in the Global Wealth Rankings

  • London lost 11,300 millionaires in 2024 alone.
  • Over the past 10 years, there’s been a 12% decline in London’s millionaire population.
  • Only Moscow fared worse, with a 25% drop.

Why the Wealthy Are Choosing Dubai

Andrew Amoils (Head of Research at New World Wealth) highlights Dubai’s key attractions:

Contents
Dubai Emerges as a Major Wealth MagnetLondon’s Decline in the Global Wealth RankingsWhy the Wealthy Are Choosing DubaiWhy Millionaires Are Leaving the UKGlobal Wealth Migration TrendsWhat Dh1 Million Gets You in Dubai Now
  • No income or capital gains tax
  • Safe, investor-friendly environment
  • Business-friendly ecosystem
  • First-class healthcare & education
  • Global air connectivity (Emirates Airlines)
  • Year-round leisure and luxury lifestyle

Why Millionaires Are Leaving the UK

Sam Bidwell (Adam Smith Institute) points to:

  • High taxes
  • Tougher business regulations
  • Rising crime concerns
  • Abolition of the “non-dom” tax regime, which once allowed global income tax exemptions for foreign residents

“The UK is driving away wealth. Dubai is doing the opposite.”

Global Wealth Migration Trends

  • The UAE remains the #1 destination for millionaire migration.
  • It attracts nearly twice as many wealthy individuals as the United States, the second most popular destination.

What Dh1 Million Gets You in Dubai Now

As Dubai’s population of the ultra-wealthy grows, so does demand for premium real estate. Property prices have soared, reshaping what Dh1 million (approx. $272,000) can buy in this high-demand market.

For more updates check out our Instagram handle.

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