The number of millionaires in the UAE has soared by 98 percent over the past decade, making it the second-fastest growing wealth market worldwide and driving a surge in real estate sales, particularly in Dubai. The Private Capital Report from global property consultancy Knight Frank revealed that high-net-worth individuals (HNWIs) from across the globe are being drawn to the UAE by its fiscal advantages, lifestyle appeal and visionary governance.
In 2024 alone, the country welcomed 7,200 millionaires, building on an influx of 4,700 in 2023 and 5,200 in 2022, according to data from Henley & Partners. This influx follows a decade of strategic positioning that has transformed the UAE from a regional financial hub into a global wealth nexus, said Knight Frank.
“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 capitalizes on wealthy individuals’ geographic diversification strategies
Durrani explained that real estate remains at the heart of wealth strategies for UHNWIs, both as a store of value and as a means of wealth preservation. Across the MENA region, demand for prime and super-prime homes has reached unprecedented levels, fuelled by both local and international buyers seeking security, stability and long-term growth.
In a world characterised by political volatility and economic uncertainty, wealthy individuals are increasingly seeking geographic diversification, not merely as a safeguard but as a strategic imperative. The UAE, with Dubai’s real estate sector at the forefront, has capitalized on this trend with remarkable acumen, positioning itself at the crossroads of wealth flows between East and West.
At the end of December 2024, the total number of dollar millionaires in the UAE stood at 130,500, securing its position as the 14th-largest wealth market globally. Perhaps even more telling is the presence of 325 resident centi-millionaires (individuals with $100+ million in liquid investable wealth) and 28 billionaires, figures that have surged by 110 percent over the past decade.
The greatest proportion of the UAE’s inbound millionaires over the last decade came from India, followed by the Middle East, Russia & CIS, and the UK & 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 records 111 $10 million-plus home sales in Q1
This wealth migration is delivering substantial economic dividends. Dubai has been the most active real estate market for sales of $10 million-plus homes for the past two years, eclipsing both London and New York. The emirate registered 435 home sales of $10 million-plus last year, edging past the 434 transactions recorded in 2023. During Q4 alone, 153 residential sales in excess of $10 million were completed – an all-time record.
Dubai’s real estate momentum continued into 2025, with 111 $10 million-plus sales in the first quarter. This marked the highest Q1 result on record and a 5.7 percent year-on-year increase from Q1 2024, putting the market on track for another record year in 2025.
“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 top end, demand remains remarkably consistent. There were 12 transactions over $25 million in Q1 2025, only slightly below the 15 deals in Q4 2024. These figures reflect continued appetite from global UHNWIs seeking one-of-a-kind trophy homes.
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Emirates Hills records most expensive deal of Q1 2025
The Palm Jumeirah remains Dubai’s premier ultra-prime real estate location, recording 34 $10 million-plus transactions in Q1 2025 with a combined value of $562.8 million. Emirates Hills followed in second place with 15 sales, totalling $356.7 million.
The community also saw the most expensive deal of the quarter: a six-bedroom villa that was sold for $106.3 million in January, which was initially bought for $6.6 million in 2015 – an extraordinary 1,635 percent price increase, averaging almost 34.6 percent annual growth. The growth rate in the mainstream market was 27.6 percent 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.
