Dubai now ranks as 4th wealthiest city in Europe, Middle East and Africa

Dubai has cemented its position among the world’s wealth hubs, ranking fourth in Europe, the Middle East and Africa (EMEA) after London, Paris, and Milan, according to The Rise of Dubai study released on Wednesday.

The emirate is now home to 86,000 millionaires, 251 centi-millionaires, and 23 billionaires as of June 2025. Its total liquid investable wealth is estimated at $1.1 trillion (Dh4 trillion), making it one of the fastest-growing destinations for high-net-worth individuals.

Wealth growth trajectory

The study, conducted by MCB Group, Stewards Investment Capital, and New World Wealth, noted that if current trends continue, Dubai could become EMEA’s wealthiest city by 2040.

Andrew Amoils, head of research at New World Wealth, highlighted that Dubai’s wealth is not only concentrated locally but also managed across global markets through major banks and investment firms.

Key comparisons

• London leads the EMEA wealth list with 212,000 millionaires.

• Paris follows with 163,000 millionaires.

• Milan is third with 121,000 millionaires.

• Dubai stands fourth with 86,000 millionaires.

Drivers of growth

Experts credit Dubai’s rise to several factors, including:

• Safe-haven status and investor-friendly regulations.

• Low taxes, attracting retirees and global investors.

• Rising property prices and diversified economy.

• World-class infrastructure in healthcare, education, and transport.

• Strategic connectivity, offering easy access to global markets.

Thierry Hebraud, CEO of MCB, said Dubai’s role as a global business hub complements Mauritius’s financial centre strengths. Bilal Adam, CEO of Stewards Investment Capital, added that Dubai’s evolution as a wealth hub reinforces its position as a bridge between established and emerging markets.

Rising demand for family offices

The report also revealed that the UAE has become the fastest-growing family office hub worldwide, now hosting at least 250 family offices as of June 2025, many established post-COVID by ultra-wealthy individuals from Africa, India, Russia, the UK, and the Middle East.

The surge in wealth and business activity has also contributed to Dubai’s population growth, with official data showing that residents surpassed 4 million last month—its highest in history.