Every 30th adult now a millionare: UAE adds 13,000 dollar millionaires in 2024

Time of India

9 hours ago

In 2024, the UAE gained 13,000 millionaires, bringing the total to 240,000 with $785 billion in wealth/ Image: X
The United Arab Emirates continued its meteoric rise on the global wealth map in 2024, adding approximately 13,000 new millionaires, according to the
UBS Global Wealth Report 2025
, released Wednesday.
This fresh wave of high-net-worth individuals (HNWIs) pushed the UAE's millionaire count to a striking 240,343, marking a 5.8% year-on-year increase. This growth makes the UAE the second-fastest-growing millionaire market, trailing only Türkiye, which experienced an 8.4% rise. A good number of these newly created millionaire base in the UAE came about from re-locations, as has been the case for four years now.
Aaccording to the Swiss bank: 'In 2024, Turkey stands out from the crowd thanks to an 8.4% increase in its number of dollar millionaires over 2023, equivalent to a boost of roughly 7,000 people in a single year. The UAE (had) a rise of 5.8% in millionaire numbers, thanks to approximately 13,000 new entrants in this category.'
To put it in human terms: According to Worldometers data, the UAE's population grew by 385,048 last year.
While the total population is estimated at around 11 million, adults in their prime working years (25-54) number a substantial 7.28 million. With such a high concentration of wealth, effectively about one in every 30 adults or economically active individuals in the UAE is a millionaire.
Where the Wealth Lives: UAE's $785 Billion in Private Hands
The country's HNWIs now collectively control about $785 billion (Dh2.88 trillion) in wealth. Meanwhile, the average wealth per adult in the UAE currently stands at $147,663.
According to the report:
62% of this wealth is held in financial assets, from equities and bonds to private investments.
The remaining 48% resides in non-financial assets, primarily real estate and land, long considered pillars of wealth preservation in the Gulf.
This concentration of wealth is clearly reflected in the UAE's property and investment markets. According to Knight Frank, a notable influx of high-net-worth individuals from Saudi Arabia, India, China, and the UK is driving larger, multi-million dollar deals, particularly in premium locations such as Jumeira Bay Island.
Paul Donovan, Chief Economist at UBS Global Wealth Management, in a statement highlighted the broader implications of this capital accumulation:
'Wealth is not just an economic measure – it's a social and political force.
As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress.'
Generational Shifts: $19 Billion in Wealth Transfers Expected
One particularly notable trend in the UAE is the coming wave of wealth transfers. UBS estimates that the country will see $19 billion (Dh70 billion) in intra- and inter-generational transfers. That figure represents 1.4% of the UAE's total private wealth.
This includes wealth moving between:
Spouses, such as from a widow or widower to their partner.
Generations, especially from older family members to children or grandchildren.
Globally, the report expects over $83 trillion to change hands in the next two to three decades, most significantly in the:
United States: over $29 trillion
Brazil: nearly $9 trillion
Mainland China: more than $5 trillion
Wealth Rankings: Where the UAE Stands Globally and Regionally
Regionally, the UAE ranks second in the Middle East for millionaire population:
Saudi Arabia: ~340,000 millionaires
UAE: 240,343
Israel: 186,000
Globally, Switzerland maintained its position as the wealthiest nation by average adult wealth:
Switzerland: $687,166
United States: $620,654
Hong Kong: $601,195
Luxembourg: $566,735
Australia: $516,640
By contrast, while the UAE's average per adult ($147,663) trails these top-tier economies, its pace of wealth creation—and wealth attraction, signals an upward trajectory.
Inflow of Wealth: Why Millionaires Are Moving to the UAE
Not all of the 13,000 new millionaires in the UAE were homegrown. According to
Knight Frank
, citing
Henley & Partners
data, the UAE attracted 7,200 millionaires from abroad in 2024, a 53% increase from the previous year.
This surge in financial migration brings the total number of resident HNWIs to 130,500, as reported earlier. Industry experts suggest that favorable tax policies, political stability, and high-end infrastructure continue to make the UAE a magnet for mobile global wealth.
A Global Picture: Wealth Growth Tilted to the Americas
While the UAE experienced notable domestic gains, the global wealth landscape also saw overall expansion:
Global private wealth rose by 4.6% in 2024, up from 4.2% in 2023.
Most of the increase came from North America, where stable currencies and strong financial markets drove momentum.
The Americas led with more than 11% of global wealth growth.
In contrast, the Asia-Pacific and EMEA (Europe, Middle East, Africa) regions saw sluggish growth: below 3% and 0.5%, respectively.