A bird's eye view of Dubai. ARCHIVE

Dubai has secured the fourth spot among the richest cities in Europe, the Middle East, and Africa (EMEA), according to the latest New World Wealth Index published in collaboration with Mauritius Commercial Bank (MCB), New World Wealth, and Stewards Investment Capital. The report, Dubai’s Rise, revealed that as of June 2025, the emirate is home to more than 86,000 millionaires, including 251 centi-millionaires (individuals with wealth exceeding $100 million) and 23 billionaires. This places Dubai just behind London, Paris, and Milan. Dubai’s investable wealth has soared by 110 percent over the past decade, making it one of the world’s five fastest-growing cities for wealth creation. “The emirate has a strong technology infrastructure, competitive tax rates, and, most importantly, it is a safe place in the region. This means it is in a great position to become a major global technology hub,” the authors of the report noted. The report also highlighted that Dubai has emerged as a magnet for tech entrepreneurs. According to New World Wealth, there were 6,700 tech millionaires and five tech billionaires in Dubai as of June 2025, with these numbers projected to double by 2035. A key attraction for entrepreneurs is the absence of capital gains tax, particularly appealing to those in cryptocurrencies, fintech, and software development. The UAE is also the fastest-growing hub for family offices globally, with at least 250 family offices recorded in June 2025. These offices manage not only financial assets but also handle personal affairs such as real estate, education, travel, and legal needs. The study predicted that if Dubai’s current trajectory continues, the emirate could become the richest city in the EMEA region by 2040. ICA/Expat Media
For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page Social media caption: 💰 Dubai climbs the global wealth ladder! With 86,000 millionaires, 251 centi-millionaires, and 23 billionaires, it’s now the 4th richest city in Europe, the Middle East, and Africa 🌍 #Dubai #Wealth #Millionaires