Dubai Ranks 4th Wealthiest City in Europe & MENA: Real Estate Insights

A booming economy and strong investor inflows have propelled Dubai to become the fourth-wealthiest city in the Middle East and fourth in Europe, Middle East and Africa (EMEA) after London, Paris, and Milan.

The emirate is home to 86,000 millionaires , 251 centi-millionaires , and 23 billionaires at the end of June 2025, according to The Rise of Dubai study released on Wednesday.

"If current growth trends continue, Dubai is on track to overtake these cities to become EMEA's wealthiest city by 2040," said the report, which MCB Group, boutique investment advisory firm Stewards Investment Capital, and New World Wealth conducted.

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"Dubai's total liquid investable wealth is approximately $1.1 trillion (Dh4 trillion) ."

"Dubai's total liquid investable wealth is approximately $1.1 trillion (Dh4 trillion) as at June 2025. This refers to the combined investable wealth of all people currently living in the city. This does not necessarily mean they hold their money there. Many high-net-worth individuals (HNWIs) still keep much of their wealth with large banks and wealth managers abroad, and invest in global stock markets," said Andrew Amoils, Head of Research at New World Wealth.

He added that Dubai ranked the fourth-wealthiest city in EMEA in terms of millionaire numbers. London leads with 212,000 millionaires, followed by Paris with 163,000, and Milan with 121,000 as of June 2025.

Thierry Hebraud, CEO of MCB, said Dubai's position as a global business hub, combined with the strengths of the Mauritius International Financial Centre, creates powerful synergies.

"Dubai's transformation into a leading global wealth hub reinforces its appeal as a bridge between established and emerging markets. Together with regulatory sophistication and technological excellence, Dubai offers new investment opportunities that don't exist in traditional markets," said Bilal Adam, CEO of Stewards Investment Capital.

He further noted: "We view the UAE as a gateway to high-growth opportunities geared towards business growth, wealth preservation, and legacy building."

Key Factors Behind Dubai’s Wealth Growth

• Safe-haven status attracting global investors
• Low taxes attracting wealthy retirees
• Highly diversified economy
• Rising property prices
• Strong global air connectivity
• Consistently strong FDI flows
• First-class healthcare and international schools
• All-year-round leisure activities
• Leadership in eco-state living

This growing wealth is attracting professionals, investors, retirees, and digital nomads, pushing Dubai’s population to its highest-ever level of over 4 million last month.

According to New World Wealth’s database, the UAE is now the fastest-growing family office hub in the world, home to at least 250 family offices as of June 2025. "Most of these were set up fairly recently (post-Covid) by HNWIs from Africa, India, Russia, the UK, CIS, and the Middle East," the report said.

Family offices are normally only cost-effective for ultra-wealthy centi-millionaires and billionaires.

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