UAE wealth boom: 6,500 tech millionaires flock to Dubai
Abu Dhabi emerges as world's next big millionaire hotspot
Dubai is now home to 6,500 technology millionaires as of mid-2024, establishing itself as a growing hub for fintech, crypto, and software development, according to a recent New World Wealth report.
This establishes Dubai as the Middle East’s second-largest tech hub, trailing only Tel Aviv, which hosts around 10,000 tech high-net-worth individuals, while Istanbul follows with 2,000.
Dubai’s success stems from a conducive business environment that includes competitive tax rates, strong tech infrastructure, and high safety standards.
Andrew Amoils, head of research at New World Wealth, emphasised that Dubai’s financial services sector and its proactive regulatory environment are key to its growth.
The establishment of the Virtual Assets Regulatory Authority (VARA) to regulate the blockchain and cryptocurrency sectors has made Dubai particularly appealing to tech entrepreneurs. Homegrown unicorns like Careem, Tabby, Kitopi, and Dubizzle Group exemplify the emirate's appeal to high-growth companies and high-net-worth individuals.
Internationally, Silicon Valley remains the top tech hub with 60 billionaires and 265,000 tech millionaires, fuelled by companies like Apple, Nvidia, and Alphabet. In the United States, Seattle – home to Microsoft and Amazon – houses 36,200 tech millionaires.
Shenzhen, China’s tech center, boasts 32,500 millionaires due to firms like Tencent and Huawei.
Rise of Centi-Millionaires in Dubai
In addition to the thousands of millionaires, Dubai is home to 212 centi-millionaires—individuals with assets over $100 million—and 15 billionaires.
A report by Henley & Partners projects that the UAE will attract 6,700 more millionaires by the end of 2024, nearly double the number expected in the United States. This reflects Dubai’s standing as a key global wealth hub and highlights the emirate's growing importance to high-net-worth individuals from around the world.
Abu Dhabi: A new millionaire magnet
While Dubai dominates the tech and finance landscape, Abu Dhabi is on a parallel trajectory as one of the world’s fastest-growing millionaire destinations. With 22,700 high-net-worth individuals (HNWIs), Abu Dhabi is home to a significant proportion of the world’s oil and gas reserves. The city also hosts the Abu Dhabi Investment Authority, the largest sovereign wealth fund in the Middle East, further enhancing its appeal to wealthy investors and family offices.
The Abu Dhabi Global Market (ADGM) has emerged as a significant international financial centre, positioning the city as a global family office hub and attracting wealth from around the globe. Abu Dhabi’s focus on innovation and sustainability aligns with its commitment to a diversified economy and ensures a stable, attractive environment for wealth preservation and growth.
The rise of Dubai and Abu Dhabi as global centres for wealth and technology marks the UAE's expanding influence on the international stage. This dual-city model fosters a thriving ecosystem for tech innovators, family offices, and high-net-worth individuals, positioning the UAE as a blueprint for future wealth hubs worldwide.
As technology reshapes economies, the UAE’s success highlights how strategic investments and visionary policies can transform emerging cities into leading players in the global wealth landscape.