Henley & Partners: This is the World’s Fastest Wealth Engine
Dubai climbed the ranks as a major wealth hub in 2024 and the Middle Eastern city is expected to be a growth leader for the ultra-rich in the future, according to a report by Henley & Partners.
Dubai was the city or area with the 18th most number of millionaires at 81,200, according to Henley & Partners’ «World’s Wealthiest Cities Report 2025», rising from the 21st position in the previous year to become the biggest climber among the top 50. Between 2014 and 2024, it grew at the third fastest rate with a 102 percent increase.
Moving forward, the Middle Eastern hub could see more acceleration. Specifically regarding centi-millionaires, or those with a net worth of $100 million, the report forecasts that Dubai will lead the pack as the highest growth center from its current count of 237. Abu Dhabi, which is home to 75 centi-millionaires, is also expected to be a key growth market for the ultra-rich.
«This Middle East wealth shift reflects the region’s strategic pivot towards becoming global financial centers, combined with zero income and capital gains taxes,» the report said.
US Dominates
Overall, New York was the top hub for the wealthy with 384,500 millionaires. This was followed by the Bay Area (342,400), Tokyo (292,300), Singapore (242,400) and Los Angeles (220,600). Hong Kong was in eighth place with 154,900 millionaires.
«These urban centers share common DNA – robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital,» commented Dr. Juerg Steffen, CEO Henley & Partners. «Seven of the top 10 wealthiest cities are in countries with residence by investment programs, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs.»
The report is published in partnership with global wealth intelligence firm New World Wealth. It uses data from the firm’s in-house database which tracks the movement of over 150,000 high net worth individuals – primarily entrepreneurs, founders and executives from high value companies – using various public sources.
