The United Arab Emirates continued its meteorite growth on global wealth map in 2024, adding about 13,000 new millionaires, UBS Global Wealth Report 2025Released on Wednesday.This latest wave of high-net-pronged individuals (HNWIS) pushed the UAE millionaire count to a striking 240,343, increased by 5.8% year-on-year. This growth makes the UAE the second fastest-growing millionaire market, leaving only Turkeey, with an increase of 8.4%. In the United Arab Emirates, a good number of these newly created millionaire base came again from the worlds, as is now the case for four years. Aaccording for Swiss Bank: “In 2024, Turkey stands out of the crowd for an increase of 8.4% in 2023, which is equivalent to promoting around 7,000 people in a year. UAE (UAE (in) Millionaire Number is 5.8% increase, thanks to about 13,000 new entrances in this category.”To keep it in human terms: According to worldometer data, the UAE population increased by 385,048 last year. While the total population is estimated to be around 11 million, adults in their major working years (25–54) are 7.28 million. With such a high concentration of funds, there is a millionaire effectively in every 30 adults or economically active individuals in the UAE.
Where money is: UAE’s $ 785 billion in private hands
HNWI of the country now collectively controls about $ 785 billion (DH2.88 trillion) in money. Meanwhile, the average money per adult in the UAE is currently $ 147,663. according to the report:
- 62% of this money is held in financial assets, from equity and bonds to private investments.
- The remaining 48% live in non-financial assets, mainly real estate and land, is considered a pillar of wealth conservation in the Gulf.
This concentration of money is clearly reflected in the property and investment markets of the United Arab Emirates. According to Knight Frank, a remarkable influx of high-pure people of Saudi Arabia, India, China and UK, especially in premium locations such as Zumera Bay Island, is running large, multi-million dollars deals. Paul Donovan, the chief economist of UBS Global Wealth Management, highlighted the widespread implications of this capital accumulation in a statement:“Money is not just an economic remedy – it is a social and political power. As we navigate the fourth industrial revolution and growing public debt, the way money is distributed and transferred will shape the opportunity, policy and progress. ,
Generational changes: $ 19 billion required in money transfer
A particularly notable tendency in the United Arab Emirates is the upcoming wave of money transfer. UBS estimates that the country will see $ 19 billion (DH70 billion) in intra and inter-generated transfer. This figure is 1.4% of the total private funds of the United Arab Emirates. This includes money:
- Husband -wife, such as widow or widow to her partner.
- From generations, especially old family members to children or grandchildren.
Globally, the report expects more than $ 83 trillion to change hands in the next two to three decades, most importantly:
- United States: Over $ 29 trillion
- Brazil: Around $ 9 trillion
- Mainland China: More than $ 5 trillion
Money Ranking: Where UAE stands globally and regional
Regional, the UAE ranks second for the millionaire population in the Middle East:
- Saudi Arabia: ~ 340,000 millionaires
- UAE: 240,343
- Israel: 186,000
Globally, Switzerland maintained its position as the richest nation by average adult wealth:
- Switzerland: $ 687,166
- United States: $ 620,654
- Hong Kong: $ 601,195
- Luxembourg: $ 566,735
- Australia: $ 516,640
In contrast, while the average of the UAE per adult ($ 147,663) indicates these top-level economies, the speed of wealth creation and the speed of wealth attraction, one upwards.
Flow of money: Why are millionaires going to UAE
There were not all 13,000 new millionaires in the United Arab Emirates. As Night frankQuot Henley & Partners Data, UAE attracted 7,200 millionaires from abroad in 2024, increased by 53% from the previous year. In financial stay, this bounce brings up to 130,500 total number of HNWIS resident HNWIS, as stated earlier. Industry experts suggest that favorable tax policies, political stability and high end infrastructure make the UAE a magnet for mobile global wealth.
A global picture: Wealth growth is bent for America
While the UAE experienced remarkable domestic benefits, the global wealth landscape also saw the overall expansion:
- Global private funds increased by 4.6% in 2024 in 2024, increased by 4.2% in 2023.
- Most of the growth occurred from North America, where stable currencies and strong financial markets increased speed.
- The US led to more than 11% global wealth growth.
- In contrast, the Asia-Pacific and EMEA (Europe, Middle East, Africa) regions occurred: 3% and below 0.5% respectively.
