When we talk about Dubai, a visual rich of impossibly high skyscrapers, oil, and Sheikhs comes to mind. A theme that is prevalent in all these thoughts is wealth. As a Henley and Partners report suggests, it will attain that title by 2030.
The report claimed that Dubai, Mumbai and Shenzhen would break into the list of the World’s top 20 wealthiest cities by the year 2030, and Dubai has already got there: Henley and Partners’ 2025 report ranks it 18th. Dubai is now home to 81,200 millionaires, 237 centi-millionaires (people with net assets of $100 million or more), and 20 billionaires.
The rapidly growing industries of real estate, transportation, oil, gas, tourism and financial services are conspiring to boost the emirate’s wealth, reinforcing Dubai's standing as the number one city in the Arab world for business. While the real estate property developers in Dubai are adding to the list of attractive tourist and housing architectural marvels, the mega structures such as Burj Khalifa, Burj Al Arab, Palm Jumeriah, and the Museum of the Future draw the attention of the world to the region.
The Dubai International Financial Centre (DIFC) acts as a hub that assists family businesses and ultra-high net worth individuals (HNWI) in legacy and succession plans, part of what makes Dubai a global safe haven for wealth, and it is promised to help Dubai climb higher on the ladder from its 18th rank on the list of globally wealthiest countries.
Richest Cities set to be rivalled by Dubai.
A report published in June 2023 by New World Wealth claimed that the UAE is expected to overtake the wealthiest countries, such as the US and UK. These destinations attracted the most significant inflows globally in 2022.
The emirate of Dubai has been strategically marketed as an international hub with a high-income economy, free trade, low tax rate, and zero income tax acting as the catalyst driving start-ups and small international businesses to move to Dubai.
Easy regulations, renowned with lavish lifestyles, and luxury residential projects in Dubai (including the growing demand for spacious 4-bedroom apartments) have helped the city to bag its position on the list. Buyers at the top end often look at penthouses, which our guide to penthouses for sale in Dubai prices out for 2026.
Dubai to become the Richest City.
As it stands, the USA dominates the list with four cities in the top 10: New York, the San Francisco Bay Area, Los Angeles and Chicago. New York alone has 384,500 millionaires, far more than Dubai.
It is worth reminding you that we are comparing a city vs a country. But it goes on to show the stiff competition Dubai has lying ahead.
A similar report by Henley and Partners claimed that if Dubai kept accelerating its growth, the city might even break into the top 20 by 2030, and it has since done so. This goes on proves that the emirate of wonders is ready to compete with the big players. We track the numbers behind that growth in our monthly market reports.
FAQ
1) Is Dubai the wealthiest city in the world?
Ans: Dubai is the richest city in the MEA (Middle East and Africa), and according to Henley & Partners’ 2025 report, it is the 18th wealthiest city in the world.
2) What’s the richest city in the world?
Ans: According to Henley & Partners, New York City is home to 384,500 millionaires, including 818 centi-millionaires (with a wealth of USD 100 million or more) and 66 billionaires, top the list with the most millionaires per city worldwide.
3) Where does Dubai rank as the richest city in the world?
Ans:When it comes to the wealthiest cities in the world, Dubai ranks at 18th position as the most popular city in the world for extremely wealthy inhabitants, according to a recent survey by Henley & Partners.
