September 12, 2025 | Dubai, UAE: Getting ranked as the 4th Wealthiest City in Europe can sound surprising, but Dubai has managed to achieve this rank, as revealed by the latest Report. Studies show that the Emirate now hosts around 86,000 millionaires, which places it just behind the race from London, Paris, and Milan. The Wealth Report 2025 highlights Dubai’s transformation into a global wealth epicentre through the growing investment flows and providing a business-friendly climate.

The Wealth Report 2025 highlights several factors behind Dubai’s ascent to this achievement. A safe-haven status, zero personal income tax, and a highly diversified economy attracted high net worth individuals (HNWIs) from around the globe. Rising property prices, world-class healthcare, and top-tier international schools also feature prominently in the 2025 analysis of why Dubai appeals to ultra-rich residents.

Millionaire Population Fuels Dubai’s Status

Dubai’s millionaire count of 86,000 is a cornerstone of the Wealth Report 2025 findings. This number includes 251 centi-millionaires and 23 billionaires as of June 2025. By contrast, London leads EMEA with 212,000 millionaires, followed by Paris’s 163,000 and Milan’s 121,000. Yet, as noted in the Wealth Report 2025, current growth trends suggest Dubai may overtake these traditional centres by 2040, solidifying its reputation.

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Additionally, the rise of digital entrepreneurs and remote-work professionals choosing Dubai’s favourable lifestyle and visa schemes has swelled the city’s affluent population. With specialised visa programs for investors and innovators, Dubai continues to attract wealthy individuals seeking both economic opportunity and quality of life, reinforcing the critical mass needed to maintain its wealth-hub status.

Key Drivers in the Wealth Report 2025

According to the Report, Dubai’s low-tax regime has been a magnet for retirees seeking wealth preservation. The emirate’s strategic location offers seamless global connectivity, making it a preferred base for business and leisure. First-class healthcare systems, all-year-round leisure activities, and eco-living initiatives further reinforce Dubai’s appeal in the Wealth Report 2025.

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The collaboration between regulators and private sector entities boosts investor confidence. As the Wealth Report 2025 notes, Dubai’s growing family office ecosystem, now home to at least 250 family offices, has become the fastest-growing in the world, positioning the city squarely as the 4th Wealthiest City in Europe for ultra-high-net-worth services.

Economic Diversification and Investor Inflows

Dubai’s commitment to economic diversification features prominently in the Wealth Report 2025. Beyond oil revenues, tourism, real estate, technology, and financial services have flourished, attracting substantial foreign direct investment. It has been realised that Dubai’s financial resilience is based on this broad economic base, which underpins its ranking as the 4th Wealthiest City in Europe.

MCB Group, Stewards Investment Capital, and New World Wealth collaborated on the Wealth Report 2025 to map these trends. Their joint study reveals that Dubai’s total liquid investable wealth reached approximately $1.1 trillion by mid-2025, placing it firmly as the 4th Wealthiest City in Europe in terms of liquid assets.

The Road Ahead

Looking forward, the Wealth Report 2025 forecasts continued growth for Dubai. Infrastructure investments like Expo City and expanded free zones are expected to draw further capital. The advancements in fintech, renewable energy, and smart city technologies will enhance Dubai’s competitiveness. These developments aim to sustain and potentially elevate Dubai’s status beyond the 4th Wealthiest City in Europe benchmark in the coming decades.

Family offices, already among the fastest-growing in the world, are set to benefit from enhanced estate planning services and cross-border wealth management agreements fostered through partnerships with leading international jurisdictions. This ecosystem, grounded in regulatory sophistication and a robust professional services sector, will be crucial in ensuring Dubai not only retains its current standing in Europe but continues to climb the global wealth rankings.