The UAE welcomed around 13,000 new millionaires in 2024, pushing the country’s total number of high-net-worth individuals to 240,343, according to the newly released UBS Global Wealth Report 2025.
The total private wealth held by these individuals is estimated at $785 billion (approximately Dh2.88 trillion), as the nation continued its rapid climb in the global wealth rankings. With a 5.8 percent increase in its millionaire population, the UAE was ranked as the second fastest-growing market after Türkiye, which posted an 8.4 percent rise.
This surge comes as the country’s overall population also expanded by more than 385,000 last year—putting the ratio at roughly one millionaire for every 30 residents, based on Worldometers data.
UBS reported that about 62 percent of the UAE’s wealth is tied up in financial assets, while the remaining 48 percent lies in real estate and other non-financial holdings. The average wealth per adult stands at $147,663.
In the broader Middle East region, Saudi Arabia remains in the lead with nearly 340,000 millionaires, followed by the UAE and Israel with 240,000 and 186,000, respectively.
Wealth transfers are also becoming a major factor, with UBS estimating that $19 billion (Dh70 billion) will change hands in the UAE through inheritance or spousal transfers—roughly 1.4 percent of the nation’s total private wealth.
Commenting on the global implications, Paul Donovan, chief economist at UBS Global Wealth Management, noted: “Wealth is not just an economic measure – it’s a social and political force. As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress.”
Globally, Switzerland retained its title as the wealthiest country in terms of average wealth per adult at $687,166, followed by the US, Hong Kong, Luxembourg, and Australia. Despite global uncertainty, overall wealth worldwide rose by 4.6 percent in 2024, driven mainly by gains in the Americas.
UBS projects that more than $83 trillion in wealth will be transferred worldwide over the next 20 to 25 years, with the US expected to account for over $29 trillion of that total.