In 2024, the collective wealth of billionaires residing in the UAE surpassed half a trillion dirhams, reflecting a significant increase driven by the relocation of high-net-worth individuals seeking tax-free income, safety, and asset security. According to the UBS Billionaire Ambitious Report, the wealth of UAE-based billionaires surged by 39.5%, amounting to $138.7 billion (approximately Dh509 billion). The UAE now hosts 18 billionaires, with one new addition this year, making it the Arab world’s leader in billionaire residents and second in the Middle East after Israel.
The report highlighted a global increase in billionaire wealth, rising 121% between 2015 and 2024, from $6.3 trillion to $14 trillion. In the Middle East, Europe, and Africa, billionaire wealth grew by 17% to $3.7 trillion, with the number of billionaires in these regions increasing to 728.
Globally, the trend of billionaires relocating has accelerated post-pandemic, with the UAE, Switzerland, Singapore, and the US emerging as favored destinations. Since 2020, 176 billionaires, collectively holding assets worth over $400 billion, have relocated. Alongside tax advantages, billionaires are drawn by stability and secure environments.
The report also revealed shifting investment preferences among billionaires. With interest rates easing in the US and Europe, 43% plan to increase real estate investments, while 42% aim to expand their portfolios in developed market equities. Safe-haven assets are also gaining traction as part of their long-term strategies.
This growth underscores the UAE’s growing appeal as a global hub for wealth, fostering an environment conducive to both economic security and personal prosperity.
