Dubai ranks among world’s top cities for high-net-worth individuals

Dubai has emerged as one of the top global destinations for attracting high-net-worth individuals (HNWIs), climbing five spots to rank 7th among the world’s most expensive cities and 4th in the Europe, Middle East, and Africa (EMEA) region, according to the 2025 Global Wealth and Lifestyle Report by Swiss private bank Julius Baer.

Despite only a slight 1% rise in average local currency prices, Dubai has become a strong contender against traditional wealth hubs such as London, Monaco, and Zurich.

Major Shifts in Global Rankings

The rankings saw significant movement, with both Bangkok and Tokyo climbing six places, while Dubai continued to gain higher positions. The global rankings remain fiercely competitive. Singapore retained its position as the most expensive city in the world for HNWIs, followed by London in second place and Hong Kong in third.

Regional Rankings

Cities in the EMEA region once again dominated the list, making up more than half of the world’s top 10 most expensive cities.

London led the region and rose to 2nd globally, while Monaco and Zurich ranked 4th and 5th, each moving up one spot.

Dubai rose five places to 7th, reinforcing its competitiveness with traditional wealth centers. Milan and Frankfurt maintained their previous rankings, while Paris slipped slightly. Johannesburg remained at the bottom despite some price increases.

Overall, prices across the EMEA region remained relatively stable, with minor declines in some cities like Zurich.

The largest price increase in the region occurred in Paris, where travel and hospitality costs rose by 5% year-on-year. Private education costs in London also rose due to recent legislative changes.

In the Middle East, there was a strong demand from wealthy residents for both experiential and material luxury goods, with particular interest in hotels, men’s fashion, luxury handbags, fine dining, and smartphones.

Given the region’s diverse and expansive economies, performance is expected to vary over the coming year. The eurozone is projected to experience modest growth and further declines in inflation, while Dubai is forecasted to maintain strong growth in 2025 and beyond, driven by tourism, trade, and financial services.

Dubai’s Rising Prosperity

Dubai’s rapid transformation into a global hub for luxury, business, and innovation continues to boost its ranking among the world’s top cities.

The city continues to flourish despite a slowdown in the global luxury lifestyle market amid geopolitical and economic uncertainties.

The report notes that while many prices in Dubai remained stable last year, there were sharp increases in high-cost goods such as automobiles (up 13%) and residential real estate (up 17%), which impacted the overall cost of living for wealthy residents.

Dubai’s real estate market posted exceptional growth in 2024, with property sales rising by 27% year-on-year, reflecting growing interest in the city as a long-term residence for HNWIs and their families — many of whom have now relocated to Dubai.

The trend of millionaire migration to Dubai, which began during the COVID-19 pandemic, is expected to continue, with net inward flows surpassing those of all other countries. This cements Dubai’s position as a leading destination for the global elite.

According to Henley & Partners, residency visa applications from millionaires have increased by 102% over the past decade.

Several factors contribute to Dubai’s appeal, including its favorable tax environment, high quality of life, and forward-thinking residency programs such as the Golden Visa and Entrepreneur Visas.

Additionally, Dubai is a top global financial hub — the Dubai International Financial Centre (DIFC) experienced unprecedented growth, with a 25% rise in active companies in 2024.

Dubai is confidently advancing toward the future, with expectations for significant economic growth in 2025 and accelerated efforts to fulfill the goals of the ambitious D33 Economic Agenda, which aims to double the emirate’s economy by 2033.

Preparing for a Changing Demographic

In anticipation of a 29% increase in the population aged 60 and above by 2050, Dubai is enhancing its senior care systems to deliver luxury and wellness services throughout every stage of life, focusing on comprehensive health and wellbeing for residents.

Dubai is now reaping the rewards of its vision to become an innovative, forward-looking city offering the highest standards of living.

Dubai International Airport recorded a record 92.3 million passengers in 2024, making it the world’s busiest airport for international traffic. Further growth is expected as plans for a complete upgrade of Dubai’s second airport progress.

Given its current upward trajectory, Dubai is likely to enter the global top 3 most expensive cities in the coming years.

Despite the rising cost of luxury living, Dubai continues to attract high-net-worth residents in growing numbers.

Rishabh Saxena, Co-Head of Global Asset Class Specialists at Julius Baer, stated, “Gulf economies continue to demonstrate remarkable resilience.”

UAE Maintains Economic Momentum

The UAE’s economy remains strong. Abu Dhabi’s non-oil economy grew by 8.6% in 2024, with non-oil sectors contributing more than 55% of GDP.

Dubai continues to lead regional cities in post-pandemic recovery in the services and tourism sectors, with over 22 million visitors in 2025.

Dubai’s airports, among the busiest in the world, have solidified the emirate’s status as a global hub for trade and tourism.

The rising prominence of financial centers like DIFC and Abu Dhabi Global Market highlights the UAE’s growing role as a regional hub for investment, private capital, and global finance. These centers are increasingly at the forefront of innovation, especially in areas such as digital assets, fintech, and artificial intelligence, which are becoming the foundation of future-ready, diversified economies.