Dubai ranks 4th richest city in Europe, ME and Africa with 86,000 millionaires

Dubai has ranked fourth among the richest cities in the Europe, Middle East, and Africa region, after London, Paris, and Milan, with more than 86,000 millionaires, according to a new report titled "Dubai's Rise" published in collaboration with MCB, New World Wealth, and Stewards Investment Capital.

According to the latest New World Wealth Index, Dubai's total investable wealth has increased by 110 per cent over the past decade, establishing it as one of the world's five fastest-growing cities during this period.

The rankings were released after a study by MCB, a bank and wealth management company based in Mauritius, and Stewards Investment Capital, a company that gives investment advice, in partnership with New World Wealth, a group that provides information about wealth. The study looked at how Dubai has become one of the world's fastest-growing wealth markets.

The report said that in June 2025, Dubai had just over 86,000 millionaires living there. This included 251 millionaires with a net worth of more than $100 million and 23 billionaires. This meant that Dubai was the fourth richest city in Europe, the Middle East and Africa after London, Paris and Milan.

The report says that Dubai is set to become the richest city in the Europe, Middle East, and Africa region by 2040, if it keeps growing at its current rate.

The people who wrote the report said, "The emirate has a strong technology infrastructure, competitive tax rates, and, most importantly, it is a safe place in the region. This means it is in a great position to become a major global technology hub."

One of the reasons is that there is no capital gains tax in the country, which makes it attractive to entrepreneurs working in cryptocurrencies, fintech, and software development.

They also said that perhaps no other city in the world today reflects wealth at such a high level as Dubai, which has surpassed other financial havens to become the wealthiest city in the Middle East.

According to New World data, there are 6,700 tech millionaires and five tech billionaires living in Dubai in June 2025. This number is expected to double by 2035.

According to New World Wealth's internal database, the UAE is the fastest-growing hub for family offices in the world, with at least 250 family offices as of June 2025.

The report stated that they offer a more interactive service than traditional wealth managers and private banks. These offices can hold assets, such as the homes and cars of wealthy individuals, and pay for their holidays, education, living expenses, legal fees and travel.