Dubai is now home to 81,200 millionaires, including 237 centi-millionaires and 20 billionaires, according to Henley & Partners’ World’s Wealthiest Cities Report 2025. The city recorded a 102% growth in millionaires between 2014 and 2024, making it the fastest climber in the rankings, jumping from 21st to 18th place globally among the Top 50 Cities for Millionaires.
Dubai’s rapid rise reflects a broader trend across the Middle East, where cities like Dubai and Abu Dhabi are projected to more than double their centi-millionaire populations over the next decade. This surge is fueled by the UAE’s strategic pivot toward becoming a global financial hub, offering zero income and capital gains taxes to attract the world’s ultra-wealthy.
U.S. Cities Maintain Dominance
The United States remains a powerhouse in global wealth, with 11 cities in the Top 50. New York retains its top spot, with 384,500 millionaires, 818 centi-millionaires, and 66 billionaires.
The Bay Area (San Francisco and Silicon Valley) follows closely in second place with 342,400 millionaires, surpassing New York in the number of billionaires and recording a 98% growth rate over the past decade.
Among the fastest-growing cities globally, only Shenzhen, Hangzhou, and Dubai outpaced the Bay Area.
- Shenzhen, now 28th, saw 142% growth with 50,800 millionaires.
- Hangzhou, ranked 35th, posted 108% growth with 32,200 millionaires.
Meanwhile, Tokyo remains the third wealthiest city globally, with 292,300 millionaires, buoyed by a strong recovery of the Nikkei 225. Singapore follows in fourth place with 242,400 millionaires.
Wealth Shifts and Setbacks
Not all cities shared in the boom. Seoul dropped from 19th to 24th, marking the year’s biggest fall. London fell out of the top five, slipping to sixth place with 215,700 millionaires, alongside Moscow, which also saw a millionaire population decline. London and Moscow are the only two cities among the top 50 to have experienced negative growth over the past decade.
Los Angeles overtook London to claim the 5th position, highlighting the U.S.’s sustained wealth creation momentum. Other movers include Paris (7th), Hong Kong (8th), Sydney (9th), and Chicago rising into the top 10, surpassing both Beijing and Shanghai.
Milan, Vancouver, Miami, Hangzhou, Taipei City, and Washington, D.C. also moved up, while Lisbon debuted on the list, replacing Auckland.
Why Certain Cities Are Winning
According to Dr. Juerg Steffen, CEO of Henley & Partners, successful cities share “robust legal frameworks, sophisticated financial infrastructures, and investment migration programs.” Notably, seven of the top 10 wealthiest cities are in countries that offer residence by investment, providing direct pathways for global talent and capital.
Emerging Hotspots for Centi-Millionaires
Looking ahead to 2035, cities forecasted for explosive 100%+ growth include:
- Dubai and Abu Dhabi (Middle East financial expansion)
- Delhi and Bengaluru (India’s tech boom)
- Warsaw and Athens (European resurgence fueled by wealth migration)
Smaller investment migration hubs like St. Julian’s and Sliema (Malta), Lugano (Switzerland), and Riga and Jūrmala (Latvia) are also projected to double their centi-millionaire populations as wealthy individuals seek secure, flexible residence options.
As Dominic Volek, group head of private clients at Henley & Partners, explains, centi-millionaires are “diversifying their presence across multiple jurisdictions to mitigate risk while maximizing opportunity.”
Most Expensive Cities for the Wealthy
The report also ranks the world’s most expensive cities:
- Monaco remains the ultimate haven, with an average wealth per resident of over $20 million and prime real estate prices exceeding $38,800 per m².
- New York ranks second, followed by Hong Kong, London, and Saint-Jean-Cap-Ferrat in France.
- Paris has overtaken Sydney to secure sixth place.
France has the highest number of cities listed among the world’s most expensive, followed by the U.S., with Switzerland and Italy also featuring prominently.
The Big Picture
Global wealth is increasingly mobile, and cities that blend investment freedom, lifestyle advantages, and legal certainty are winning the race to attract the world’s richest individuals. Dubai’s meteoric rise, the U.S.’s continued dominance, and Asia’s surging tech hubs are setting the tone for where wealth and power will concentrate over the next decade.
