Dubai, Gulf stay wealth magnets as billionaires near 4,000 globally

The global billionaire population is set to surge sharply over the coming decade, with projections showing their numbers could approach 4,000 by 2031 as private capital expands rapidly across emerging and established markets a trend that is increasingly reinforcing the role of Dubai and other Gulf centres as magnets for the world's ultra-wealthy.

- Issac John [e-mail]

According to the latest Wealth Report 2026 by Knight Frank, there are currently 3,110 billionaires worldwide, and that number is forecast to rise by about 25 per cent over the next five years to roughly 3,915. The expansion reflects strong wealth creation across technology, finance, manufacturing and energy sectors despite geopolitical volatility and tighter global monetary conditions.

At the broader ultrahigh-net-worth individual (UHNWI) level defined as those with assets exceeding $30 million the global population has climbed from 551,435 in 2021 to 713,626 in 2026, equivalent to the creation of 89 new ultra-wealthy individuals every day. This structural acceleration in wealth formation is reshaping capital flows and reinforcing the importance of globally connected cities capable of offering stability, mobility and investment access.