Super rich drive Middle East luxury real estate boom

The Middle East is experi encing an unprecedented surge in high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), with the UAE emerg ing as a global magnet for wealthy investors.

- Issac John [e-mail]

According to the latest Private Capital Report by Knight Frank, a leading global property consul tancy, the number of dollar mil lionaires in the UAE has surged by nearly 98 per cent over the last decade, fuelling a dramatic increase in high-value property transactions and transforming Du bai into a global luxury real estate hub.

The report highlights that as of December 2024, the UAE hosts approximately 130,500 dollar mil lionaires, making it the 14th-larg est wealth market worldwide. This rapid growth is underpinned by strategic economic reforms, ambitious national visions, and a stable political environment that continue to attract international investors. In particular, the influx of millionaires has been significant over the past few years, with 7,200 new dollar millionaires arriving in 2024 alone — a jump from 4,700 in 2023 and 5,200 in 2022. Data from Henley & Partners indicates that these new arrivals are drawn by the country’s attractive fiscal policies, luxurious lifestyle, and vi sionary governance.

The majority of inbound mil lionaires originate from India (31 per cent), followed by the Middle East (20 per cent), Russia & the Commonwealth of Independent States (CIS) (14 per cent), and the UK & Europe (12 per cent). Such diverse origins underscore the UAE’s position as a global nexus for wealth migration, especially at a time when political and eco nomic uncertainties are prompting high-net-worth individuals to seek safer, more stable environments for their assets.