The wealth of UAE billionaires soared by over one-third, increasing by $39.3 billion (Dh144 billion) to surpass Dh509 billion in 2024. This growth reflects a rising trend of high-net-worth individuals relocating to the UAE, drawn by its tax-free income, security, and asset safety.
According to the UBS annual study, the total wealth of UAE billionaires grew by 39.5% to $138.7 billion (Dh509 billion). Additionally, the UAE welcomed a new billionaire in 2024, bringing the total number of billionaires residing in the Emirates to 18.
Billionaire Wealth Rises Across Regions
The UBS Billionaire Ambitious Report revealed that billionaire wealth across Europe, the Middle East, and Africa (EMEA) increased by 17% to $3.7 trillion. The total number of billionaires in these regions rose by 70, reaching 728 individuals.
In the Arab world, the UAE leads in the number of billionaires and ranks second in the Middle East, following Israel, which has 26 billionaires. Globally, the UAE is one of the top destinations for billionaire relocation, alongside Switzerland, Singapore, and the US.
Why Billionaires Are Moving to the UAE
The Covid-19 pandemic caused many to reassess their priorities, including billionaires. With families, homes, and businesses spread across various countries, many high-net-worth individuals have relocated since 2020. UBS reported that 176 billionaires, accounting for over $400 billion, have moved to countries like the UAE, Singapore, and Switzerland in the past four years.
“People are moving not just for tax benefits but also for safety and political stability,” stated a US billionaire interviewed by UBS. “Unless the political climate improves in some regions, the trend of relocation will continue.”
Global Billionaire Wealth Trends
From 2015 to 2024, global billionaire wealth grew by 121%, rising from $6.3 trillion to $14 trillion. In 2024 alone, billionaire wealth increased by $2 trillion. The technology sector led this growth, with tech billionaires’ wealth tripling from $789 billion in 2015 to $2.4 trillion in 2024.
Industrial billionaires also saw significant growth, with wealth increasing from $480 billion to $1.3 trillion over the same period.
Future Investment Plans
The UBS report noted a shift in billionaire investment strategies amid changing economic conditions. As interest rates in the US and Europe show signs of easing, 43% of billionaires plan to increase investments in real estate, while 42% aim to focus on developed market equities. Investments in safe havens are also expected to rise.
