As of June 2024, Dubai has established itself as a key destination for high-net-worth individuals in the technology sector, boasting 6,500 technology millionaires. This positions Dubai as the second highest in the Middle East, trailing Tel Aviv, which leads with 10,000 tech millionaires. Istanbul follows with 2,000, according to a report by New World Wealth.
Andrew Amoils, head of research at New World Wealth, noted that the number of tech millionaires in Dubai is growing rapidly, particularly in sectors such as fintech, cryptocurrency, and software development. He highlighted that, similar to New York City, the financial and professional services sector remains the primary draw for high-net-worth individuals in Dubai.
Dubai’s proactive approach to emerging technologies has been pivotal in this growth. The emirate has actively pursued industries like cryptocurrency and blockchain, recognizing the importance of digital assets for the future. To support this, it established the Virtual Assets Regulatory Authority (Vara) to promote and regulate virtual assets.
The report also highlights the success of several Dubai-based startups, including Souq, Careem, Tabby, Kitpoi, and Dubizzle Group, which have achieved unicorn status.
Global Context and Future Projections
According to Henley and Partners, Dubai is home to 72,500 millionaires with liquid investable wealth of at least $1 million, including 212 centimillionaires and 15 billionaires. Projections suggest that by the end of 2024, the UAE will attract an additional 6,700 millionaires, approximately double the number expected in the United States.
In a broader context, the Bay Area, encompassing Silicon Valley and San Francisco, leads the global ranking with 60 tech billionaires and 265,000 technology millionaires, hosting giants like Apple, Nvidia, and Meta. Greater Seattle and Shenzhen also rank highly, with 36,200 and 32,500 tech millionaires, respectively.
Shaun Richards, CEO of Platform45, emphasized that technology is reshaping the global innovation landscape, fostering the emergence of new tech hubs and redefining traditional ones. This transformation is evident in African cities like Cape Town and Nairobi, which are increasingly mirroring the innovation dynamics of Silicon Valley.
Conclusion
With its robust financial services, strong tech infrastructure, competitive tax rates, and a safe environment compared to neighboring regions, Dubai is poised to become a significant player on the global tech stage. As it continues to attract tech talent and investment, the emirate’s position as a technology hub is expected to strengthen further in the coming years.
