The wealth of billionaires in the UAE has surged by over a third, rising by $39.3 billion (Dh144 billion) to exceed half a trillion dirhams in 2024. According to the UBS annual study, the combined wealth of UAE billionaires increased by 39.5%, reaching $138.7 billion (Dh509 billion). This surge is partly driven by the growing number of high-net-worth individuals relocating to the Emirates, attracted by the tax-free income, political stability, and security for their assets.
The UAE has added a new billionaire to its ranks, bringing the total number of billionaires residing in the Emirates to 18. The report notes that the UAE has the highest number of billionaires in the Arab world and ranks second in the Middle East, after Israel, which has 26 billionaires.
The study highlights the global trend of billionaires relocating, especially since the Covid-19 pandemic, as individuals reassess their lives and move to jurisdictions that offer not just tax benefits but also enhanced safety and security. The UAE, along with Switzerland, Singapore, and the US, has become a top destination for these billionaires, with 176 having moved since 2020. In total, billionaires who have relocated globally represent more than $400 billion in wealth.
Globally, billionaire wealth has grown significantly over the past decade, rising by 121% from $6.3 trillion in 2015 to $14 trillion in 2024. Technology billionaires have seen the fastest growth, with their wealth tripling from $789 billion to $2.4 trillion, while industrial billionaires have also experienced notable gains.
Looking ahead, UBS reports that 43% of billionaires plan to increase their investments in real estate, and 42% intend to boost their holdings in developed market equities, reflecting a shift toward safer asset classes amid potential easing of interest rates in the US and Europe.
