UAE Add 13,000 New Millionaires in 2024

The UAE has approximately added 13,000 new millionaires in 2024, bringing the total number of high-net-worth individuals in the country to 240,343, according to the Union Bank of Switzerland (UBS).

In its 16^th edition of the “UBS Global Wealth Report 2025,” the Swiss investment company, which surveyed 56 markets, put the total wealth of these individuals at approximately $785 billion, while the average wealth per adult in the UAE was approximately $147,663.

The UAE recorded a 5.8% growth in the number of millionaires through 2024, making it the second-fastest-growing market in the world in attracting high-net-worth individuals after Turkiye, which recorded an 8.4% growth in the number of millionaires.

The report said that 62% of the country’s total wealth is invested in financial assets, and the remaining was invested in non-financial assets, such as real estate and land.

The report also said that the UAE will witness wealth transfers worth $19 billion in the coming period, whether between generations or between spouses, equivalent to 1.4% of the country’s total private wealth.

Global Wealth

The report said that during 2024, global wealth grew by 4.6%, following a 4.2% increase in 2023, reflecting a continued upward trend. However, the pace of growth was uneven.

Niels Zilkens, Head of Wealth Management in the Middle East at UBS Global Wealth Management, said that this year’s UBS report highlighted the growing role of the Middle East in global wealth dynamics, particularly in the UAE and Saudi Arabia, which are witnessing a growing number of millionaires and a significant growth in average wealth, particularly in the UAE, where this rate has increased by more than 23% since 2020.

With a combined wealth transfer expected to be valued at approximately $122 billion, the two markets are entering a pivotal phase of generational transformation, the report said.

Wealth value rose significantly in North America, with the Americas accounting for the largest share of the increase, exceeding 11%. This increase was attributed to the stability of the US dollar and the recovery of financial markets.

In 2024, adults in North America were the wealthiest, with a median wealth of $593,347 in 2024, followed by Oceania ($496,696) and Western Europe ($287,688).

Switzerland Leads

On the other hand, Switzerland continued to lead the list of countries in per capita wealth per adult, followed by the USs, Hong Kong SAR, and Luxembourg. Denmark, South Korea, Sweden, Ireland, Poland, and Croatia recorded the largest increases in average wealth, all growing at double-digit rates measured in local currencies.

The US, Greater China, and France had the largest number of dollar-denominated millionaires, with the US accounting for approximately 40% of the world’s millionaires. Over the past 25 years, global wealth has grown steadily and significantly, with a compound annual growth rate of 3.4% since 2000.

Everyday Millionaires

This year’s report highlights a growing, often overlooked category of millionaires: ‘Everyday Millionaires,’ those with investable assets between $1 million and $5 million. Their number has more than quadrupled since 2000, reaching approximately 52 million people worldwide by the end of last year.

An ‘Everyday Millionaire’ is a term that refers to individuals with a net worth of one million units or more, living normal lives and having normal jobs. They don’t have to be exceptionally wealthy or famous; they are ordinary people who have achieved this level of wealth through smart financial habits and prudent investments.

Today, the combined wealth of this segment is approximately $107 trillion, and their assets are close to the $119 trillion held by individuals with a net worth of more than $5 million. This segment’s growth is largely attributed to rising real estate prices and exchange rate impacts.

Transfer of Wealth

Over the next 20 to 25 years, more than $83 trillion in wealth is expected to transfer, with $9 trillion likely to move horizontally between spouses and $74 trillion between generations. The US is likely to record the largest wealth transfers (more than $29 trillion), followed by Brazil (about $9 trillion), and Greater China (more than $5 trillion), the report said.