Dubai has cemented its status among the world’s wealth capitals, securing the 18th spot in the latest World’s Wealthiest Cities Report 2025 by Henley & Partners. With 81,200 resident millionaires, including 237 centimillionaires and 20 billionaires, the city has seen a staggering 102% millionaire growth over the past decade, making it the fastest climber in the top 50 rankings.
But Dubai isn’t stopping there. Alongside Abu Dhabi, which hosts 75 centimillionaires, the emirate is poised for another decade of explosive wealth creation. Analysts predict that both cities will more than double their centi-millionaire populations in the coming years, driven by investor-friendly policies, zero income taxes, and their evolution into global financial hubs.
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U.S. Cities Still Reign Supreme
The United States continues to dominate the rankings, with 11 cities making the Top 50 list. New York remains the world’s wealthiest city, boasting 384,500 high-net-worth individuals, including 818 centimillionaires and 66 billionaires.
The Bay Area, home to 342,400 millionaires, is closing the gap, now hosting more billionaires than New York—thanks to its stronghold on tech-driven wealth. Over the past decade, the region has seen an impressive 98% millionaire growth, outpaced only by Shenzhen, Hangzhou, and Dubai.
China And Asia’s Growing Wealth Hubs
Shenzhen, now ranked 28th, has emerged as China’s top tech-driven wealth hub, with 50,800 millionaires and an astounding 142% growth in the past decade. Hangzhou follows closely, securing 35th place with 108% millionaire growth. Meanwhile, Tokyo solidified its 3rd place position, benefiting from a surging Nikkei 225, while Singapore took 4th place with 242,400 millionaires.
London Falls, Los Angeles Rises
One of the biggest shifts in the ranking: Los Angeles overtook London, pushing the UK capital to 6th place with 215,700 millionaires. London and Moscow are the only two cities in the top 50 that lost millionaires over the past decade, with declines of 12% and 25%, respectively. Paris held steady in 7th place, while Hong Kong climbed to 8th, overtaking Sydney.
Where The Next Wave of Wealth Is Headed
Beyond the usual financial powerhouses, new millionaire hotspots are emerging.
Dubai and Abu Dhabi top the list of cities expected to see the fastest millionaire growth, while Delhi and Bengaluru are set for 100%+ growth as India’s tech ecosystem matures. Athens and Warsaw are also rising, fueled by surging inward wealth migration.
In Europe’s smaller hubs, destinations like St. Julian’s (Malta), Lugano (Switzerland), and Riga (Latvia) are leveraging investment migration programs to attract the next generation of ultra-high-net-worth individuals.
The Price of Prestige: The World’s Most Expensive Cities
Monaco remains the ultimate billionaire playground, where 40% of residents are millionaires, and prime real estate fetches over $38,800 per square meter. New York, Hong Kong, and London round out the top four, with Paris overtaking Sydney to claim 6th place on the list of the world’s most expensive cities.
As wealth creation accelerates across the globe, cities that offer investment freedom, legal stability, and world-class lifestyle options are emerging as the next wealth magnets. And Dubai is proving to be one of the most dynamic players in this global shift.
