Indians, Pakistanis and Saudis power Dubai’s 900-strong ultra-rich boom
Younger fortunes signal generational shift in global wealth patterns
DUBAI – Dubai’s rise as a magnet for global wealth is being reshaped by a distinct mix of younger, internationally mobile millionaires, with Indians, Pakistanis and Saudis forming the backbone of its foreign-born rich population.
Dubai is now home to around 900 ultra-high-net-worth individuals with assets exceeding $30 million (Dh110 million), according to the latest Global Citizens: Entrepreneurship, Mobility and the Ultra Wealthy report by Altrata and Arton Capital. The study places Dubai firmly within a wider transformation of global wealth, where geography is becoming less important than access, mobility and opportunity.
At the same time, the emirate’s broader population has crossed the four million mark, driven in part by investors and high-net-worth individuals relocating or expanding their presence in the city.
Wealth shift
According to the Altrata analysis, Dubai’s millionaire base is notably younger than global averages. Around 20 per cent of foreign-born ultra-wealthy residents are under the age of 50, pointing to a generational shift in how fortunes are being created and managed. This aligns with wider projections that younger cohorts will dominate the next phase of global wealth, supported by a significant intergenerational transfer expected over the coming decade.
The report also highlights a distinctive wealth structure in Dubai. Approximately 40 per cent of millionaires have built their fortunes through a combination of self-made wealth and inheritance, a higher proportion than seen globally. This reflects a blending of established capital with new entrepreneurial activity, reinforcing the emirate’s appeal to both legacy wealth holders and first-generation entrepreneurs.
Globally, the report notes that nearly 80 per cent of foreign-born ultra-high-net-worth individuals are self-made, signalling a broader move towards business-driven wealth creation.
Mobility focus
A defining feature of Dubai’s wealthy residents is their international outlook. The report finds that more than 95 per cent of foreign-born millionaires in the emirate own assets outside the UAE, underlining Dubai’s role as a strategic base rather than a final destination.
This trend mirrors a wider global pattern identified by Altrata, where one in five ultra-wealthy individuals is foreign-born. Wealth is increasingly being structured across multiple jurisdictions, allowing individuals to diversify risk while maintaining access to different markets, education systems and investment opportunities.
The report emphasises that global mobility has become a central pillar of wealth strategy. High-net-worth individuals are no longer tied to a single location, instead building networks that span regions. Dubai’s low-tax environment, business-friendly regulations and long-term residency options continue to strengthen its position within this system.
Sector mix
Dubai’s millionaire population also reflects a broad distribution of wealth across industries, rather than concentration in a few dominant sectors. According to the report, 13 per cent of wealthy individuals are linked to industrial activities, while 12 per cent are in business and consumer services and another 12 per cent in banking and finance.
Construction and engineering account for 10 per cent, with manufacturing at 9 per cent, highlighting the emirate’s diversified economic base. This spread reflects Dubai’s role as a global commercial hub connecting trade, finance and infrastructure.
The report further notes that Dubai’s wealth ecosystem is still relatively young compared to more established global centres, contributing to its broader industry representation and continued growth potential.
Female representation among foreign-born ultra-wealthy individuals in Dubai stands at around 7 per cent, according to the findings, while global trends point towards a gradual increase in women’s share of wealth in the coming years.
Global backdrop
The Altrata report places Dubai’s growth within a wider surge in global wealth. The number of ultra-high-net-worth individuals worldwide is projected to rise by a third to 734,100 by 2030, while their combined net worth is expected to increase from $63 trillion in 2025 to $84 trillion by the end of the decade.
In parallel, the population of individuals with more than $5 million in assets is forecast to reach 7.7 million by 2030, reflecting the expanding base of global wealth. The study also highlights the increasing importance of Asia as a growth engine, with the region on track to outpace Europe in ultra-wealth population over the next decade.