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According to the latest report by Henley & Partners, the United Arab Emirates (UAE) is poised to welcome 9,800 millionaires by 2025, consolidating its position as the world’s number one destination for wealth migration. This figure not only far exceeds that of other countries but also confirms a structural trend: the shift of the economic epicenter and luxury consumption to the Middle East.
Driven by its favorable tax climate, political stability, and unparalleled offering of high-value lifestyles, Dubai has become a magnet for high-net-worth investors, primarily from the United Kingdom, India, Russia, Southeast Asia, and Africa. Since 2014, the country’s millionaire population has grown by 98%, a figure that undoubtedly illustrates the Gulf’s appeal as the new “global capital of success.”
But beyond the numbers, the phenomenon has a much deeper meaning, as flows of personal and corporate capital are shaping luxury markets, promoting accelerated consumer sophistication and an unprecedented professionalization of supply.
The United Arab Emirates is at the center of the new global wealth
Over two decades, the UAE has built an economic ecosystem that combines openness, innovation, and quality of life. The “golden visa” policy—which offers residency to major investors and highly qualified professionals—has been key to attracting a new global elite seeking geopolitical stability and diversification opportunities.
This influx of millionaires is transforming the urban and commercial fabric of Dubai and Abu Dhabi. The rise of premium real estate, the multiplication of the number of international family offices, and the consolidation of financial free zones are symptoms of an economy that no longer only exports oil, but also imports capital, talent, and luxury.
From a luxury industry perspective, this phenomenon has a decisive side effect: the repositioning of Dubai as a center for consumption and the creation of high-value experiences. Brands such as Cartier, Dior, and LVMH are not only expanding their presence in the country but also testing new hospitality and retail experience models here, knowing that the resident clientele has the cash flow, consumer culture, and global reach. In short, it’s a testing ground for brands that see these markets as a consumer base that can provide them with a wealth of information about the most relevant trends that will dictate expectations in the near future.
In the medium term, Dubai could face a saturation challenge, and it’s worth asking how it will maintain exclusivity in an increasingly competitive environment, both internally and regionally. But its commitment to diversification—technological infrastructure, art, education, and ultra-luxury tourism—suggests that the city has fully grasped the new language of global economic power.
Saudi Arabia, the other emerging power in the Middle East
Behind the UAE, Saudi Arabia is emerging as the other major driver of wealth in the Gulf region. The country is estimated to welcome 2,400 new millionaires by 2025, the fastest-growing country in the world, according to Henley & Partners.
The boost is explained by a combination of factors: the return of Saudi capital from abroad, the attraction of international investors, and the ambitious Vision 2030 plan, which seeks to diversify the economy beyond oil. Cities like Riyadh and Jeddah are undergoing an unprecedented urban transformation, marked by the creation of financial districts, luxury hotels, and cultural venues on a global scale.
According to a study by the Chalhoub Group, Saudi consumers are the most optimistic in the region: 65% believe the economy will be stronger in the last quarter of 2024. This sense of confidence is generating a virtuous cycle of investment and spending.
From a luxury perspective, Saudi Arabia represents a frontier of opportunity. Social openness, the consolidation of domestic tourism, and the boom in entertainment are normalizing high-end consumption. Luxury is no longer aspirational and is becoming a natural extension of national progress.
A younger, more confident, and ambitious luxury consumer
The Chalhoub Group study offers another key insight that, in my opinion, is revealing: Generation Z is the most optimistic group in the entire Gulf Cooperation Council (GCC), with 98% declaring themselves “happy and confident” about the future.
This digital and cosmopolitan generation is giving new meaning to the relationship with luxury. They no longer seek status alone, but also identity, experience, and cultural connection. This shift is forcing brands to evolve toward much more agile, sustainable, and personalized models.
According to PwC, 97% of consumers plan to maintain or increase their spending in the first quarter of 2025, well above the global average of 58%. Spending is especially concentrated on watches (47%), jewelry (44%), leather goods (42%), and automobiles (40%).
The message is clear: the Gulf is not only spending more, but is also setting the trend in shaping luxury globally.
