UAE Wealth Surge Fuels Record-Breaking Real Estate Transactions: Knight Frank
Sunday, 27 April 2025
A new report from Knight Frank reveals that the UAE’s explosive wealth growth has propelled it into the ranks of the world’s top wealth hubs, driving historic real estate activity. With 130,500 millionaires and a surge in ultra-luxury property demand, Dubai topped global markets for $10M+ home sales in 2024, outpacing London and New York.
Highlights:
- Millionaire Boom: UAE’s millionaire population grew by 98% over the past decade, reaching 130,500 by December 2024.
- Global Ranking: Now the 14th largest wealth market worldwide and the 2nd fastest-growing globally.
- Ultra-Luxury Sales Leader: Dubai led global markets for $10M+ home sales in 2024 with 435 transactions, beating London and New York.
- High-Net-Worth Influx: UAE attracted 7,200 millionaires in 2024, following 4,700 in 2023 and 5,200 in 2022.
- Diverse Origins: Majority of incoming millionaires came from India (31%), followed by the Middle East, Russia & CIS, and Europe.
- Elite Wealth Base: Country is home to 325 centi-millionaires and 28 billionaires – a 110% increase over 10 years.
- Real Estate Demand: Unprecedented demand for prime and super-prime properties from both local and international buyers.
- Future Outlook: UAE poised to attract a large share of 142,000 millionaires expected to relocate globally in 2025.
