A new report, ‘The Rise of Dubai’, published by Stewards Investment Capital in collaboration with MCB and New World Wealth, offers a detailed look into the economic forces propelling Dubai’s remarkable growth.
The exposition reveals that Dubai has solidified its position as the fourth wealthiest city in the Europe, Middle East, and Africa (EMEA) region, trailing only London, Paris, and Milan.
The report highlights several key factors contributing to Dubai’s rapid accumulation of wealth. At the forefront is the city’s status as a “safe haven,” a crucial element in attracting high-net-worth individuals (HNWIs) from around the globe.
Over the past decade alone, more than 35,000 HNWIs have relocated to the country, drawn by its stability, low-tax environment, and world-class infrastructure. This influx of capital and talent has supercharged economic activity, particularly in sectors that cater to the ultra-rich.
Dubai’s economic success is built on a highly diversified portfolio, a deliberate strategy to move beyond hydrocarbon dependency. Unlike other hubs in the Middle East that may rely heavily on oil, Dubai has cultivated strength across multiple key sectors, including financial services, real estate, technology, healthcare, retail, and tourism.
This diversification has insulated the economy from volatile oil markets and created a resilient foundation for sustained growth. The city’s robust financial services sector, in particular, has become a magnet for international investment.
The city’s property market is experiencing a significant boom, with average apartment prices in affluent areas now exceeding $12,000 per square meter. This is on par with luxury real estate markets in glamorous cities like Cannes, St. Tropez, and Milan.
A thriving tourism sector, which welcomed over 9 million overnight visitors in the first half of 2025, and a top-class healthcare system further contribute to the city’s appeal.
The report also sheds light on Dubai’s emergence as a global hub for family offices. With a count of at least 250 such offices as of June 2025, Dubai is the fastest-growing centre for this type of wealth management.
These family offices, typically established by ultra-wealthy individuals, provide a “hands-on” approach to managing fortunes, often with a venture capital arm and a foundation arm, making them a significant source of private capital.
Furthermore, Dubai is strategically positioned to become a major global technology hub. The report cites its competitive tax rates and secure environment as key advantages for entrepreneurs in the fintech, crypto, and software development sectors.
There are currently 6,700 tech millionaires and five tech billionaires residing in Dubai, a number projected to more than double over the next decade. This growth is a testament to the city’s forward-looking policies and its commitment to fostering innovation.
The report concludes that Dubai’s unique blend of economic foresight, strategic infrastructure, and a liberal cultural environment compared to other Gulf nations makes it a compelling destination for wealth and business.
If the current growth trajectory continues, Dubai is poised to surpass its European rivals and become the wealthiest city in the EMEA region by 2040. The city’s ability to consistently attract investment and talent, while maintaining a diverse and stable economy, positions it as a true leader in the 21st-century global economy.
