Dubai Rises to 7th - in Top 10 global cities for living well: What’s Driving the Surge?
- anubhav397
- Jul 14
- 3 min read
Updated: Jul 15
Dubai has solidified its position among the world’s elite cities for high-net-worth individuals (HNWIs), climbing five spots to become the seventh most expensive city globally for the ultra-wealthy in 2025, according to the latest Julius Baer Global Wealth and Lifestyle Report. The city now stands as the fourth most expensive city in the EMEA region, closely competing with traditional wealth centers like London, Monaco, and Zurich.
Luxury Living Reimagined in the Emirates
The report attributes this leap primarily to a sharp rise in property prices, with Dubai’s residential real estate market growing 17% year-on-year for high-end properties. Despite only a marginal 1% increase in overall local currency prices, the cost of large-ticket items — notably luxury vehicles and upscale real estate — has significantly influenced the city’s new ranking.
Notably, cars rose 13% in price, adding to the cumulative cost of living for Dubai’s wealthy class.
“The prime property market has been growing rapidly, as affluent individuals are drawn by the high-quality residences on offer,”
“Buyers get more than twice the square footage for their money compared to London.”
-The reporter Said
A Magnet for Millionaires
The city’s appeal isn't just in aesthetics and value-for-money. Dubai continues to attract a growing population of ultra-wealthy individuals. In the past decade, the number of millionaires living in Dubai has more than doubled, making it one of the world’s fastest-growing wealth hubs.
As of 2025:
81,200 millionaires
237 centimillionaires (worth over $100 million)
20 billionaires
This is a significant jump from the previous year, when there were 72,500 millionaires and 15 billionaires - signaling a 102% growth in millionaire population over the past decade.
Global Competition and the Road Ahead
While Singapore retains its crown as the most expensive city for HNWIs in 2025, followed by London, Hong Kong, Monaco, and Zurich, Dubai’s growing prestige is undeniable. Shanghai ranks sixth, just ahead of Dubai. Rounding out the top 10 are New York, Paris, and Milan.
And this momentum is unlikely to fade. Julius Baer anticipates that net inflows of millionaires into Dubai will soon surpass those of all other global markets, a continuation of the relocation trend that accelerated during the pandemic.
“On its current upwards trajectory, it may not be a surprise to see Dubai vying for a spot on the podium in coming years,” the report notes.
How the Wealthy Spend in the Middle East
The study also reveals the spending habits of the region’s HNWIs. In Dubai and the Middle East, experiential and material spending remains high, with demand strongest in:
Luxury hotels
Designer men’s fashion
Fine dining
Smartphones
High-end women’s handbags
Despite a global 2% dip in luxury consumption, driven by falling tech prices, Dubai’s appetite for both investment-grade assets and lifestyle luxury shows no signs of cooling.
Investment Preferences: Real Estate Leads
In terms of portfolio preferences among Middle East HNWIs, real estate (18%) and equities (13%) remain the top two asset classes. The report notes a growing trend among the affluent to balance present-day enjoyment with future-proof financial strategies.
With financial longevity and risk diversification taking center stage, the ultra-wealthy in Dubai are not just living large - they’re planning smart.
Final Thoughts
Dubai’s rise in the global wealth rankings reflects more than just price hikes - it signals a transformation in global wealth patterns, lifestyle preferences, and investment behavior. With generous living spaces, a booming property market, and favorable business conditions, Dubai is quickly becoming a true rival to the world’s traditional wealth capitals.
As millionaire migration continues and new benchmarks are set, the emirate’s luxury real estate and wealth infrastructure will be pivotal in shaping the next era of global affluence.
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