Every 30th adult now a millionare: UAE adds 13,000 dollar millionaires in 2024
The United Arab Emirates continued its meteoric rise on the global wealth map in 2024, adding approximately 13,000 new millionaires, according to the
UBS Global Wealth Report 2025
, released Wednesday.
This fresh wave of high-net-worth individuals (HNWIs) pushed the UAE's millionaire count to a striking 240,343, marking a 5.8% year-on-year increase. This growth makes the UAE the second-fastest-growing millionaire market, trailing only Türkiye, which experienced an 8.4% rise. A good number of these newly created millionaire base in the UAE came about from re-locations, as has been the case for four years now.
Aaccording to the Swiss bank: 'In 2024, Turkey stands out from the crowd thanks to an 8.4% increase in its number of dollar millionaires over 2023, equivalent to a boost of roughly 7,000 people in a single year. The UAE (had) a rise of 5.8% in millionaire numbers, thanks to approximately 13,000 new entrants in this category.'
To put it in human terms: According to Worldometers data, the UAE's population grew by 385,048 last year.
While the total population is estimated at around 11 million, adults in their prime working years (25-54) number a substantial 7.28 million. With such a high concentration of wealth, effectively about one in every 30 adults or economically active individuals in the UAE is a millionaire.
Where the Wealth Lives: UAE's $785 Billion in Private Hands
The country's HNWIs now collectively control about $785 billion (Dh2.88 trillion) in wealth. Meanwhile, the average wealth per adult in the UAE currently stands at $147,663.
According to the report:
62% of this wealth is held in financial assets, from equities and bonds to private investments.
The remaining 48% resides in non-financial assets, primarily real estate and land, long considered pillars of wealth preservation in the Gulf.
This concentration of wealth is clearly reflected in the UAE's property and investment markets. According to Knight Frank, a notable influx of high-net-worth individuals from Saudi Arabia, India, China, and the UK is driving larger, multi-million dollar deals, particularly in premium locations such as Jumeira Bay Island.
Paul Donovan, Chief Economist at UBS Global Wealth Management, in a statement highlighted the broader implications of this capital accumulation:
'Wealth is not just an economic measure – it's a social and political force.
As we navigate the fourth industrial revolution and rising public debt, the way wealth is distributed and transferred will shape opportunity, policy, and progress.'
Generational Shifts: $19 Billion in Wealth Transfers Expected
One particularly notable trend in the UAE is the coming wave of wealth transfers. UBS estimates that the country will see $19 billion (Dh70 billion) in intra- and inter-generational transfers. That figure represents 1.4% of the UAE's total private wealth.
This includes wealth moving between:
Spouses, such as from a widow or widower to their partner.
Generations, especially from older family members to children or grandchildren.
Globally, the report expects over $83 trillion to change hands in the next two to three decades, most significantly in the:
United States: over $29 trillion
Brazil: nearly $9 trillion
Mainland China: more than $5 trillion
Wealth Rankings: Where the UAE Stands Globally and Regionally
Regionally, the UAE ranks second in the Middle East for millionaire population:
Saudi Arabia: ~340,000 millionaires
UAE: 240,343
Israel: 186,000
Globally, Switzerland maintained its position as the wealthiest nation by average adult wealth:
Switzerland: $687,166
United States: $620,654
Hong Kong: $601,195
Luxembourg: $566,735
Australia: $516,640
By contrast, while the UAE's average per adult ($147,663) trails these top-tier economies, its pace of wealth creation—and wealth attraction, signals an upward trajectory.
Inflow of Wealth: Why Millionaires Are Moving to the UAE
Not all of the 13,000 new millionaires in the UAE were homegrown. According to
Knight Frank
, citing
Henley & Partners
data, the UAE attracted 7,200 millionaires from abroad in 2024, a 53% increase from the previous year.
This surge in financial migration brings the total number of resident HNWIs to 130,500, as reported earlier. Industry experts suggest that favorable tax policies, political stability, and high-end infrastructure continue to make the UAE a magnet for mobile global wealth.
A Global Picture: Wealth Growth Tilted to the Americas
While the UAE experienced notable domestic gains, the global wealth landscape also saw overall expansion:
Global private wealth rose by 4.6% in 2024, up from 4.2% in 2023.
Most of the increase came from North America, where stable currencies and strong financial markets drove momentum.
The Americas led with more than 11% of global wealth growth.
In contrast, the Asia-Pacific and EMEA (Europe, Middle East, Africa) regions saw sluggish growth: below 3% and 0.5%, respectively.
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Business Standard
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India is key driver of future growth for Nestle, says MD Suresh Narayanan
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"A lot of investments are guided by three things, opportunity, salience and future growth and returns that you can get all these three, I think India satisfies the checklist extremely well. So that's why I have the confidence that India can continue to be like it is for many, for some companies, can be a key, key driver of growth for the future," he said. Nestle India, which has been present in India for over a century, is now setting up its tenth factory, which is coming at Odisha. Narayanan expects it to be operational in next couple of years. About the next phase of Nestle's growth in India, Narayanan said it will look at accelerating its penetration-led volume growth journey which has given positive results to the company in the last decade. Nestle under its 'Rurban strategy" will continue to expand its presence in the small rural markets, as rural India is opening up. Nestle India is creating infrastructure for the portfolio in order to increase the penetration of its brands. Besides, Nestle India is also increasing its play in the premium segment, which is having fast growth after the pandemic, with shift in consumer purchase behaviour towards more value-based products. "Premium products, which have been growing at about 16 per cent for us in the last 10 years, will continue to accelerate. Therefore, whether it is Nespresso or Nescafe Gold or premium chocolates or premium food items or premium nutrition items, these will get accelerated in the country," he said. Nestle will also amplify its activity in the digital and analytics side, which will take a "quantum leap". "We have already made progress, but I think there is a lot more that can be done in this field. The company is preparing itself for it," said Narayanan. Moreover, Nestle will continue to pursue innovation-led growth, which was paced up by the company after the Maggi crisis, which happened a decade ago. "Innovation, which is today at about 7 per cent (of sales), we hope will reach about 10 per cent of sales," he said.
Time of India
4 hours ago
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India key driver of future growth for Nestle: Suresh Narayanan
India will be a 'key driver of growth for the future' for Nestle which has "faith" in the market that offers a 'large consumption basket', according to Suresh Narayanan , the outgoing Chairman & Managing Director of its Indian arm. The economic and political stability offered by India coupled with 'high consumer resonance' of the company's brands make it an attractive market, he told PTI in an interview. Explore courses from Top Institutes in Please select course: Select a Course Category Artificial Intelligence Degree PGDM Technology Public Policy healthcare Product Management Healthcare Leadership Operations Management Management Digital Marketing Data Science Data Analytics Data Science Others CXO Finance others Project Management MCA Design Thinking MBA Cybersecurity Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details The Swiss FMCG major, which had faced an existential crisis with the Maggi fiasco in 2015, has long left behind the chapter and is investing to enhance capacity, product innovations, expansion of sales network to digitisation for having a "value added journey", said Narayanan who will be retiring by end of July. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo "I can foresee that even if I am not there at the helm, but the market attraction, the levels of investment and the future of Nestle will continue to be bright in this country," he said when asked how he saw Nestle in the next five years in India. Elaborating, he said, "I think we will then become a much larger entity, a much more robust entity in terms of products that we have, a much more deeper entity in terms of the geographies and the manufacturing presence that we have, and overall, a much more impactful company than even what we are today. So by 2030 I think we will have a double-digit growth." Live Events Nestle India's compounded annual growth rate (CAGR) for the last 10 years has been about 10 to 11 per cent, and despite the current patch, which has not been good, particularly for most consumer goods companies in India due to consumption slow down in the urban market, Narayanan said, adding he expects to get back to double-digit growth path. "Consumption will come back in this country and I think we will get back to the double-digit growth," he said. Asked if he saw India becoming among the top five global markets of the Swiss FMCG giant Nestle SA in the coming years, Narayanan said, "India (market) is very well placed. India has had a very good track record." In the last 10 years, investment by Nestle India has gone up from about 2 per cent of sales to about 10 per cent of sales. "So it's been almost dramatic. Almost Rs 6,000 crore to Rs 6,500 crore is the amount of money that we have invested in creating new capacities," he said. This investment is because of two factors - the performance of the Indian market and, more importantly, the "faith in India" market of Nestle, he added. India offers a large consumption basket with economic and political stability, and the relative stature of the company is high in the country, he said, adding, "the consumer resonance is high for our brands and therefore, we look at India as a very promising market". He expects Nestle India to be a "more robust entity" in terms of its geographies and manufacturing presence, regaining its double-digit growth journey with a revival in the consumption cycle. When asked about the next phase of Nestle's growth in India, Narayanan said it will look to accelerate its penetration-led volume growth journey, which has yielded positive results for the company over the last decade. He expects Nestle India, which is now an over Rs 20,000 crore (nearly USD 2.5 billion) entity, to "become a much larger entity, a much more robust entity in terms of products that we have, a much deeper entity in terms of the geographies and the manufacturing presence" in the next five years by 2030. India is among the top ten global markets for the Vevey (Switzerland)-based company. It is a globally leading market for food brand Maggi and the second largest for its confectionery brand KITKAT According to Narayanan , Nestle's "thinking globally and acting locally" policy helps to customise offerings and to customise products to the local context. "A lot of investments are guided by three things, opportunity, salience and future growth and returns that you can get all these three, I think India satisfies the checklist extremely well. So that's why I have the confidence that India can continue to be like it is for many, for some companies, can be a key, key driver of growth for the future," he said. Nestle India, which has been present in India for over a century, is now setting up its tenth factory, which is coming at Odisha. Narayanan expects it to be operational in next couple of years. About the next phase of Nestle's growth in India, Narayanan said it will look at accelerating its penetration-led volume growth journey which has given positive results to the company in the last decade. Nestle under its ' Rurban strategy" will continue to expand its presence in the small rural markets, as rural India is opening up. Nestle India is creating infrastructure for the portfolio in order to increase the penetration of its brands. Besides, Nestle India is also increasing its play in the premium segment, which is having fast growth after the pandemic, with shift in consumer purchase behaviour towards more value-based products. "Premium products, which have been growing at about 16 per cent for us in the last 10 years, will continue to accelerate. Therefore, whether it is Nespresso or Nescafe Gold or premium chocolates or premium food items or premium nutrition items, these will get accelerated in the country," he said. Nestle will also amplify its activity in the digital and analytics side, which will take a "quantum leap". "We have already made progress, but I think there is a lot more that can be done in this field. The company is preparing itself for it," said Narayanan. Moreover, Nestle will continue to pursue innovation-led growth, which was paced up by the company after the Maggi crisis, which happened a decade ago. "Innovation, which is today at about 7 per cent (of sales), we hope will reach about 10 per cent of sales," he said.
