Dubai Millionaires: Indians, Pakistanis, Saudis Lead Foreign-Born Wealthy List
A new report by Altrata and Arton Capital highlights the growing diversity and youth of Dubai’s ultra-wealthy population, with Indians, Pakistanis, and Saudis leading the list of foreign-born millionaires in the emirate.
According to the study, Dubai is home to approximately 900 ultra-high-net-worth individuals (UHNWIs), each holding assets exceeding $30 million (Dh110 million). Notably, one in five foreign-born millionaires is under the age of 50, making Dubai’s wealthy demographic significantly younger than global averages.
A Blend of Self-Made and Inherited Wealth
The report reveals that around 40% of Dubai’s millionaires have built their fortunes through a combination of self-made wealth and inheritance, a proportion higher than the global benchmark. This reflects the emirate’s unique position as both a wealth creation hub and a destination for established global capital.
Furthermore, nearly 80% of foreign-born ultra-wealthy individuals are self-made, underscoring the growing influence of entrepreneurship, innovation, and business expansion in shaping modern wealth.
Dubai’s Global Appeal for Wealth
Dubai continues to attract high-net-worth individuals due to its low-tax environment, business-friendly regulations, and fast-track residency programmes, including the widely adopted Golden Visa. The city’s population recently surpassed four million, driven largely by inflows of investors, entrepreneurs, and professionals.
Interestingly, more than 95% of foreign-born millionaires maintain assets outside the UAE, positioning Dubai as a strategic base rather than a final destination for global wealth management.
Diverse Industry Representation
Unlike many global markets where wealth is concentrated in a few sectors, Dubai’s affluent population spans a broad range of industries, reflecting its role as a global commercial crossroads:
- Industrial sector: 13%
- Business & consumer services: 12%
- Banking & finance: 12%
- Construction & engineering: 10%
- Manufacturing: 9%
This diversified distribution reinforces Dubai’s evolving identity as a balanced and multi-sector economic hub.
Global Wealth on the Rise
The report also highlights broader global trends. The number of ultra-wealthy individuals worldwide is projected to grow by one-third to 734,100 by 2030, with total wealth expected to rise from $63 trillion in 2025 to $84 trillion by the end of the decade.
In addition, around 7.7 million individuals globally are expected to hold assets exceeding $5 million by 2030, driven by increasing global mobility and cross-border investment strategies.
Mobility as a Strategic Advantage
Commenting on the findings, Armand Arton, CEO of Arton Capital, noted that wealth is becoming increasingly decoupled from geography, with high-net-worth individuals structuring their lives across multiple jurisdictions to access markets, talent, and long-term security.
This shift positions Dubai as a key node in a global network of wealth, rather than a standalone destination.
