The wealth of UAE-based billionaires surged by $39.3 billion (Dh144 billion) in 2024, reaching a total of $138.7 billion (Dh509 billion), according to Swiss bank UBS’s annual report. This represents a 39.5% increase as the UAE continues to attract high-net-worth individuals drawn to its tax-free income, political stability, and robust security. The UAE now hosts 18 billionaires, adding one more to its billionaire population this year.
The Billionaire Ambitious Report revealed a global trend of billionaire wealth growth, noting a 121% increase from $6.3 trillion in 2015 to $14 trillion in 2024. Wealth in the Europe, Middle East, and Africa (EMEA) region rose 17%, totaling $3.7 trillion, with the UAE leading the Arab world and ranking second in the Middle East for billionaire count after Israel (26).
The UAE is a top relocation destination alongside Switzerland, Singapore, and the US, particularly since the COVID-19 pandemic. UBS observed that since 2020, 176 billionaires, collectively holding over $400 billion, have moved globally, often citing not just tax advantages but also political stability and safety as deciding factors.
Wealth accumulation in technology sectors outpaced others, with tech billionaires tripling their wealth from $789 billion in 2015 to $2.4 trillion in 2024. Industrial billionaires also saw significant growth, with their wealth rising from $480 billion to $1.3 trillion.
Looking ahead, nearly half of billionaires plan to increase investments in real estate and developed market equities, positioning themselves for potential economic growth amid shifting interest rate cycles.
