In 2024, there are 2,781 dollar billionaires worldwide. Although this figure may seem relatively low compared to the number of millionaires, billionaires play a more prominent role in global investments. The total wealth of billionaires has reached a volume of $14.2 trillion, marking a $2 trillion increase in 2024. This growth surpasses the $1.1 trillion rise seen in 2023, indicating a more substantial increase in billionaire incomes. While an average of 100 to 150 individuals join the billionaire list annually, the number of millionaires shows a more aggressive surge. Globally, the total number of millionaires is estimated to be around 350,000. The United States stands out as the country with the highest number of billionaires and millionaires. Other countries with a significant presence of high-net-worth individuals include Japan, China, South Korea, Singapore, Germany, the United Kingdom, France, and Switzerland. Among the sectors billionaires invest in, the real estate industry takes the lead, with millionaires showing a similar interest in this field. Additionally, many millionaires from Eastern countries are transferring their wealth to regions like Western Asia, North America, and Western Europe.
The United Arab Emirates (UAE) and its city Dubai have become the most prominent destinations for wealth relocation. In 2024, the number of millionaires moving to the UAE reached 6,700, with several billionaires among them. The most well-known of these billionaires is Elon Musk, who remains the world’s richest person according to Forbes rankings. In February 2025, during the World Governments Summit held in the UAE, Musk announced his plans to invest in Dubai and predicted that technology companies would follow his lead. Similar to Musk, billionaires and millionaires from India, China, and other Asian countries are increasingly moving to Dubai. While there are many reasons behind the influx of billionaires to the city, the absence of taxation stands out as the most significant factor. This advantage also attracts billionaires from Western countries like the United States, France, and the United Kingdom, making Dubai a global hub for high-net-worth individuals.
In 2024, the $200 billion real estate transaction volume in the city of Dubai is directly connected to the influx of billionaires. These billionaires often start their investments with high-value real estate and later diversify into different sectors, significantly enhancing Dubai’s potential. With the arrival of billionaires, real estate prices have risen sharply. As the city’s population grows and the real estate sector expands, millionaires are also increasingly drawn to Dubai. In 2024, more than 110,000 investors chose Dubai for similar reasons, making it their preferred investment destination. As a result, Parcel Estates recognizes Dubai’s immense potential. Moving towards 2030, the city is poised to become a global center for trade, investment, real estate, and tourism. With its appeal to billionaires, Dubai is likely to continue being a top destination for high-net-worth individuals.
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