The UAE recorded the second-fastest growth in USD m’naires globally last year, adding 13k new high-net-worth individuals in 2024 — a 5.8% rise from the previous year, according to UBS’ Global Wealth Report 2025 (pdf). The rate of m’naires arriving in the UAE was outpaced only by Turkey, which saw an 8.4% increase.

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The breakdown: Wealth in the UAE remains heavily concentrated in financial and real estate assets, with 62% held in financial instruments and 48% in property and land, Gulf News cites the report as saying. Debt levels remain low at just 9% among investors.

Bigger picture: The UAE’s total m’naire population now stands at 240.3k, with combined wealth holdings of USD 785 mn. The Emirates ranks second regionally to Saudi Arabia, which saw a 4.8% increase last year, adding 15k m’naires to reach 339k. Like Emiratis, Saudis hold the bulk of their wealth in financial assets (58%) and maintain even lower debt levels at 5.7%.

The UAE also posted one of the strongest long-term wealth gains globally, with median wealth up more than 23% since 2020, the news outlet cites head of UBS’ Wealth Management Middle East Niels Zilkens as saying. However, real median wealth dipped nearly 3% in 2024, reflecting inflation-adjusted declines.

Looking ahead, UBS expects both Gulf markets to enter “a pivotal phase of generational transition,” with around USD 122 bn in wealth transfers projected over the coming years, according to Zilkens.

Globally, private wealth rose 4.6% in 2024, buoyed by equity market gains and a stable USD. The US led the charge, adding over 379k m’naires — more than 1k per day — and now accounts for nearly 40% of all m’naires worldwide, Reuters reports. UBS forecasts that the US and China will lead continued wealth growth through to 2029.

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