Dubai millionaires: Indians, Pakistanis, Saudis lead foreign-born wealthy list
Dubai is home to 900 ultra-rich people with assets of $30 million (Dh110 million), and a majority of foreign-born millionaires come from India, Pakistan, and Saudi Arabia, according to a new study released on Wednesday.
The report, released by Altrata, which provides intelligence and insights on different sectors, and investment migration consultancy Arton Capital, said Dubai’s wealthy population is younger than in many other markets, with one in five foreign-born ultra-high-net-worth individuals under the age of 50.
Around 40 per cent of millionaires in Dubai have amassed their fortunes through a combination of self-made wealth and inheritance, which is a larger proportion than the global average, according to the report – Global Citizens: Entrepreneurship, Mobility and the Ultra Wealthy.
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Dubai attracts rich and ultra-rich people from around the world due to its low taxation, laissez-faire regulation, fast-track residency and Golden Visa programmes, and luxury lifestyle. The emirate’s population crossed the four-million mark last year due to an inflow of investors and professionals.
The survey found that over 95 per cent of foreign-born millionaire residents own assets outside the UAE, underlining Dubai’s function as a hedge rather than an endpoint.
It revealed that female representation among the foreign-born ultra-wealthy is estimated at seven per cent.
These millionaires come from different industries, reflecting Dubai’s role as a global commercial crossroads.
“In contrast to many markets, where the primary industry focus of the wealthy is concentrated in one or two sectors, the distribution across Dubai’s foreign-born rich people is more balanced and diverse, with similar representation in industrial conglomerates, business and consumer services, banking and finance, construction, and manufacturing. This reflects Dubai’s still youthful status (in a global context) as a commerce and wealth centre,” the study said.
Among the top five primary industries, around 13 per cent come from the industrial sector; 12 per cent from business and consumer services; 12 per cent from banking and finance; 10 per cent from construction and engineering; and 9 per cent from manufacturing.
$84 trillion wealth by 2030
Altrata and Arton Capital’s latest report found that one in every five of the world’s ultra-rich are foreign-born. It also found that the ultra-rich population is set to increase by a third to reach 734,100 by 2030.
The report forecasts a rapid increase in the net worth of wealthy individuals globally. Their combined net worth is set to rise from $63 trillion in 2025 to $84 trillion by the end of the decade. By 2030, an estimated 7.7 million individuals will hold more than $5 million in assets.
“Global mobility is no longer a byproduct of wealth creation – it is a strategic asset that underpins it. Today’s most successful individuals are not just building businesses – they are building access: to markets, talent, education, and long-term security across multiple jurisdictions.”
“What we are seeing is a decoupling of wealth from geography. The most successful individuals are structuring their lives and assets across multiple jurisdictions, reducing reliance on any single country. The next generation of UHNW individuals is thinking beyond single-country solutions, prioritising flexibility, resilience, and optionality in how and where they live, invest, and grow their wealth,” said Armand Arton, CEO of Arton Capital.
Moira Boyle, senior director and global head of luxury at Altrata, said nearly 80 per cent of foreign-born ultra-wealthy individuals are self-made, reinforcing that today’s wealth is increasingly driven by innovation, ambition, and business building.
