15 Areas in Dubai That Fascinate the World’s Richest People

Dubai has continued to cement its position as one of the world’s top destinations for the wealthy, with the city’s luxury real estate market seeing 933 sales of properties worth $10 million or more (AED 36.7 million) between 2010 and 2023, according to Knight Farnek and Reidin data.

Dubai topped the list of global cities in terms of the highest sales of luxury homes worth $10 million and above, with 431 deals, followed by London in second place with 240 deals, New York in third place with 211 deals, Hong Kong in fourth place with 163 deals, and Los Angeles in fifth place with 161 deals.

Knight Frank and Reidin data showed that the first quarter of 2024 recorded large sales of homes of the same value ($10 million and above) in different areas of Dubai, with a total of 101 deals.

In terms of real estate deals exceeding $25 million (about AED 92 million), the Dubai market has achieved 115 deals since 2015, with the first quarter of 2024 accounting for 12 deals.

• Where do the rich buy?

15 urban areas captured the rich’s purchases in Dubai’s real estate market during the first quarter of 2024, with “Palm Jumeirah” topping the list with 39 deals, followed by “Palm Jebel Ali” in second place with 10 deals, then “Business Bay” and Mohammed bin Rashid City in third place with 7 deals each, while fourth place went to “Al Wasl” and “Jumeirah Bay” with 6 deals each, while “Dubai Hills Estate” and “Tilal Al Ghaf” came in fifth place with 5 deals each.

These figures reinforce Dubai’s position among the 50 most attractive cities for the wealthy in 2024. According to the Henley & Partners list, thanks to a 78% increase in its millionaire population over the past decade, the number of millionaires in Dubai currently exceeds 72,500 millionaires, in addition to 212 centimillionaires and 15 billionaires.

Dubai ranks 21st among the world’s cities in terms of the number of wealthy people, and is expected to enter the top 20 list soon.

Dubai saw the second highest net inflow of millionaires globally in 2023, reinforcing the emirate’s significant progress across sectors, with a strong focus on the aviation sector, which is closely linked to its exceptional economic development.