Dubai is now home to around 900 ultra-high-net-worth individuals with assets of at least $30 million, with a large share of foreign-born millionaires coming from India, Pakistan and Saudi Arabia, according to a new report released on Wednesday.

The study by Altrata and investment migration consultancy Arton Capital found that Dubai’s wealthy population is comparatively younger than in many global markets, with one in five foreign-born ultra-rich individuals aged under 50.

It also said that around 40% of millionaires in Dubai have built their wealth through a mix of self-made earnings and inheritance, higher than the global average.

Dubai continues to attract wealthy individuals due to low taxation, flexible regulations, fast-track residency schemes, including Golden Visas, and a luxury lifestyle.

The city’s population surpassed four million last year, driven by an influx of investors and professionals.

According to the report, more than 95% of foreign-born millionaires in Dubai hold assets outside the UAE, suggesting the city often serves as a base for wealth diversification rather than a permanent financial hub.

Female representation among foreign-born ultra-wealthy residents is estimated at 7%.

The report also highlights sector diversity, with wealthy residents working across industries including industrial conglomerates, financial services, construction, manufacturing, and business services.

The largest shares come from industrial sectors (13%), business and consumer services (12%), banking and finance (12%), construction and engineering (10%), and manufacturing (9%).

The report further notes that one in five ultra-rich individuals globally is foreign-born.

The global ultra-wealthy population is projected to rise by about one-third to 734,100 by 2030, while total wealth is expected to grow from $63 trillion in 2025 to $84 trillion by the end of the decade.

By 2030, around 7.7 million people are expected to hold more than $5 million in assets.

Experts quoted in the report said global wealth is becoming increasingly mobile, with individuals structuring assets across multiple countries to reduce dependence on any single jurisdiction.

Arton Capital chief executive Armand Arton said wealth creation is now closely tied to global mobility, with high-net-worth individuals prioritising access to markets, education, and long-term security across regions.

Altrata’s Moira Boyle said nearly 80% of foreign-born ultra-wealthy individuals are self-made, reflecting a shift towards entrepreneurship and business-driven wealth creation.