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Dubai houses 6,500 tech millionaires during first half of 2024

The emirate is becoming especially strong in fintech, crypto, and software development, according to an expert

Published: Mon 4 Nov 2024, 9:18 AM

Updated: Mon 4 Nov 2024, 6:55 PM

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Dubai, the world’s top magnet for high-net-worth individuals, is home to 6,500 technology millionaires as of June 2024, the second highest in the Middle East, according to new data.

“This number is growing rapidly. Dubai is becoming especially strong in fintech, crypto and software development,” said Andrew Amoils, head of research at New World Wealth.

In Dubai, he said, financial and professional services are still the main sector for high-net-worth individuals, much like New York City.

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Tel Aviv leads with 10,000 tech high net worth individuals while Istanbul comes third with 2,000 technology millionaires, according to a study conducted by New World Wealth and released by South African software developer Platform45.

Dubai has been actively pursuing new-age technology industries such as cryptocurrency, blockchain, Artificial Intelligence (AI), and overall digital economy, as the emirate recognises the need and role of digital assets in the future. Dubai then established the Virtual Assets Regulatory Authority (Vara) in order to promote and regulate virtual assets in the emirate.

Dubai has already seen some startups scaling to reach unicorn status including Souq, Careem, Tabby, Kitpoi, and Dubizzle Group.

The report reviewed the top technology hubs around the world of the future. The New World Wealth report doesn’t cover all cities but just focuses on the ones where technology is the dominant sector. The millionaire figures round to the nearest 100.

“Thanks to its thriving financial services sector, strong tech infrastructure, competitive tax rates, and most critically its good safety and security when compared to its neighbours, Dubai is perfectly positioned to become the world's next big tech hub,” said Amoils.

According to Henley and Partners, Dubai is home to 72,500 millionaires with a liquid investable wealth of $1 million or more; 212 centimillionaires with assets of over $100 million; and 15 billionaires.

Henley and Partners earlier projected that the UAE will attract 6,700 millionaires from around the world by the end of 2024, which is approximately double that of the second-ranked country the US.

Worldwide ranking

As expected, the Bay Area – which includes Silicon Valley and San Francisco – is on top of the list with 60 tech billionaires and 265,000 technology millionaires. The Bay Area is home to some of the giants in technology including Apple, Nvidia, Intel, Alphabet, Netflix, and Meta.

Greater Seattle has 36,200 tech millionaires and nio tech billionaires. Microsoft and Amazon are both based in Greater Seattle, which includes the city of Seattle, as well as Bellevue, Kirkland, Redmond, and Mercer Island.

The Chinese city of Shenzhen, home to Tencent, Huawei, ZTE and BYD, houses 32,500 millionaires and 18 billionaires from the technology sector.

Shaun Richards, founder and CEO of Platform45, said technology is redefining the global landscape of innovation by elevating traditional technology hubs and enabling new ones to emerge.

“As African cities like Cape Town, Johannesburg, and Nairobi begin to mirror Silicon Valley, technology acts as the ultimate connector, shifting the balance of influence and creating opportunities for new centres of innovation. This ongoing transformation underscores how technology continually reshapes what it means to be a major player on the global stage. Ultimately, the world is a big place, amplified by technology and subsequently made accessible by it,” said Richards.

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