As of June 2024, Dubai has emerged as a prominent hub for technology millionaires, boasting 6,500 high-net-worth individuals in the tech sector. This figure places Dubai second in the Middle East, trailing only Tel Aviv, which leads with 10,000 tech millionaires, while Istanbul ranks third with 2,000.
According to Andrew Amoils, head of research at New World Wealth, this number is rapidly increasing. “Dubai is gaining strength in sectors such as fintech, cryptocurrency, and software development,” he noted.
A Thriving Financial and Tech Sector
In Dubai, financial and professional services remain the primary sectors attracting high-net-worth individuals, similar to trends observed in New York City. The emirate is actively fostering new-age technology industries, including cryptocurrency, blockchain, and artificial intelligence (AI), recognizing the pivotal role of digital assets in the future economy.
To support this growth, Dubai established the Virtual Assets Regulatory Authority (VARA), which aims to promote and regulate virtual assets in the region. Several local startups have already achieved unicorn status, including Souq, Careem, Tabby, Kitopi, and Dubizzle Group.
Dubai’s Position as a Leading Tech Hub
“Thanks to its robust financial services sector, advanced tech infrastructure, competitive tax rates, and superior safety compared to neighboring regions, Dubai is ideally positioned to become a major global tech hub,” Amoils added.
According to Henley and Partners, Dubai is home to 72,500 millionaires with investable wealth of $1 million or more, 212 centimillionaires with assets over $100 million, and 15 billionaires. They project that the UAE will attract around 6,700 millionaires by the end of 2024, nearly double the figures of the United States.
Global Tech Millionaire Rankings
Globally, the Bay Area, encompassing Silicon Valley and San Francisco, leads with 60 tech billionaires and 265,000 tech millionaires. This region hosts major tech companies, including Apple, Nvidia, Intel, Alphabet, Netflix, and Meta.
Greater Seattle follows with 36,200 tech millionaires and nine tech billionaires, housing giants like Microsoft and Amazon. Shenzhen, China, known for its technology firms such as Tencent and Huawei, has 32,500 tech millionaires and 18 billionaires.
Shaun Richards, founder and CEO of Platform45, highlighted the transformative impact of technology on the global landscape, stating, “Technology is redefining innovation and shifting influence, paving the way for new centers of innovation around the world. This ongoing transformation demonstrates how technology reshapes what it means to be a major player globally.”
Conclusion
Dubai’s growth as a technology hub underscores its appeal to high-net-worth individuals and startups. As the emirate continues to embrace innovation and digital transformation, it solidifies its position as a key player in the global tech ecosystem.
