With a forward-looking economic agenda, record-breaking international travel figures, and pioneering initiatives in health, sustainability, and technology, Dubai is not only growing — it is shaping the future of urban living. The city is a mix of bold ambition and striking contrasts, blending tradition with innovation. With its exceptional infrastructure, luxurious real estate, and status as a thriving hub for global citizens, the emirate has firmly established itself as a top destination for high-net-worth individuals. So how does the city rank in Julius Baer’s Global Wealth & Lifestyle Report 2025?
The Julius Baer Global Wealth & Lifestyle Report 2025
This year’s Julius Baer Global Wealth and Lifestyle Report presents a snapshot of the last moments of the ‘old’ situation, just before President Trump introduced new tariffs, which had and will continue to have ongoing implications for financial markets worldwide. Even before this point, though, the world was bracing itself for a global trade war, geopolitical tensions were high, and consumer spending was slowing. So, how did the global situation impact the lifestyles and priorities of affluent individuals over 2024 and early 2025?
The Julius Baer Lifestyle Index analyses the cost of a basket of eleven consumer goods (bicycle, car, champagne, jewelry, men’s suit, residential property, technology package, treadmill, watch, women’s handbag, women’s shoes) and nine services (business class flight, degustation dinner, healthcare, hotel suite, lasik, lawyer, MBA, private school, spa) representative of ‘living well’ in 25 cities around the world. It does not represent comprehensive spending patterns of HNWIs, but is an indication of how selected goods and services are priced. This provides an overview of the relative cost of maintaining a high-net-worth lifestyle in these various major urban centres. To know more, get our full Global Wealth and Lifestyle Report now:
City spotlight - Dubai
Charging back into the top ten this year, Dubai has climbed from 12th to seventh place in our rankings, asserting itself as one of the more expensive places to live well, despite a 1.4 per cent increase in average local currency prices. The emirate is now a firm challenger to the traditional bastions of wealth in EMEA such as London, Monaco, and Zurich.
While a significant number of prices in Dubai have remained stable in the past year, there has been a strong rise in big ticket items, such as cars (up 12.5 per cent) and residential property (up 17.4 per cent), which have impacted the overall cost of living for wealthy residents. Indeed, the prime property market has been growing rapidly, as affluent individuals are drawn by the high-quality residences on offer – a trend that has seen cities like London facing stiffer competition. The fact that buyers get more than twice the square footage for their money compared to London has not gone unnoticed.
Dubai’s growing appeal for global wealth
Property sales are just one indicator of Dubai’s growing attractiveness as a residence proposition for HNWIs and their families, with many having already moved to the city. The momentum of millionaires relocating to Dubai, which began during the pandemic, is predicted to continue. The net inflow is destined to surpass that of all other countries, positioning Dubai as a leading destination for the global elite. Increased residency applications over the past decade have also seen the number of millionaires living in Dubai rise by 102 per cent.
With Dubai offering an appealing combination of attractive personal taxation, high quality of life, and growing business opportunities, many HNWIs are drawn there by residence schemes such as Golden or Entrepreneur visas. Another factor is the city’s position as a leading global financial centre. The Dubai International Finance Centre (DIFC) saw unprecedented growth in the number of companies operating there during 2024 (Julius Baer, for example, celebrated it’s 20th anniversary in DIFC in 2024), with many of them bringing forth innovative projects. An example of this is the white paper ‘Future of inheritance’, published by Julius Baer, the DIFC and EUROCLEAR. Amongst others, it illustrates how tech-driven solutions such as tokenisation and smart contracts offer promising avenues to ensure the efficient, secure transfer of wealth. The paper can be downloaded here.
With strong economic growth predicted for 2025, and an ambitious ‘D33’ economic agenda under way to double the city’s economy by 2033, Dubai is continuously looking to the future. It is also positioning itself as a centre for health, wellbeing, and sustainable infrastructure development. Given the expected 29 per cent population increase in over-60s by 2050, longevity ecosystems to sustain wellbeing at all stages of life are being developed to look after every aspect of residents’ health. Artificial intelligence may even be incorporated into residential buildings to evaluate biosensors and tailor healthcare offerings.
Efforts to be an innovative, forward-thinking city with elevated living standards are reaping dividends for Dubai. Its sprawling international airport saw a record 92.3 million passengers pass through in 2024 – making it the world’s busiest for international travel – and with an extensive upgrade to the city’s second airport under way, those numbers only look set to increase. On its current upward trajectory, it may not be a surprise to see Dubai vying for a spot on our podium in coming years. Though the cost of living well in the emirate may be swelling, along with the number of HNW residents, its attractiveness appears to remain undimmed.