Globally, flood risk is projected to increase in the future due to climate change and population growth. Here, we quantify the role of dams in flood mitigation, previously unaccounted for in global flood studies, by simulating the floodplain dynamics and flow regulation by dams. We show that, ignoring flow regulation by dams, the average number of people exposed to flooding below dams amount to 9.1 and 15.3 million per year, by the end of the 21st century (holding population constant), for the representative concentration pathway (RCP) 2.6 and 6.0, respectively. Accounting for dams reduces the number of people exposed to floods by 20.6 and 12.9% (for RCP2.6 and RCP6.0, respectively). While environmental problems caused by dams warrant further investigations, our results indicate that consideration of dams significantly affect the estimation of future population exposure to flood, emphasizing the need to integrate them in model-based impact analysis of climate change.