According to a report, Dubai is the 21st wealthiest city in the world and has the highest number of residents millionaires in the Middle East (72,500).
Over the last ten years, the number of millionaires in the city has increased by 78%, as reported by global intelligence provider New World Wealth and Henley & Partners, which monitors global trends in private wealth and investment migration.
According to the study, Dubai is home to 15 billionaires and 212 centi-millionaires, or individuals with a net worth of $100 million or more in investable assets.
According to the Henley & Partners report, Abu Dhabi, home to 22,700 millionaires, is set to become the next major hub for wealth. The report focuses on individuals with a net worth of $1 million or more.
In addition to housing 68 centi-millionaires and 5 billionaires, the capital of the United Arab Emirates has seen a 75% increase in the number of millionaires in the last ten years.
Based on the most recent data available in December, Sharjah has grown its millionaire population by 95% in the last ten years, with 4,100 millionaires, 11 centi-millionaires, and no billionaires.
Over the last ten years, the number of millionaires in Riyadh has increased by 40%. Currently, the city is home to 18,200 millionaires, 67 centi-millionaires, and 8 billionaires. According to the research, Jeddah is home to 7,500 millionaires, 32 cent millionaires, and 8 billionaires.
With 24,300 millionaires, Tel Aviv was the only other Middle Eastern city to make it into the top 50 richest cities in the world.
“The S&P 500’s 24 percent gain last year, along with the Nasdaq’s 43 percent surge and Bitcoin’s staggering 155 percent rally, has buoyed the fortunes of wealthy investors,” Juerg Steffen, chief executive of Henley & Partners, said.
“Additionally, rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.”
According to a Boston Consulting Group report from the previous year, after experiencing economic challenges in 2022, global wealth was predicted to increase by roughly 5% to reach $267 trillion last year.
According to the report, the improving macroeconomic outlook, China’s economic reopening, a rise in stock markets, and expansion in the Middle East all contributed to last year’s wealth rebound.
4% of the world’s wealth fell to $255 trillion in 2022 as a result of the biggest stock market collapse since 2008.
Global ranking
349,500 people live in New York City, making it the richest city in the world, according to Henley & Partners.
Residents of the city currently possess wealth exceeding $3 trillion, surpassing the combined wealth of most major G20 nations. According to the report, the city is also home to 60 billionaires and 744 cent millionaires.
With 305,700 and 298,300 residents, respectively, the San Francisco Bay Area and Tokyo are ranked second and third, in terms of millionaire residents.
With an 82% increase in the number of millionaires in the last ten years, the Bay Area has seen one of the greatest rates of wealth growth in the world. Currently, there are 675 centi-millionaires and 68 billionaires living in the region.
City-state Singapore rose to the fourth position, home to 244,800 millionaires. In the past year alone, 3,400 wealthy individuals made the move to this Southeast Asian city-state, making it one of the most popular destinations for millionaires looking to migrate.
London fell to fifth place on this year’s list with 227,000 high-net-worth residents as a result of outward wealth migration.
The report listed Beijing, Hong Kong, Los Angeles, Paris, Sydney, and Hong Kong as the final five richest cities in the world.
The number of millionaires in Shenzhen has increased by 140% in the last ten years, making it the wealthy city with the fastest rate of growth in the entire globe.
“Hangzhou has also experienced a 125 percent increase in its high-net-worth residents and Guangzhou’s millionaires have grown by 110 percent over the past decade,” according to Andrew Amoils, head of research at New World Wealth.
He identified three cities with the potential for wealth growth over the next ten years: Ho Chi Minh City, Vietnam; Scottsdale, Arizona; and Bengaluru, India.
The number of millionaires residing in each of the three cities has increased at rates exceeding 100% during the last ten years.
In terms of wealth per capita, Monaco ranked highest among all cities in the world. According to the report, over 40% of people living in across the area principality are millionaires.
Top 5 wealthiest cities in the Middle East and their millionaire population
- Dubai: 72,500
- Tel Aviv: 24,300
- Abu Dhabi: 22,700
- Riyadh: 18,200
- Jeddah: 7,500
Top 10 wealthiest cities globally and their millionaire population
- New York: 349,500
- San Francisco Bay Area: 305,700
- Tokyo: 298,300
- Singapore: 244,800
- London: 227,000
- Los Angeles: 212,100
- Paris: 165,000
- Sydney: 147,000
- Hong Kong: 143,400
- Beijing: 125,600
