Dubai has been named one of the richest cities in the world and the richest in the Middle East, and its number of millionaires has increased by almost 80% in the last decade. This is demonstrated by the official report of the World’s Richest Cities Report 2024 by Henley & Partners, published on May 8 by Al-Monitor.
According to an analyst report, the number of people in Dubai with investable liquid wealth (or assets that can be easily converted into cash) of $1 million or more increased by 78% between 2013 and 2023, to 72,500.
Dubai is also home to 212 millionaires with a net worth of more than $100 million and 15 billionaires.
Dubai was ranked 21st in the list of top 50 cities by total number of high net worth individuals (HNWI). The only Middle Eastern city to make the top 50 was Tel Aviv in Israel, with 24,300 millionaires.
Although it has not caught up with Dubai, the report says that Abu Dhabi, the capital of the United Arab Emirates, has become the world’s next big millionaire center. There are currently 22,700 wealthy people living in the emirate.
Abu Dhabi is where the country’s ruling royal family is based and is home to most of the UAE’s oil and gas reserves.
The report also mentions the emergence of the Abu Dhabi Global Market, which is attracting an increasing number of family offices advising high net worth individuals.
Along with Abu Dhabi, Jeddah was among the Middle Eastern cities highlighted in the report. The Red Sea coastal city is home to many of the kingdom’s wealthiest families and is the country’s main port.
The report also notes that it is relatively close to the holy city of Mecca, where millions of Muslim pilgrims come to perform the Hajj.
According to the report, New York topped the list of 50 cities for millionaires with 349,500 wealthy people living there in 2023, followed by Tokyo, Singapore, London, Los Angeles, Paris, Sydney, Hong Kong and Beijing.
New Yorkers are worth more than $3 trillion, a figure that exceeds the wealth of most G20 countries.
Source: Rossa Primavera
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