Dubai has emerged as the wealthiest city in the Middle East, boasting a population of 72,500 millionaires according to a report by global intelligence provider New World Wealth and Henley & Partners. The city ranks 21st among the wealthiest cities globally, with a notable increase in the number of millionaires—78%—over the past decade.

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The report highlights that Dubai is home to 15 billionaires and 212 centi-millionaires, defined as individuals with a net worth of at least $100 million in investable assets. Dubai’s rising wealth is a testament to its growing appeal as a hub for affluent residents and investors.

Abu Dhabi follows closely with a millionaire population of 22,700, making it the next major wealth center in the region. The capital city also boasts 68 centi-millionaires and five billionaires, with a 75% increase in millionaires over the past ten years.

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Sharjah has also experienced significant growth, with a 95% increase in its millionaire population over the past decade. The emirate now houses 4,100 millionaires and 11 centi-millionaires.

Riyadh has seen a 40% growth in its millionaire population over the last decade, now home to 18,200 millionaires, 67 centi-millionaires, and eight billionaires. Similarly, Jeddah hosts 7,500 millionaires, 32 centi-millionaires, and eight billionaires.

Tel Aviv is the only other Middle Eastern city in the top 50 wealthiest cities globally, with 24,300 millionaires.

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“The S&P 500’s 24% gain, along with significant surges in tech stocks and cryptocurrencies, has boosted the fortunes of the wealthy,” commented Juerg Steffen, CEO of Henley & Partners. “Furthermore, advances in artificial intelligence, robotics, and blockchain technology have provided new avenues for wealth creation.”

A report from Boston Consulting Group predicted global wealth growth of approximately 5% in 2023, with global wealth reaching $267 trillion. Factors such as China’s economic reopening and the Middle East’s expansion contributed to this trend.

Globally, New York City tops the list as the richest city with 349,500 millionaires and a combined wealth surpassing many major G20 nations. The city also houses 60 billionaires and 744 centi-millionaires.

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Following New York are San Francisco Bay Area and Tokyo, ranked second and third respectively in terms of millionaire residents. Other cities like Singapore, London, and Los Angeles also make the top 10 list.

Shenzhen leads as the fastest-growing wealthy city globally, with a 140% increase in millionaires over the past decade.

In conclusion, Dubai’s rise as a wealthy city highlights its growing appeal for affluent individuals seeking investment opportunities and luxury lifestyles. With its strategic location and forward-thinking policies, Dubai continues to attract and retain high-net-worth individuals from around the world.

Top 5 Wealthiest Cities in the Middle East and Their Millionaire Populations:

• Dubai: 72,500
• Tel Aviv: 24,300
• Abu Dhabi: 22,700
• Riyadh: 18,200
• Jeddah: 7,500

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Top 10 Wealthiest Cities Globally and Their Millionaire Populations:

• 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