Dubai has been named the wealthiest city in the region, due to the impressive 78% growth in its millionaire population over the past decade.
The UAE city was also ranked the 21st-wealthiest city in the world, according to the World’s Wealthiest Cities Report 2024 from Henley & Partners in collaboration with New World Wealth.
The number of individuals living in Dubai with liquid investable wealth of $1 million or more surged by 78% to 72,500 between 2013 and 2023, the report found. The city is also home to 212 centi-millionaires, or those with $100 million or more, and 15 billionaires.
As a result of this growth, Dubai is said to be highly “likely to break into the Top 20 in the coming years”. Its millionaire population is already larger than that of cities like Munich, Rome, Amsterdam, Osaka, Vancouver, Madrid, Washington and Brisbane.
“The S&P 500’s 24 per cent gain last year, along with the Nasdaq’s 43 per cent surge and Bitcoin’s staggering 155 per cent rally, has buoyed the fortunes of wealthy investors,” said Juerg Steffen, CEO of Henley & Partners, in a statement.
“Additionally, rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.”
The same report ranked Abu Dhabi second in the list of wealthiest cities in the Middle East. The UAE’s capital was also named the world’s next big wealth hotspot home to 22,700 millionaires, recording a 75% growth rate in its millionaire population over the past decade.
Abu Dhabi is currently home to 68 centi-millionaires and 5 billionaires, the research found.
“Although the UAE’s oil-rich capital Abu Dhabi hasn’t yet cracked a spot in the top 50 ranking, growth rates of over 75% make it a likely contender in future,” the report said.
The report named New York as the world’s wealthiest city, with 349,500 millionaires as of 2023. The total wealth held by the city’s residents exceeds $3 trillion, the report said, higher than the total wealth held in most major G20 countries.
New York was followed by the Bay Area, Tokyo, Singapore, London, Los Angeles, Paris (including Ile-de-France), Sydney, Hong Kong and Beijing.
