Dubai’s reputation for extravagance gets a whole new dimension as it clinches the top spot for wealthiest city in the Middle East. A recent report reveals a staggering 72,500 millionaires now call Dubai home, representing a phenomenal 78% growth over the past decade. This impressive surge in high-net-worth individuals propels Dubai to a prestigious 21st position on the global list of wealthiest cities.
More Than Just Sand and Sunshine:
This wealth boom isn’t limited to Dubai alone. Fellow UAE city, Abu Dhabi, follows closely with a millionaire population of 22,700, experiencing a remarkable 75% growth. Even Sharjah witnessed a significant rise of 95% in its millionaire population, reaching a total of 4,100.
Global Wealth Landscape:
While Dubai reigns supreme in the Middle East, the report paints a fascinating picture of global wealth distribution. New York City remains the undisputed champion, with a staggering 349,500 millionaires residing within its borders. The city’s total wealth now surpasses the combined wealth of most major G20 countries! San Francisco Bay Area and Tokyo hold strong positions at second and third, respectively.
The Winds of Wealth Change:
The report also sheds light on interesting trends in wealth migration. Singapore has emerged as a magnet for millionaires, attracting a significant influx of high-net-worth individuals seeking new opportunities. On the other hand, London has seen some outward wealth migration, dropping to fifth place with a population of 227,000 millionaires.
Emerging Wealth Hubs:
Beyond established powerhouses, the report highlights exciting newcomers. Shenzhen in China boasts the fastest-growing wealthy population globally, with a remarkable 140% increase in millionaires over the past decade. Other cities like Bengaluru (India), Scottsdale (US), and Ho Chi Minh City (Vietnam) show promise for future wealth growth, making them destinations to watch.
Where Money Talks:
Finally, the report reveals Monaco as the city with the highest wealth per capita. Over 40% of its residents can claim millionaire status, solidifying its image as a playground for the ultra-rich.
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