Dubai has been recognized as the Middle East’s wealthiest city, boasting the highest concentration of resident millionaires at 72,500 and securing the 21st position globally, according to a recent report.
The city has witnessed a remarkable 78 per cent growth in its millionaire population over the past decade, revealed a report by Henley & Partners in collaboration with New World Wealth, which tracks private wealth and investment migration trends worldwide.
“Dubai is home to 212 centi-millionaires and 15 billionaires, signifying its robust economic landscape and appeal to high-net-worth individuals,” the research outlined.
Highlighting Abu Dhabi as another significant wealth hotspot, the report noted the capital’s emergence with 22,700 millionaires, marking it as a key contributor to the region’s wealth dynamics. Abu Dhabi recorded a substantial 75 per cent growth rate in its millionaire population over the past decade and is also home to 68 centi-millionaires and 5 billionaires.
Sharjah, too, showcased impressive growth, registering a 95 per cent increase in millionaires over the past decade, with 4,100 millionaires and 11 centi-millionaires. Riyadh emerged as another significant wealth hub in the region, boasting 18,200 millionaires, 67 centi-millionaires, and 8 billionaires, recording a 40 per cent increase in its millionaire population over the past decade. Jeddah, on the other hand, is home to 7,500 millionaires, 32 centi-millionaires, and 8 billionaires.
Tel Aviv represented the only other Middle Eastern city among the top 50 wealthiest globally, with a millionaire population of 24,300.
Commenting on the global wealth landscape, Juerg Steffen, Chief Executive of Henley & Partners, “attributed the surge in fortunes to the remarkable performance of major indices like the S&P 500 and Nasdaq, coupled with advancements in artificial intelligence, robotics, and blockchain technology.”
The report also highlighted a significant rebound in global wealth, which was projected to reach $267 trillion last year, following economic headwinds in 2022. Factors contributing to this rebound included an improving macroeconomic outlook, China’s economic reopening, a resurgence in stock markets, and growth in the Middle East.