Dubai has solidified its status as the region’s magnet for the wealthy, boasting the highest concentration of millionaires in the Middle East, as revealed by British investment migration consultancy Henley & Partners.
With an impressive 72,500 millionaires calling Dubai home, it’s clear that the city’s allure extends far beyond.
Following closely behind is Abu Dhabi, emerging as the next hotspot for the wealthy elite in the region, with 22,500 millionaires nestled in the UAE capital, The National reported.
Moreover, Dubai is home to 212 centi-millionaires, each with a net worth exceeding Dhs 367,292,500 ($100 million) as well as 15 billionaires, the survey found.
To compile the report, Henley & Partners tracked private wealth and investment migration trends across the globe and used international intelligence provider, New World Wealth.
As for the rest of the GCC, Riyadh and Jeddah in Saudi Arabia have also witnessed substantial growth in their millionaire populations. Riyadh stands tall with 18,200 millionaires, 67 centi-millionaires, and 8 billionaires, experiencing a 40 per cent rise over the past decade.
Meanwhile, Jeddah boasts 7,500 millionaires, 32 centi-millionaires, and 8 billionaires.
Currently, Dubai ranks 21st in the list globally. Topping the charts is New York, with a staggering 349,500 millionaires, followed by San Francisco’s Bay Area, Tokyo, Singapore, as well as London. These figures were compiled from the latest data available as of December 2023.
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Lead Image Courtesy of Dubai Media Office
