Dubai is home to the Middle East's highest concentration of resident millionaires at 72,500 and ranked as the 21st wealthiest city in the world, a report has found.
The city has recorded a 78 per cent growth in its millionaire population over the past 10 years, according to Henley & Partners, which tracks private wealth and investment migration trends worldwide, and global intelligence provider New World Wealth.
Dubai is home to 212 centi-millionaires (people with a net worth of $100 million or more in investable assets) and 15 billionaires, the research found.
The Henley & Partners report highlighted Abu Dhabi as the world's next big wealth hotspot home to 22,700 millionaires. The report focuses on people with a net worth of $1 million or more.
The UAE's capital, which recorded a 75 per cent growth rate in its millionaire population over the past decade, is also home to 68 centi-millionaires and 5 billionaires.
Sharjah registered a 95 per cent growth in millionaires over the past decade and has 4,100 millionaires, 11 centi-millionaires and no billionaires, according to the latest data available in December.
Riyadh recorded a 40 per cent increase in its millionaire population over the past decade and is home to 18,200 millionaires, 67 centi-millionaires and 8 billionaires. Jeddah is home to 7,500 millionaires, 32 centi-millionaires and 8 billionaires, the findings showed.
The only other Middle Eastern city that ranked among the top 50 wealthiest cities globally was Tel Aviv with a millionaire population of 24,300.
“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,” Juerg Steffen, chief executive of Henley & Partners, said.
“Additionally, rapid advancements in artificial intelligence, robotics and blockchain technology have provided new opportunities for wealth creation and accumulation.”
Global wealth was expected to rebound by about 5 per cent to reach $267 trillion last year after facing economic headwinds in 2022, a report by the Boston Consulting Group said last year.
Contributing factors for last year's wealth rebound included an improving macroeconomic outlook, China's economic reopening, a rebound in stock markets and growth in the Middle East, the report said.
Global wealth declined by 4 per cent to $255 trillion in 2022 due to the largest stock market fall since 2008.
Global ranking
New York City ranked as the wealthiest city globally with a resident millionaire population of 349,500, according to Henley & Partners.
The total wealth held by the city’s residents now exceeds $3 trillion, which is higher than the total wealth held in most major G20 countries. The city is also home to 744 centi-millionaires and 60 billionaires, the report revealed.
San Francisco Bay Area and Tokyo are ranked second and third, with resident millionaire populations of 305,700 and 298,300, respectively.
The Bay Area has recorded one of the world’s highest wealth growth rates, increasing its millionaire population by 82 per cent over the past decade, and is now home to 675 centi-millionaires and 68 billionaires.
City-state Singapore climbed to fourth rank with 244,800 resident millionaires. It is one of the top destinations for migrating millionaires, with about 3,400 high-net-worth people moving to the South-East Asian city-state last year alone.
Owing to outward wealth migration, London dropped to fifth place on this year's list with 227,000 resident high-net-worth individuals.
Los Angeles, Paris, Sydney, Hong Kong and Beijing rounded off the top 10 wealthiest cities globally, according to the report.
Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population growing by 140 per cent over the past decade.
“Hangzhou has also experienced a 125 per cent increase in its high-net-worth residents and Guangzhou’s millionaires have grown by 110 per cent over the past decade,” according to Andrew Amoils, head of research at New World Wealth.
He listed Bengaluru in India, Scottsdale in the US, and Ho Chi Minh City in Vietnam as cities with wealth growth potential over the next decade.
All three cities have recorded growth rates of more than 100 per cent in their resident millionaire populations over the past decade.
Monaco topped the list of global cities on a wealth per capita basis. More than 40 per cent of the Mediterranean principality’s residents are millionaires, the study said.
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
1. New York: 349,500
2. San Francisco Bay Area: 305,700
3. Tokyo: 298,300
4. Singapore: 244,800
5. London: 227,000
6. Los Angeles: 212,100
7. Paris: 165,000
8. Sydney: 147,000
9. Hong Kong: 143,400
10. Beijing: 125,600
