Wealthiest City in the middle East
Dubai Leads the Middle East in Millionaire Concentration
A recent report by Henley & Partners, as cited by The National, reveals Dubai as the Middle Eastern leader in millionaire residents. With an estimated 72,500 millionaires, Dubai boasts the region’s highest concentration. Abu Dhabi follows closely with 22,500 millionaires.
Dubai’s wealth extends beyond millionaires. The city is home to 212 centi-millionaires (individuals with a net worth exceeding $100 million) and 15 billionaires. This data is compiled by Henley & Partners in collaboration with New World Wealth, a global intelligence provider specializing in private wealth and investment migration trends.
The report further highlights a significant growth in the region’s high-net-worth individuals. Over the past decade, Dubai’s millionaire population has surged by 78%, while Abu Dhabi’s has risen by 75%. Neighboring Sharjah has witnessed an even more dramatic increase, with its millionaire population growing by 95% to reach 4,100.
The wealth trend extends beyond the UAE. Saudi Arabian cities like Riyadh and Jeddah have also seen a rise in millionaires. Riyadh boasts a 40% increase, now home to 18,200 millionaires, while Jeddah has 7,500. However, despite its regional dominance, Dubai currently ranks 21st globally in terms of millionaire population. The top five cities are New York, San Francisco Bay Area, Tokyo, Singapore, and London.