Dubai named the richest city in the Middle East with 72,500 millionaires

Dubai became the wealthiest city in the Middle East and took 21st place in the world's ranking, a new report says. Henley & Partners, which monitored global trends in private wealth and investment migration, found that Dubai has 72,500 millionaires, 212 hundred-millionaires, and 15 billionaires.

The results are based on the figures of December 2023.

Abu Dhabi, meanwhile, got the top spot on the Cities to Watch list due to its strong wealth growth potential. Currently, the city is home to 22,700 millionaires, 68 hundred-millionaires, and 5 billionaires. Over the last decade, the millionaire rate there grew by 75%, which is only 3% less than Dubai's.

Sheikh Zayed Mosque in Abu Dhabi Photo by Alessa Ciraulo on Unsplash

According to the report, Sharjah has 4,100 millionaires and 11 hundred-millionaires. There were no billionaires registered.

The Middle East

Tel Aviv was the only city other than Dubai and Abu Dhabi on the wealthiest cities list. It has 23,400 of them as well as 82 hundred-millionaires and 10 billionaires

Meanwhile, Saudi Arabia's Riyadh and Jeddah were mentioned as the cities to watch.

Riyadh recorded a 40% growth in the millionaire population over the last 10 years, resulting in 18,200 millionaires, 67 hundred-millionaires, and 8 billionaires residing in the city. Jeddah is now home to 7,500 millionaires, 32 hundred-millionaires, and 8 billionaires.

South Asia

Mumbai and Delhi were ranked as the 24th and 37th wealthiest cities respectively.

The Gateway Of India in MumbaiPhoto by Sarang Pande on Unsplash

According to Henley & Partners, Mumbai has 58,800 millionaires, 236 hundred-millionaires, and 29 billionaires. While 30,700 millionaires, 123 hundred-millionaires, and 16 billionaires reside in Delhi.

Bengaluru was featured on the Cities to Watch with 13,200 millionaires, 42 hundred-millionaires, and 16 billionaires.

The world

New York became the wealthiest city in the world. It has 349,500 millionaires, which means that every 24th resident of NYC is a millionaire. The Big Apple is also home to 744 hundred-millionaires, and 60 billionaires. The collective wealth owned by residents of New York now surpasses $3 trillion, exceeding the total wealth held in most prominent G20 countries.

Northern California's Bay Area (San Francisco and Silicon Valley) got the 2nd place in the ranking. Over the past decade, its millionaire population increased by 82%. It became a well-known tech hub, but banking and finance, in fact, represent the primary industry the largest amount of wealthy residents associate with.

Tokyo, which held the top spot on the list 10 years ago, experienced a 5% decline and came down to third place. Now, it is home to 298,300 millionaires, 267 hundred-millionaires, and 14 billionaires.

Below, see the top 5 wealthiest cities in the world based on December 2023 figures.

Top 5 Cities for MillionairesHenley Global

Los Angeles, Paris, Sydney, Hong Kong, and Beijing concluded the list of top 10 wealthiest cities.