Dubai leads as Middle East's wealthiest city with 72,500 millionaires
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A recent report has unveiled Dubai's status as the Middle East's epicentre for affluent residents, with an impressive 72,500 millionaires calling the city home. According to findings from Henley & Partners and New World Wealth, Dubai has witnessed a remarkable surge of 78 per cent in its millionaire populace over the past decade. This surge brings the city's tally to 212 centi-millionaires and 15 billionaires, cementing its position as a global wealth hub.
The report also sheds light on Abu Dhabi's emergence as a significant player in the wealth landscape, with 22,700 millionaires, 68 centi-millionaires and 5 billionaires. Meanwhile, Sharjah has experienced substantial growth, recording a noteworthy 95 per cent increase in millionaires, totalling 4,100 individuals.
Saudi Arabia's cities, Riyadh and Jeddah, also feature prominently in the report, with Riyadh hosting 18,200 millionaires and Jeddah 7,500. Tel Aviv emerges as the sole Middle Eastern representative among the top 50 wealthiest cities globally, with a millionaire population of 24,300.
Despite economic challenges faced in 2022, global wealth is projected to rebound by approximately 5 per cent, reaching $267 trillion. This resurgence is attributed to improvements in the macroeconomic landscape, the reopening of China's economy, and sustained growth in the Middle East region.