It's Official! Dubai Is The Wealthiest City In Middle East
Dubai has marked a significant 78% growth in its millionaire population over the last decade, positioning it as the wealthiest city in the Middle East, with expectations to rank among the top 20 globally. Similarly, Abu Dhabi, the UAE's capital, has observed over 75% growth, hinting at its future potential as a key player.
This latest update is part of the World’s Wealthiest Cities Report, published annually by international wealth migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth.
The United States continues to lead globally, boasting 11 cities within the top 50 wealthiest, where New York City reigns supreme. It hosts more than 349,500 millionaires, 744 centi-millionaires, and 60 billionaires. Following New York, the Bay Area in Northern California claims second place with an 82% increase in millionaire residents over the past ten years.
Meanwhile, Tokyo has seen a dip in its millionaire count, falling to third place, while Singapore ascends to fourth with a 64% rise in its millionaire demographic over the decade. London, experiencing a 10% decline, now ranks fifth. China's capital, Beijing, has for the first time entered the top 10, home to 125,600 millionaires. Notably, Shenzhen has emerged as the fastest-growing city for the affluent, witnessing a staggering 140% surge in millionaire inhabitants over the same period. Despite the absence of African and South American cities from the top 50, Nairobi and Cape Town are emerging as cities to watch.
Monaco claims the title for the highest concentration of millionaires, with over 40% of its residents falling into this category. Additionally, it stands as the priciest city globally, with apartment costs frequently surpassing USD 35,000 per m2.
In terms of living expenses, New York City is the runner-up, followed by London, Hong Kong, Saint-Jean-Cap-Ferrat in France, and Sydney. To attract foreign direct investment, cities like New York, Singapore, Sydney, Vienna, and Dubai are promoting investment migration programs. These initiatives offer individuals the opportunity to gain residence or citizenship rights, contributing to the growth of these wealth hubs.
The data underscores not only the shifting dynamics of global wealth but also highlights the significant role of investment migration programs in shaping the future of these economically pivotal cities. As Dubai and Abu Dhabi continue to rise in the ranks, they exemplify the broader trend of wealth concentration in urban centers around the world. This trend underscores the evolving landscape of global finance and the increasing importance of cities as centers of wealth and investment.
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