In a recent report by Business Recorder, Dubai has clinched the title of the wealthiest city in the Middle East, while New York maintains its position atop the global list with a staggering number of millionaires and billionaires.
According to Henley’s and Partners’ “Top 50 Cities for Millionaires” list, Dubai secured the 21st spot globally, boasting a population of 72,500 millionaires. The city, known for its opulent lifestyle and towering skyscrapers, has seen a remarkable 78% increase in its millionaire population over the last decade. Notably, it is also home to 212 centi-millionaires and 15 billionaires, marking a significant concentration of wealth.
Moreover, Dubai experienced the second-highest net inflow of millionaires in 2023, further solidifying its status as a magnet for the affluent. Among Middle Eastern cities, only Tel Aviv in Israel managed to secure a place in the top 50, with 24,300 millionaires.
The report also highlights Abu Dhabi, the capital of the UAE, as the upcoming major millionaire hotspot, indicating a potential shift in wealth dynamics within the region. Similarly, Jeddah emerges as a city to watch out for in terms of wealth accumulation.
However, New York remains unrivaled in its affluence, boasting a staggering 349,500 millionaires and 60 billionaires. The city’s residents collectively possess a wealth exceeding $3 trillion, surpassing the economies of most G20 countries.
The top 10 cities for millionaires globally include New York, the Bay Area, Tokyo, Singapore, London, Los Angeles, Paris, Sydney, Hong Kong, and Beijing, reflecting the concentration of wealth in major economic hubs across the world.
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