A recent study has revealed that a staggering 72,500 millionaires now reside in Dubai, earning the emirate the distinction of having the highest concentration of millionaires in the Middle East. This surge in wealth makes Dubai a significant hub for the affluent in the region.
The Rise of Millionaires in Dubai
The number of millionaires living in Dubai has seen a remarkable increase of 78% over the past decade. This growth has propelled the city into the ranks of the top 50 cities worldwide for millionaires. In addition to the 72,500 millionaires, Dubai is also home to 15 billionaires, further cementing its status as the city with the highest number of wealthy individuals in the Middle East.
Population and Wealth Distribution
With a population of approximately 3.69 million people as of 2024, millionaires make up about 2% of Dubai’s residents. This significant concentration of wealth highlights Dubai’s appeal as a prime destination for high-net-worth individuals.
Insights from Henley & Partners Study
The study conducted by Henley & Partners, which lists the top 50 cities that attract the wealthy, places Dubai at a notable position. Following Dubai, Abu Dhabi ranks second in the Middle East with 22,500 high-net-worth individuals.
Global Comparison of Millionaire Populations
On a global scale, New York City (USA) tops the list with 349,500 millionaires. It is followed by The Bay Area (USA) and Tokyo (Japan) in second and third places, respectively. Singapore ranks fourth with 244,800 millionaires, while London (UK) comes in fifth with 227,000 high-net-worth residents.
Current Data and Statistics
The report’s statistics are the most recent, dating to December 2023, providing a current snapshot of the distribution of wealth among the world’s cities. Dubai’s inclusion among the top cities for millionaires underscores its growing importance as a global financial hub and a desirable location for the wealthy.
