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Dubai Emerges as Wealthiest City in the Middle East

In the Middle East, Dubai has emerged as the wealthiest city, ranking 21st in the top 50 list.

By Inc.Arabia Staff
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Dubai is home to the Middle East's highest concentration of resident millionaires, at 72,500, and is ranked as the 21st wealthiest city in the world.[1]

According to the latest findings from the World’s Wealthiest Cities Report 2024, a collaboration between Henley & Partners and New World Wealth, Dubai now stands among the 50 richest cities globally.

The report reveals a 78% increase in the number of individuals possessing liquid investable wealth of $1 million or more, reaching 72,500 millionaires between 2013 and 2023. Additionally, Dubai is home to 212 centi-millionaires, individuals with $100 million or more, and 15 billionaires.

Surpassing other major global cities such as Munich, Rome, and Vancouver, Dubai's millionaire population has propelled it to the 21st spot in the global wealth index.

The report also sheds light on Abu Dhabi's promising trajectory, with growth rates exceeding 75%. Although not yet featured among the top 50, Abu Dhabi's robust expansion suggests its potential to rival global contenders in the future.

As of 2023, New York topped the list of the top 50 cities for millionaires, with 349,500 billionaires. The Bay Area tech hub in Northern California, Tokyo, Singapore, London, Los Angeles, Paris (including the Ile-de-France), Sydney, Hong Kong, and Beijing rounded out the top ten.

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