Did You Know? Over 72,500 Millionaires Now Call Dubai Home
A recent study reveals that an impressive 72,500 millionaires now reside in Dubai, making it the city with the highest concentration of millionaires in the Middle East. This remarkable surge in wealth highlights Dubai as a major hub for the affluent in the region.
The Rise of Millionaires in Dubai
Over the past decade, the number of millionaires living in Dubai has soared by 78%. This growth has catapulted the city into the top 50 cities worldwide for millionaires. In addition to these millionaires, Dubai is home to 15 billionaires, further solidifying its status as the Middle East's wealth capital.
Population and Wealth Distribution
With a population of approximately 3.69 million as of 2024, millionaires constitute about 2% of Dubai’s residents. This substantial concentration of wealth underscores Dubai’s allure as a prime destination for high-net-worth individuals.
Insights from Henley & Partners Study
The study by Henley & Partners, which lists the top 50 cities attracting the wealthy, places Dubai prominently. Abu Dhabi follows Dubai in the Middle East, with 22,500 high-net-worth individuals.
Global Comparison of Millionaire Populations
Globally, New York City (USA) leads with 349,500 millionaires, 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) is fifth with 227,000 high-net-worth residents.
Current Data and Statistics
The report’s statistics, updated as of December 2023, provide a current snapshot of global wealth distribution. 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.