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Dubai Leads Middle East with 72,500 Millionaires

Discover how Dubai leads the region in millionaire population growth and luxury living.

  • Publish date: Wednesday، 08 May 2024
Dubai Leads Middle East with 72,500 Millionaires

In a testament to its status as a global economic powerhouse, Dubai has secured its position as the Middle East's millionaire capital, boasting a staggering 72,500 affluent residents, according to a recent report by Henley & Partners.

Read More: UAE Expected to Attract 4,500 New Millionaires This Year

The report highlights Dubai's meteoric rise as a magnet for the wealthy elite, with its luxurious lifestyle, thriving business environment, and unparalleled opportunities attracting high-net-worth individuals from around the world. Following closely behind is Abu Dhabi, with 22,500 millionaires calling the capital home.

Dubai's millionaire landscape includes 212 centi-millionaires, individuals with a net worth exceeding $100 million, and an impressive cohort of 15 billionaires, solidifying its reputation as a playground for the ultra-rich.

Over the past decade, Dubai has witnessed an astonishing 78 percent surge in its millionaire population, reflecting the city's robust economic growth and unwavering appeal to global investors. Similarly, Abu Dhabi has experienced a 75 percent increase in millionaire residents, while neighboring Sharjah boasts a remarkable 95 percent rise, with 4,100 millionaires now residing in the emirate.

The wealth boom extends beyond the UAE, with Saudi cities Riyadh and Jeddah also witnessing significant growth in millionaire populations. Riyadh is now home to 18,200 millionaires, 67 centi-millionaires, and 8 billionaires, while Jeddah boasts 7,500 millionaires, 32 centi-millionaires, and 8 billionaires.

Despite its remarkable progress, Dubai is yet to crack the top 10 list of cities with the highest millionaire populations, currently ranking 21st. Leading the pack is New York, followed by San Francisco Bay Area, Tokyo, and Singapore, underscoring the city's aspirations for further growth and development in the global wealth landscape.

As of December 2023, Dubai continues to cement its status as a magnet for wealth and prosperity, offering unparalleled opportunities for individuals seeking a luxurious and prosperous lifestyle.

Read More: Global Millionaires Drive Real Estate Surge in the UAE

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