Dubai is crowned the wealthiest city in the Middle East!

After turning into a symbol of luxury and opulence globally - Dubai isn’t just ruling with fantastic developments, incredible skyscrapers and other architectural marvels but has been awarded the title of the wealthiest city in the Middle East!

Home to over 72,500 millionaires and 15 billionaires - Dubai has clinched its status as the wealth magnet of the Middle East, according to the World’s Wealthiest Cities Report 2024 by Henley & Partners and New World Wealth.

Here’s everything you need to know:

The report reveals an impressive 78% increase in individuals with liquid assets exceeding $1 million between 2013 and 2023, bringing the total count to 72,500.

Plus, Dubai is also home to 212 ultra-high-net-worth individuals (HNWIs) with fortunes surpassing $100 million, along with 15 billionaires, solidifying its position among the globe's elite financial hubs.

Ranked 21st worldwide for the number of HNWIs, Dubai stands out as the wealthiest destination in the Middle East.

While Dubai basks in its financial prowess, its neighboring emirate, Abu Dhabi, emerges as a formidable player in the realm of wealth accumulation. With 22,700 HNWIs, Abu Dhabi is set to make significant strides in the global wealth landscape, driven by its strategic positioning as the heart of the UAE's oil and gas industry. Moreover, the growing Abu Dhabi Global Market has attracted a community of family offices catering to HNWIs.

Anticipating further growth, the report also suggested that Dubai is set to break into the top 20 wealthiest cities globally in the future, mainly fueled by its economic expansion. Meanwhile, Abu Dhabi's exponential growth rates are already exceeding 75%, which positions it as a formidable contender for future top rankings.

In addition to Abu Dhabi, Jeddah emerges as a city to watch in the Middle East, with its status as a thriving coastal metropolis and key Saudi port city. Proximity to the holy city of Mecca further enhances Jeddah's economic significance, particularly during the annual Hajj pilgrimage.

On a global scale, New York reigns supreme, with a staggering 349,500 millionaires calling the Big Apple home. Other notable cities in the top echelons include the Bay Area, Tokyo, Singapore, London, and Los Angeles.

Impressive, isn’t it?

Curious to read more about Dubai? Check out how Dubai was voted as one of the best cities to work in - here.