Dubai ranks 1st in MENA and 23rd in world in list of wealthiest cities of world

Dubai secured position first in the Middle East and North Africa (MENA) region, and 23rd in the world, in the list of wealthiest cities of the world for the third quarter of 2022.

Dubai secured position first in the Middle East and North Africa (MENA) region, and 23rd in the world, in the list of wealthiest cities of the world for the third quarter of 2022.

This came as per the reports issued by the British company Henley & Partners on Tuesday, September 13. The report showed that 67,900 millionaires reside in Dubai, while 202 individuals live in the category of owners of net personal wealth of around 100 million dollars or more per individual.


With regard to the number of billionaires presently living in Dubai, the report assumed them to be around 13 billionaires.

Dubai is said to have a highly diversified economy, which is robust in several major sectors such as hotels, basic materials, financial services, real estate, oil and gas, retail and transport. Wealthy areas of Dubai include Jumeirah Golf Estates, Emirates Hills and Palm Jumeirah.

The Head of Research at New World Wealth, Andrew Amwells, said, “The number of millionaires in Dubai, Mumbai (25th), and Shenzhen (30th) is increasing very rapidly. These three cities are predicted to enter the top 20 in the richest population by the end of 2030.”

New York was at the top of the list, which had 345,600 millionaires, 737 individuals, each of whom is the owner of 100 million dollars or more, and 59 billionaires. It was followed by Tokyo and San Francisco.

Earlier also, it was reported that the UAE leads the world in the number of high net worth individuals predicted to flock to it this year.

The report said that the United Arab Emirates had become an extreme force of ultra-wealthy individuals, and therefore it is anticipated to get 4000 ultra-wealthy individuals this year, a huge rise of 208 percent as compared to the number of people of this category that the nation got in 2019, which at that amounted to 1300 individuals.



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