Dubai and Abu Dhabi emerge as millionaire magnets in the Middle East

Dubai, renowned for its opulence and rapid growth, has been named one of the world’s wealthiest cities and the richest in the Middle East, according to the latest findings from the World's Wealthiest Cities Report 2024 by Henley & Partners in collaboration with New World Wealth.

Over the past decade, the number of individuals in Dubai with liquid investment assets of at least one million dollars has surged by 78%, reaching a total of 72,500. This significant increase underlines Dubai's expanding role as a major global financial hub.

In addition to its growing millionaire population, Dubai is home to 212 ultra-high-net-worth individuals with assets exceeding $100 million and 15 billionaires, showcasing the city's appeal to the world’s wealthiest.

While Dubai ranks 21st globally in the number of high-net-worth individuals (HNWI), it leads in the Middle East. The only other city from the region in the top 50 is Tel Aviv, Israel, with 24,300 millionaires.

Although not yet surpassing Dubai, Abu Dhabi, the capital of the United Arab Emirates, is recognized as the next significant millionaire hub globally. 

The emirate currently hosts 22,700 HNWIs and is noted for its substantial oil and gas reserves. Additionally, Jeddah is highlighted as a Middle Eastern city to watch, known for its wealthy families and strategic role as Saudi Arabia's main port near the holy city of Mecca.

Globally, New York leads with the highest number of millionaires, boasting 349,500 HNWIs. It is followed by the Bay Area, Tokyo, Singapore, London, Los Angeles, Paris (including Île-de-France), Sydney, Hong Kong, and Beijing in the top ten.

Dubai's position as a magnet for wealth and investment continues to strengthen. 

With its strategic initiatives and lifestyle offerings, the city not only attracts millionaires but also provides significant opportunities for business and luxury living.