Dubai ranks 1st regionally, 23rd globally as world’s wealthiest city

With regard to the number of billionaires currently residing in Dubai, the report estimated them at 13 billionaires.

Abu Dhabi: Dubai ranked first in the Middle East and North Africa (MENA), and 23rd globally, in the list of world’s wealthiest city for the third quarter of 2022.

This came according to a report issued on Tuesday by the British company Henley & Partners, which specializes in consulting on citizenship and residency policies, in cooperation with the South African New World Wealth, which specializes in wealth studies.

The report showed that Dubai is home to 67,900 millionaires, while 202 people live in the category of owners of net personal wealth estimated at 100 million dollar or more per person.

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With regard to the number of billionaires currently residing in Dubai, the report estimated them at 13 billionaires.

The emirate has a highly diversified economy, which is strong in multiple key sectors including— basic materials, hotels, financial services, oil and gas, real estate, retail, and transport. Affluent parts of Dubai include Emirates Hills, Jumeirah Golf Estates, and Palm Jumeirah.

Dubai, Mumbai, and Shenzhen – the wealthiest cities of the future

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

Mumbai ranks 25th globally

Mumbai has 60,600 resident millionaires, 243 centi-millionaires, and 30 billionaires, and ranks 25th globally. The megacity is home to the Bombay Stock Exchange and the National Stock Exchange, both of which rank among the world’s 10 largest stock exchanges by market cap.

Newyork tops the list

At the top of the list was New York, which has 345,600 millionaires, 737 people, each of whom owns 100 million dollars or more, and 59 billionaires. Tokyo came in second, and San Francisco came in third.

It is noteworthy that Henley & Partners stated in a previous report issued in June that the UAE leads the world in the number of ultra-rich people expected to flock to it this year.

The report stated that the UAE has become an intense focus of ultra-wealthy people, and therefore it is expected to receive 4,000 ultra-wealthy people this year, a huge increase of 208 per cent compared to the number of people of this category that the country received in 2019. Which at that time amounted to 1,300 people.

Top 10 Wealthiest Cities in The World 

Here is the list of the top 10 wealthiest cities in the world: 

  • New York: 345,600
  • Tokyo: 304,900
  • San Francisco Bay Area: 276,400
  • London: 272,400
  • Singapore: 249,800
  • Los Angeles & Malibu: 192,400
  • Chicago: 160,100
  • Houston: 132,600
  • Beijing 131,500
  • Shanghai: 130,100 

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