New York Ranked Wealthiest City Globally, Dubai Leads in Middle East
By
May 11, 2024
- New York’s residents are worth more than $3 trillion
The National News reported that Dubai, renowned for its opulent skyline and affluent lifestyle, has earned the title of the wealthiest city in the Middle East. Meanwhile, New York claims the top spot globally with 349,500 millionaires and 60 billionaires.
According to Henley’s and Partners’ “Top 50 Cities for Millionaires” list, Dubai secured the 21st position overall, boasting a millionaire population of 72,500. Over the past decade, the city has witnessed a staggering 78% growth in millionaires, with 212 centi-millionaires and 15 billionaires among its residents. Additionally, Dubai experienced the second-highest net inflow of millionaires in 2023.
Tel Aviv in Israel is the only other Middle Eastern city to make it to the top 50, with 24,300 millionaires.
The report also highlights Abu Dhabi, the capital of the UAE, as the next major hotspot for millionaires. Jeddah was identified as another city in the Middle East with promising potential.
New York leads the global rankings with a wealth surpassing $3 trillion, exceeding the combined wealth of most G20 countries. It is followed by Bay Area, Tokyo, Singapore, London, Los Angeles, Paris, Sydney, Hong Kong, and Beijing in the top 10 wealthiest cities worldwide.
