Every 51st resident in Dubai is a millionaire, reveals World’s Wealthiest Cities report

Every 51st resident in Dubai is a millionaire, reveals World’s Wealthiest Cities report

Every 51st person that you meet in Dubai could be a millionaire, that is according to the recently released World’s Wealthiest Cities in 2024 report by Henley & Partners. The report is published annually by the international wealth migration firm in collaboration with global data intelligence firm New World Wealth.

Over the past decade, Dubai has seen a growth of 78 per cent in its millionaire population and takes the slot for the wealthiest city in the Middle East region.

The report lists Dubai as the 21st-wealthiest city in the world, along with a forecast that the ultra-modern emirate could continue its climb as a wealth magnate and is highly likely to break into the ‘Top 20’ in the coming years. Currently, the city with a population of 3,655,000 (2023) is home to 72,500 millionaires ($1m+), 212 centi-millionaires (with investable wealth of over $100m), and 15 billionaires, as per the report.

The report added that while the UAE’s capital Abu Dhabi hasn’t yet cracked a spot in the Top 50 ranking, the resident high-net-worth-individual (HNWI) population has seen a growth rate of 75 per cent over the last 10-years which makes it a likely contender in future.

Dominic Volek, group head of Private Clients