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Dubai Named Richest City in Middle East With 72,500 Millionaires

The city ranked 21st in Henley & Partners 2023 ranking, whilst Abu Dhabi remains outside the top 50.

Scene Now UAE

Dubai Named Richest City in Middle East With 72,500 Millionaires

Dubai has cemented its place as the wealthiest city in the Middle East by sheer number of millionaires, according to a new study by Henley & Partners in collaboration with New World Wealth. Surging by nearly 80% over the last decade, the number of individuals living in Dubai with liquid investable wealth of USD 1 million or more now stands at 72,500. Of those people, 212 are centi-millionaires, with USD 100 million or more in assets. Dubai is also home to 15 billionaires.

The new study puts Dubai firmly within the top 50 ranking of the world’s wealthiest cities - taking 21st place - as it continues to draw individuals with existing wealth to its shores, whilst also providing a suitable stage for the growth of startups and established companies alike. More millionaires live in Dubai than Osaka, Munich, Vancouver or Madrid.

Meanwhile, Abu Dhabi is yet to break into the top 50, but with wealth growth rates of more than 75%, the Emirati capital is a clear contender for future rankings. By comparison, New York once again topped the list, with 349,500 millionaires living within the city; the total wealth held by residents in New York City now exceeds USD 3 trillion, higher than the same figure in most major G20 countries as a whole.


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