That’s the highest concentration of millionaires in the Middle East…

Dubai is now home to the largest concentration of millionaires in the Middle East, according to a new report. As per Henley & Partners and reported by The National, some 72,500 millionaires now call Dubai home.

After Dubai, Abu Dhabi has the next highest concentration of millionaires in the Middle East as per the Henley & Partners report, with 22,500 millionaires residing in the capital.

Back to Dubai, and of those with a net worth of $1 million or more, 212 are ranked as centi-millionaires, which is anyone with a net worth of $100 million or more. Moving into the major big bucks, and the city is the home of 15 billionaires, according to Henley & Partners. To create the report, Henley & Partners tracks private wealth and investment migration trends worldwide, and utilises global intelligence provider, New World Wealth.

In the last 10 years, Dubai has seen a 78 per cent growth in its millionaire population, while Abu Dhabi’s number of millionaire residents has increased by 75 per cent. In neighbouring Sharjah, the number of millionaires has increased by 95 per cent over the last decade, and now stands at 4,100.

Looking at the wider region, the millionaire population has also increased in the Saudi cities of Riyadh and Jeddah. Seeing a 40 per cent rise over the last 10 years, Riyadh is now home to 18,200 millionaires, 67 centi-millionaires and 8 billionaires. In Jeddah, there are 7,500 millionaires, 32 centi-millionaires and 8 billionaires, as per the report.

But there’s still a way to go before Dubai ranks within the top 10 cities in terms of millionaire population (currently, it’s ranked 21st). Taking the top spot of wealthiest city is New York, with 349,500 millionaires living in the city. Thereafter comes San Fransisco Bay Area with 305,700, Tokyo with 298,300 and Singapore with 244,800. Rounding out the top five is London, with 227,000.

All stats are as per the latest data available from December 2023.