Dubai has maintained its position on the “Knight Frank” list of the 50 most attractive cities for the wealthy around the world in 2024, ranking globally at the top in terms of millionaires per capita and as one of the top destinations in terms of wealth per capita density.
Dubai ranked 21st among the top 50 cities globally and is expected to soon enter the top 20 globally.
Knight Frank highlighted in the report, produced in partnership with “New World Wealth,” Dubai’s exclusive title as the richest city in the Middle East, especially with the city achieving a significant leap in its millionaire population by 78% over the past ten years, now exceeding 72,500 millionaires (individuals with wealth exceeding $1 million) and 212 centi-millionaires (individuals with wealth exceeding $100 million) and 15 billionaires.
The announcement of Dubai’s new airport gateway is a timely step to maintain economic momentum and ensure its future as a leading global center that remains at the forefront of global interest and ambition.
Dubai also witnessed the second-highest net inflow of millionaires globally in 2023, continuing significant progress across various sectors. The report also highlighted that the Dubai government recently unveiled a transformative plan for the aviation industry through Al Maktoum International Airport, which will be the world’s largest with a final capacity serving 260 million passengers, five times the current capacity of Dubai International Airport.
New York tops the list as the richest city in the world, with 349,500 millionaires, 744 centi-millionaires, and 60 billionaires residing there, with the total wealth held by New York’s wealthy currently exceeding $3 trillion, surpassing the total wealth of most G20 countries. Tokyo ranks third with 298,300 millionaires, followed by Singapore with 244,800 millionaires, and London ranks fifth with 227,000 millionaires, although it continues to decline after leading the list for many years, experiencing a 10% decline over the past decade.
The United States leads the list with 11 of its cities among the top 50 cities, including New York ranking first globally and the San Francisco Bay Area ranking second globally with 305,700 millionaires.
In addition to Dubai, Abu Dhabi, on the other hand, houses 22,500 millionaires, placing Abu Dhabi second in the region. Abu Dhabi witnessed a 75% increase in the number of millionaires over the past ten years. Similarly, during the same previous decade, Sharjah saw a 95% increase in millionaires, reaching 4,100 individuals.