Dubai is home to over 54,000 dollar millionaires, more than any other city in the region, a new report has revealed. That number for June 2021 is up from 52,000 in December 2020, or a 3.8 per cent gain in six months. Total wealth held in the city amounts to $530 billion, or Dh1.95 trillion, according to New World Wealth’s ‘The Wealthiest Cities in the World 2021’ report.

“The number of high net worth individuals, or dollar millionaires, in Dubai are up by 25 per cent over the past decade (2011 to 2021)”

Andrew Amoils, New World Wealth

The 2021 report ranks Dubai as the wealthiest city in the Middle East & Africa region, and the 29th wealthiest city in the world. Besides the more than 54,000 dollar millionaires, Dubai is home to 165 centi-millionaires (those with $100 million in total wealth) and 12 billionaires.

“The ‘total wealth’ refers to the private wealth held by all the individuals living in each city (i.e., resident wealth). Government funds are excluded,” said Amoils.

Globally, New York is the richest city in the world, with 370,000 millionaires, 870 centi-millionaires and 80 billionaires holding $2.9 trillion in private wealth. San Francisco Bay Area a.k.a. Silicon Valley ($2.6 trillion), Tokyo ($2.5T), London ($2.3T) and Beijing ($2T) wrap up the Top 5 wealthiest cities in the world.

Residents of just four other global cities hold private wealth of $1 trillion or above: Shanghai ($1.8T), Los Angeles ($1.3T), Sydney ($1.1T) and Chicago ($1T).

In the Middle East, leader Dubai is followed by Tel Aviv (which holds $312 billion in total wealth), Johannesburg ($235B), Istanbul ($180B), and Cape Town ($130B).

According to the report, Dubai millionaires make their fortunes from industries such as financial services, basic materials, oil & gas, transport, hotels, retail and real estate.