Dubai has officially joined the “Top 20 Richest Cities Club”.
This is by becoming home to 81,200 millionaires, including 237 centi-millionaires (individuals with over $100 million in wealth) and 20 billionaires.
Dubai jumped three places to rank 18th globally in 2024 in terms of its wealthy resident population.
According to the annual report by Henley & Partners, in collaboration with New World Wealth.
Dubai’s Regional & Global Ranking
Dubai also ranked first in the Arab world, climbing from 21st to 18th among the top 50 cities for the rich in 2025.
It recorded a 102% increase in millionaires between 2014 and 2024.
This placed it in the third position globally in terms of millionaire growth rate—behind Shenzhen and Hangzhou.
Dubai attracted 8,700 new high-net-worth individuals (HNWI) in 2024 alone, increasing its total from 72,500 in 2023 to 81,200 by year-end.
The number of centi-millionaires rose from 212 in 2023 to 237 in 2024.
Abu Dhabi’s Wealth Growth
Abu Dhabi also saw significant growth, with an 80% increase in millionaires from 2014 to 2024.
The Emirati capital is now home to 17,800 millionaires, 75 centi-millionaires, and 8 billionaires as of the end of 2024.
Both Dubai and Abu Dhabi are expected to double their number of centi-millionaires over the next decade, signaling the Middle East’s growing status as a global financial hub—fueled by attractive tax policies.
11 From the Top Richest World Cities are in the USA
The United States dominates the list of the Top 50 Richest Cities in the World (2025), with 11 cities on the list.
New York leads the global rankings with 384,500 millionaires, including 818 centi-millionaires and 66 billionaires.
While San Francisco Bay Area (including Silicon Valley) ranks second with 342,400 millionaires and now hosts more billionaires (82) than New York.
It saw a 98% increase in wealthy individuals over the last decade, driven by tech wealth.
Tokyo, the Japanese capital, holds the third place with 292,300 millionaires, followed by Singapore in fourth with 242,400 millionaires.
Los Angeles moved up to fifth place with 220,600 millionaires, including 516 centi-millionaires and 45 billionaires, pushing London to sixth (215,700 millionaires, 352 centi-millionaires, 33 billionaires).
Both London and Moscow (ranked 40th with 30,000 millionaires) saw a decline in wealthy populations over the past decade, at -12% and -25% respectively.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the signing of the Comprehensive Economic Partnership Agreement between the UAE and the Republic of Congo yesterday will contribute to boosting bilateral trade between the two… pic.twitter.com/rrIj0h6iek
— UAE Voice (@uae_voiceeng) April 9, 2025
Other Cities on the Top Richest Cities List:
- Paris remains in 7th place with 160,100 millionaires.
- Hong Kong rose to 8th (154,900), overtaking Sydney (9th, 152,900).
- Chicago entered the top 10 for the first time, reaching 127,100 millionaires.
- Beijing and Shanghai dropped to 12th and 14th respectively.
- Cities like Milan, Vancouver, Miami, Hangzhou, Taipei, and Washington, D.C. moved up in the rankings.
- Lisbon made its debut in 50th place with 22,200 millionaires, replacing Auckland, which dropped out.
This shift in global wealth centers reflects the rise of emerging markets and cities investing heavily in financial infrastructure, tech innovation, and attractive living conditions for high-net-worth individuals.
