Dubai is one of the 50 richest cities in the world and the wealthiest in the Middle East, with the number of millionaires surging by nearly 80% over the last decade, according to a new study.

The number of individuals living in Dubai with liquid investable wealth of $1 million or more surged by 78% to 72,500 between 2013 and 2023, according to the World’s Wealthiest Cities Report 2024 from Henley & Partners in collaboration with New World Wealth.

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The city is also home to 212 centi-millionaires, or those with $100 million or more, and 15 billionaires.

Dubai takes the crown as the richest city in the region and the 21st wealthiest in the world, with a millionaire population larger than in major cities like Munich, Rome, Amsterdam, Osaka, Vancouver, Madrid, Washington and Brisbane, among many others.

“The ultra-modern wealth magnate is highly likely to break into the top 20 in the coming years, and although the UAE’s oil-rich capital Abu Dhabi hasn’t yet cracked a spot in the top 50 ranking, growth rates of over 75% make it a likely contender in future,” the report said.

Overall, New York topped the list of 50 cities for millionaires, which accounted for 349,500 as of 2023, followed by the Bay Area, Tokyo, Singapore, London, Los Angeles, Paris (including Ile-de-France), Sydney, Hong Kong and Beijing in the top 10.

The total wealth held by residents in New York now exceeds $3 trillion, which is higher than the total wealth held in most major G20 countries.

 (Writing by Cleofe Maceda; editing by Seban Scaria)