Dubai is among the fastest-growing cities for the super-wealthy, according to Henley & Partners, which tracks private wealth and investment migration trends worldwide, and global wealth intelligence provider New World Wealth.
Dubai’s safe-haven status and low tax rates make it a magnet for migrating millionaires from around the world, it said. Approximately, 3,500 high-net-worth individuals moved to the city in 2022 alone.
Marrakech in Morroco and Kigali in Rwanda are the other fastest growing cities for the rich in the Middle East and Africa region.
Globally, New York, the wealthiest city in the world, kept its position at the top of the list with 340,000 millionaires last year. Dubai is ranked twentieth in the list.
Tokyo, California’s Bay Area, London and Singapore are featured in the list, which looked at 97 cities in nine regions around the world.
However, San Francisco Bay Area is home to the most billionaires globally at 63, followed by New York City with 58 and Beijing at 43.
The US and China dominate the Top 10 Wealthiest Cities list, while only one European city, namely London, made it onto the 2023 list, the report said.
Dubai became the destination of choice for the global rich following the UAE's rapid recovery from the Covid-19 pandemic. The oil-rich country also introduced long-term visas and relaxed certain employment visa and social rules to burnish its international image and make it attractive for those who want to live, work and invest there.
(Reporting by Brinda Darasha; editing by Seban Scaria)