While the global pandemic has affected the economy worldwide, new data has shown Dubai is the wealthiest city in the Middle Eastern region.
According to a new report by New World Wealth, per the Khaleej Times, Dubai has come out on top in terms of wealth city-wise and the UAE is the wealthiest country in the Middle East.
As of June 2020, per the report, the UAE has 82,763 high and ultra-high net worth individuals (UHNWIs) and they own over Dhs3 trillion ($825 billion) of wealth in the country.
Amongst these 82,763 UHNWIs in the UAE, there are 12 billionaires; 214 millionaires who have a net worth of more than $100 million; 3,410 millionaires with a net worth of more than $10 million; and 79,100 millionaires with a net worth of more than $1 million.
Meanwhile, Knight Frank’s 2020 Wealth Report also predicts the number of UHNWIs will increase by 24 per cent in the next five years and is expected to do so more than major hubs including the USA, Switzerland, Germany, France, Japan and more.
As for cities in New World Wealth’s data, Dubai came on top for the wealthiest Middle Eastern city and is home to a total of nine billionaires; 2,310 millionaires worth over $10 million; and 49,400 millionaires worth over $1 million.
Other wealthy cities which also ranked high from the Middle East include Tel Aviv, Istanbul, Abu Dhabi, Riyadh and more.
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