Dubai has been named among a global list of the top 20 cities with most billionaires.
The ranking, compiled by UK-based Wealthinsight, placed Dubai in 18th position with a total of 11 billionaires based in the city.
Dubai was the only Middle East city named in the list which was topped by New York with 70 billionaire residents.
Moscow was placed second (64), followed by London (54), Hong Kong (40) and Beijing (29).
Wealthinsight also produced rankings for cities with the most millionaire residents. This list was topped by Tokyo with a total of 461,000 millionaires living in the city as of last year.
The Japanese city was followed by New York (389,000) and London (281,000).
The English capital topped a third list produced by the company which ranked cities by numbers of multi-millionaires (more than $30m).
It said London had 4,224 multi-millionaires compared to Tokyo (3,525) and Singapore (3,154).
Wealthinsight provides detailed data and analysis on the world's high net worth individuals (HNWI) and wealth sector.
Last month, the Qatar Financial Centre Authority (QFCA) said that the Gulf state is home to 12 billionaires who hold $17bn in assets between them.
Last year, a report by Capgemini and RBC Wealth Management said the Middle East was the only region in the world where the wealth of high net worth individuals (HNWIs) grew in 2011.
The size of the HNWI population in the region gained by 2.7 percent in 2011 to 0.5 million, while wealth witnessed an increase by 0.7 percent to $1.7trn, the report said.
It added that the UAE witnessed a 3.7 percent drop in HNWI population due to the effects of the real estate crisis in Dubai and the impact of other factors such as the Eurozone crisis.
The report said the Middle East had 4,000 ultra-HNWIs in 2011 - people with $30m in investable assets or with a disposable income of more than $20m - making up 0.9 percent of the HNWI population.
Revealed: Dubai’s newest design hub Concept-Me
The design studio, store, and café is set to open in April...
Revealed: Dubai’s highest picnic
“Pure Picnic” is located at the 35 floor of Hilton Hotel...
$1m Batman Tumbler Batmobile for sale in Dubai
Owner has plans to bring new Batman vs Superman batmobile...
World’s heaviest gold ring to go on display in the UAE
The 58.686 kg gold ring is studded with 5.17 kg of Swarovski...
Moroccan king endorses business jet event
MEBAA will display 25 aircrafts and 50 exhibitors
Revealed: The high stakes of executive jets
It’s been only 100 years since the first commercial flight...
UAE retailer creates record-breaking $2m diamond guitar
Guitar has over 400 carat diamonds set in 1.6kg of 18 carat...