26,000 millionaires living in Dubai, says study

Dubai fails to make it into global top 30 list for most millionaires; topped by London
26,000 millionaires living in Dubai, says study
By Andy Sambidge
Mon 27 Jan 2014 04:23 PM

Dubai hosts a total of about 26,000 millionaires but that is not enough to propel the emirate into the top 30 countries for most high earners.

No Middle East country made it into the list analysing the global high net worth community and published by New World Wealth.

London topped the list with over 339,000 millionaires at the end of 2013, followed by New York and then Tokyo.

Dubai was not even the highest ranked city in the Middle East as Istanbul was named the regional number one with 35,000 millionaires.

The US boasted seven cities in the top 30 list while Germany (three), China (two), Japan (two) and Switzerland (two) all had multiple entries.

The top 30 also included 12 Asian cities, 10 American cities and eight European cities.

In terms of number of millionaires per unit of the population, Swiss cities Geneva and Zurich came out on top followed by Singapore in third place.

Last month, the Wealth-X and UBS Billionaire Census 2013 said the Middle East’s billionaires, with a combined net worth of $354 billion, held a higher percentage of total wealth than in any other region in the world.

Forty percent of the Middle East’s ultra high net worth (UHNW) wealth is being held by the region’s 157 billionaires, compared to 28 percent in Europe, 22 percent in North America and 18 percent in Asia.

Billionaires in Saudi Arabia control more than 70 percent of the country’s wealth, while their counterparts in the UAE hold 24 percent.

Saudi Arabia leads the region with the most billionaires (64), and 25 of these individuals are based in the country’s capital, Riyadh, according to the report.

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