By Andy Sambidge
Dubai fails to make it into global top 30 list for most millionaires; topped by London
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.
Wow, little old London with 339,000 millionaires back in 2013. Surely we would all of placed a bet that Dubai would be leading the way? That's quite shocking!
To be fair to Dubai, London has a population of around 11 million (assuming you're covering the full urban area), whereas Dubai has a population of around 2 million.
In other words, London's population is about 5.5 times larger than that of Dubai. When you crunch the numbers, London proportionally has about twice the number of millionaires as Dubai. Plus, it's not clear what the criteria is - for instance, would an Emirati millionaire with properties in both London and Dubai be counted as a Dubai millionaire, a London millionaire, or both?
Well done to London and all the more impressive given you guys pay horrendous rates of tax while us Dubaites keep every penny.
goes to show that the people of the developed world have worked hard to make their money - and that the wealth in the MENA region is only held by the royals and relatives
Doug makes some valid points. It would have been helpful (i.e. better journalism) if the author had told us what the definition of a millionaire is. Presumably we are talking USD here, but do you include non-investment property or just liquid assets. Given the high number for London, I would guess it includes property as I don't know that many people with GBP 600k of cash/stocks/ISA's lying around.
And what about the lowly paid maids, admin staff, construction workers?
Oh wait, maybe they dont really count, as they are generally expats. Pathetic. How about increasing their wages in addition to solely increasing the number of millionaires?
The number of millionaires in a city is not really a significant economic indicator!
What I found a significant indicator is how much of the country's wealth is with millionaires or billionaires. This indicator is alarmin in KSA where billionaires which can not be more than a 100 hold 70% of the entire country's wealth, a country where 30 million people live! I leave the rest to your imagination.
Wow! Close to a hundred individuals hold 70% of KSA wealth... that is simply mind-boggling!
@Brock - this is nothing compare to recent study that world's top 85 richest people hold more wealth than the poorest 3 billion people of the world.
So what? Inequality exist on a global level and individual country level!
Look up Pareto Principle, wikipedia or elsewhere if you didn't have a decent economics class.
This was observed a century ago in Italy and still rings true today.
the 20% do 80% of the work.
It is recursive if you go to the top 20%.
of that 20% the 20% do 80% the work( so the 4% do the 64%)
the top 0.8% are responsible for the 51,2%
So huge inequalities at the extreme ends of the statistical power law curve are a given.