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Fri 10 May 2013 11:50 AM

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Dubai in global top 20 list for billionaires

Emirate placed 18th in new report with 11 billionaires; ranking topped by New York with 70

Dubai in global top 20 list for billionaires

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.