Dubai Will Break Into The World's Top Wealthiest Cities
According to a new global study:
- Dubai is home to 13 billionaires, 202 centi-millionaires and around 68,000 millionaires.
- Dubai currently stands 23rd on the list of globally wealthiest countries.
- Dubai has been recorded as the 23rd most popular city in the world for ultra-wealthy residents.
The emirate saw an 18% rise in high net worth individuals (HNWI) over the first six months of 2022.
The recent launch of Dubai International Financial Centre (DIFC), a hub that assists family businesses and ultra-high net worth individuals in legacy and succession plans, is expected to bring promising results and help climb the global wealth ladder.
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* New World Wealth’s published a report in June this year claiming that the United Arab Emirates is expected to overtake the wealthiest countries, including the US and UK, which attract many millionaires with the most significant inflows globally in 2022.
* If you look around, you will easily find a list of companies that left their country to operate from Dubai because of the ease of business and facilities. With Free trade, a low tax rate, and zero income tax, start-ups and small international businesses find Dubai their favourite spot to operate.
* Easy regulations, renowned and luxury lifestyles, high-end homes, villas, and apartments with world-class malls, restaurants, and tourist spots helped the city to bag its position in the list. Continuous improvement in these areas will help them maintain and grow from their recent position.
* City also offers fantastic schooling facilities with beaches, water sports, and other leisure activities that attract those with children.
Dubai Is Competing!
Currently, the USA dominates the list with five cities: San Francisco, Los Angeles, Chicago, Houston, and Dallas, under the top 10. The country has 345,600 millionaires, which is much more than Dubai.
Although a city vs. country is not a fair comparison, it certainly highlights that Dubai has tough competition ahead, and making it to the top of the list is a distant dream.
A similar report by Henley and Partners also claims that if Dubai continues to proliferate, the city might break into the top 20 by 2030. It is good news and a solid motivation to compete with big players.
Rankings of Other Wealthy Cities
- Mumbai and Shenzhen also find their spot after Dubai at 25th and 30th position, respectively. Both cities also find their fair chances to compete to be on the top.
- 60,600 millionaires, 243 centi-millionaires, and 30 billionaires already find their homes in Mumbai. Also, the megacity has the Bombay Stock Exchange and National Stock Exchange, and both rank as the world’s tenth most significant stock exchanges by market cap.
-Shenzhen is a hi-tech city in China that is also home to 43,600 millionaires and Shenzhen Stock Exchange. It is currently the seventh-largest stock exchange by market capitalization. Major tech giants, including Tencent, ZTE, and Huawei find their headquarters in the city.
There are no predictions of these countries breaking to the top of the list, but they are indeed set to give tough competition if the conditions remain favourable.
Have a look into the Top ten Cities!
The list highlights the top 10 wealthiest cities having the most significant number of millionaires in the world and includes
New York: 345,600
San Francisco Bay Area: 276,400
Los Angeles & Malibu: 192,400
Two Chinese cities, including Beijing and Shanghai, find their recent additions to the top 10 list, which might climb up in the list in upcoming years.
1. What makes Dubai a wealthy city?
Dubai is much similar to Hong Kong. It’s located near the busiest sea routes that provide immense transportation benefits. Also, oil, free trade, a low tax rate, and zero income tax are important reasons for making Dubai a wealthy city.
2. Is Dubai the wealthiest city in the world?
Currently, Dubai stands 23rd in the list of wealthiest cities but is predicted to claim its position in the top 20 by 2030. Of course, if conditions remain favourable.
3. What is the reason behind Dubai’s rapid growth?
Commercial maritime activities and Dubai’s position at the entrance/exit of the Persian Gulf make their shipping port among the busiest in the world. Ease in international transportation is the prominent reason behind their rapid growth.
4. How many billionaires and millionaires reside in Dubai?
A recently published report by Henley and Partners reveals Dubai is home to 67,900 millionaires, 202 centi-millionaires, and 13 billionaires. Because of easy regulations, most businesses now find Dubai their favourite spot to operate, and the number of millionaires is expected to grow shortly.
5. Does Dubai’s mega projects support its rapid growth or restrict it?
The country is known for constructing impossible-looking structures that cost colossal money, but the return on investment is always greater. It brings tourism, finance and more opportunities. So, indeed it supports their rapid growth.
6. Why is Dubai one of the richest countries in the world?
Free trade, a low tax rate, and zero income tax have made Dubai a popular business hub and a wealthy state. Dubai is also the gateway to the East and boasts of the world's highest international passenger flow. It is a world-renowned destination for all travelers, including the rich and famous.
7. What's so special about Dubai?
Dubai is famous for contemporary sightseeing attractions such as the Burj Khalifa (the world's tallest building) and shopping malls that come complete with mammoth aquariums and indoor ski slopes.
8.Why the wealthy are moving to Dubai?
The country's quick reaction to COVID-19 through its vaccination drives, its overall stable weather, great diplomatic relations, peace, a robust economy, a positive business environment, and low crime rates was among the many factors that millionaires are choosing to make Dubai their new home.
9. Is Dubai worth living?
Dubai offers a diverse and exceptional lifestyle. If you compare the minimum living standard or lifestyle of this place, you will find it is always improving and at a higher rate compared to other fast progressing economies in the world.
10. Has Dubai always been a rich country?
The move away from oil led to a boost in tourism, and the little oil Dubai eventually discovered in 1966 went towards building the city we know today. Dubai began shipping oil in 1969 before gaining independence from Great Britain in 1971, when it became one of the UAE's seven emirates.