Wealthiest cities of the world: Dubai, Abu Dhabi among cities with most millionaires in residence

NEW YORK CITY: The latest Henley Global Citizens Report, which tracks private wealth and investment migration trends worldwide, published their list of cities with the highest number of resident millionaires or high net-worth individuals (HNWIs) with wealth valued at more than $1 million. New York takes the crown with 345,600 millionaires residing in the city, but is just one of six American cities in the top 20. Dubai and Abu Dhabi are two of the top five wealthiest cities in the Middle East.

DUBAI: In the Middle East, Dubai tops the ranking with 67,900 millionaires in residence, and a whopping 18 per cent jump in concentration of HNWIs since last year. According to the report, 13 billionaires call Dubai home as of June. In the international ranking Dubai is placed 23rd, and is expected to break into the top 20 wealthiest cities by 2030. Tel Aviv is the second wealthiest city in the region.

ABU DHABI: Abu Dhabi is also among the wealthiest cities in the region, and is placed third in the Middle East. Doha and Riyadh round off the top five in the region at fourth and fifth places respectively. Abu Dhabi is home to 23,800 HNWIs, with an 16 per cent jump in concentration of millionaires since last year.

SHARJAH: Sharjah features in the top five fastest growing cities in the world when it comes to millionaires in residence. The emirate has seen a 20 per cent increase in HNWIs in residence since last year, at the same rate as Riyadh in Saudi Arabia - these two cities are the fastest growing according to the report. Currently, Sharjah has 3,700 resident millionaires

MUMBAI: Mumbai and Shenzhen are growing quickly, and are expected to break into the top 20 wealthiest cities by 2030. Mumbai has 60,600 resident millionaires, 243 centi-millionaires, and 30 billionaires

BENGALURU: With more than 12,600 HNWIs in residence and an 8 per cent growth rate, this Indian city is also climbing up the global rankings. Bengaluru, known as the ‘Garden City’ and the ‘Silicon Valley of India’ is gaining millionaires, the report states, due to its rapidly growing IT, biotechnology, and business process outsourcing sectors.

TOP 10 WEALTHIEST CITIES - TOKYO [2]: In second place on the global list, Tokyo hosts 304,900 resident high-net-worth individuals. Tokyo has 12 billionaires, according to the report, and over 7,300 multi-millionaires.

TOP 10 WEALTHIEST CITIES - SAN FRANCSICO BAY AREA [3]: 276,400 millionaires reside in this city, and the area has seen a 4 per cent increase in concentration of HNWIs year-on-year.

TOP 10 WEALTHIEST CITIES - LONDON [4]: Dropping from first place, London now sits fourth on the list with 272,400 resident millionaires

TOP 10 WEALTHIEST CITIES - SINGAPORE [5]: This city where 249,800 HNWIs reside also hosts 26 billionaires and 336 centi-millionaires (net worth over $100 million)

TOP 10 WEALTHIEST CITIES - LOS ANGELES AND MALIBU [6] : While the city has seen a 6 per cent decrease overall in resident rich, 192,400 HNWIs call LA home based on the report released this week.

TOP 10 WEALTHIEST CITIES - CHICAGO (7), HOUSTON (8): June figures show that Chicago (seventh) is home to over 160,000 millionaires, and Houston (eighth) hosts more than 132,000 millionaires. [Pictured: Chicago]

TOP 10 WEALTHIEST CITIES - BEIJING (9) AND SHANGHAI (10): Two Chinese cities round off the top 10, with Beijing and Shanghai (pictured) taking the 9th and 10th spots on the list.