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In the global ranking of wealthiest cities (by where the highest number of millionaires reside) Dubai is placed 23rd, and is expected to break into the top 20 wealthiest cities by 2030. Image Credit: WAM

Dubai: 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 (Dh3.67 million).

The report also reveals exactly how many multi-millionaires and billionaires reside in each city. The data tracks the movement and spending habits of over 150,000 wealthy individuals in New World Wealth’s database, used purely for in-house, statistical studies such as this report.

New York is the wealthiest city with 345,600 millionaires residing there. The figures mentioned in the report are as of June 2022. However, New York has seen a decline of 12 per cent in resident millionaires year to date. 

UAE leads in projected net influx

The UAE, as a whole, is projected to have the highest net influx of millionaires in 2022, the report stated. As of June, 92,600 millionaires call the UAE home. Dubai and Abu Dhabi are among the top five wealthiest cities in the Middle East, and are still growing at 18 and 16 per cent respectively.

Sharjah, home to 3,700 millionaires, is the fastest growing city in the index at 20 per cent year to date, along with Riyadh in Saudi Arabia.

67,900 millionaires reside in Dubai as of June, which includes 13 billionaires and 202 centi-millionaires (individuals with net worth valued at more than $100 million). In the global ranking, Dubai is 23rd, and is expected to break into the top 20 by 2030, given its high growth rate. Abu Dhabi has 23,800 HNWIs, which includes 3 billionaires and 67 centi-millionaires.

Asian cities race to the top

Mumbai and Shenzhen are also 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.

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

Tokyo, Singapore, Beijing and Shanghai feature in the top 10 wealthiest cities in the report.

Top 10 cities

Overall, the United States of America has emerged as the clear preference for the world's rich to reside, with six American cities named among the top 20 wealthiest. While London is still among the top ten, the city has fallen by 9 per cent and is also projected to have a high net outflow of HNWIs in 2022.

The top ten cities as per the report are New York, Tokyo, San Francisco Bay Area, London, Singapore, Los Angeles and Malibu, Chicago, Houston, Beijing and Shanghai.