DATE: 02 Dec, 2022
When we talk about Dubai, a visual rich of impossibly high skyscrapers, oil, and Sheikhs comes to mind. A theme that is prevalent in all these thoughts is wealth. As a recent report by Henley and Partners suggests, it will attain that title by 2030.
The report claims that Dubai, Mumbai and Shenzhen will be breaking into the list of the World’s top 20 wealthiest cities by the year 2030. Dubai is already home to 67,900 millionaires, 202 centi-millionaires (people with net assets of $100 million or more), and 13 billionaires.
The rapidly growing industries of real estate, transportation, oil, gas, tourism and financial services are conspiring to boost the emirate’s wealth. While the real estate property developers in Dubai are adding to the list of attractive tourist and housing architectural marvels, the mega structures such as Burj Khalifa, Burj Al Arab, Palm Jumeriah, and the Museum of future draw the attention of the world to the region.
The Dubai International Financial Centre (DIFC) acts as a hub that assists family businesses and ultra-high net worth individuals (HNWI) in legacy and succession plans, it is promised to help Dubai climb higher on the ladder from its 23rd rank on the list of globally wealthiest countries.
Richest Cities set to be rivalled by Dubai.
A report published in June this year by New World Wealth claimed that the UAE is expected to overtake the wealthiest countries, such as the US and UK. These destinations attracted the most significant inflows globally in 2022.
The emirate of Dubai has been strategically marketed as an international hub with a high-income economy, free trade, low tax rate, and zero income tax acting as the catalyst driving start-ups and small international businesses to move to Dubai.
Easy regulations, renowned with lavish lifestyles, and luxury residential projects in Dubai have helped the city to bag its position on the list.
Dubai to become the Richest City.
As it stands, the USA dominates the list with five cities: San Francisco, Los Angeles, Chicago, Houston, and Dallas, all under the top 10. It’s 345,600 total millionaires is also larger than that of Dubai.
It is worth reminding you that we are comparing a city vs a country. But it goes on to show the stiff competition Dubai has lying ahead.
A similar report by Henley and Partners also claims that if Dubai continues accelerating its growth, the city might even break into the top 20 by 2030. This goes on proves that the emirate of wonders is ready to compete with the big players.
1) Is Dubai the wealthiest city in the world?
Ans: Dubai is the richest city in the MEA (Middle East and Africa), and according to the New World Wealth, it is the 29th wealthiest city in the world.
2) What’s the richest city in the world?
Ans: According to Henley & Partners, New York City is home to 345,600 millionaires, including 737 centi- millionaires (with a wealth of USD 00 million or more) and 59 billionaires, top the list with the most millionaires per city worldwide.
3) Where does Dubai rank as the richest city in the world?
Ans:When it comes to the wealthiest cities in the world, Dubai ranks at 23rd position as the most popular city in the world for extremely wealthy inhabitants, according to a recent survey by Henley & Partners.