Is Dubai the Wealthiest City in the World?

Modern Dubai is the embodiment of wealth, luxury, development, and prosperity. Is Dubai the richest city in the world? Not yet. However, Dubai is moving closer to this title by attracting big foreign investments, having high oil and gas prices, selling expensive real estate, and developing tourism, technologies, and healthcare. The number of dollar millionaires in Dubai is also growing. Read on to find out about opportunities offered by the most popular metropolis in the United Arab Emirates and about the richest place in Dubai.

• How Many Millionaires Are in Dubai?
• How Dubai Strengthens Its Position

How Many Millionaires Are in Dubai?

According to New World Wealth, a global wealth intelligence group that monitors expenditure patterns of the wealthiest people in the world, Dubai ranks 20th on the top 30 list of the world's richest cities. 

What the dubai net worth consists of? Dubai is home to 15 dollar billionaires and 68,400 millionaires, 206 of whom own assets worth more than $100 million. A total of 58 billionaires and 340,000 millionaires live in New York, the city that tops the list There are 724 people in New York worth $100 million or more.

Besides Dubai, what is the richest city in the world? The list of the top 10 richest cities also includes Tokyo (14 billionaires and 290,300 millionaires, San Francisco Bay Area (63 billionaires and 285,000 millionaires), London (36 billionaires and 258,000 millionaires), Singapore (27 billionaires and 240,100 millionaires), Los Angeles (42 billionaires and 205,400 millionaires), Hong Kong (32 billionaires and 129,500 millionaires), Beijing (43 billionaires and 128,200 millionaires), Shanghai (40 billionaires and 127,200 millionaires), and Sydney (15 billionaires and 126,900 millionaires).

However, every year more and more rich and super-rich people choose to settle in Dubai increasing the wealth of the city. Henley & Partners, a consultancy specialising in citizenship and residence policy, states that the number of high-net-worth individuals in the emirate grew by 18% in the first half of 2022, and continues to rise.

How Dubai Strengthens Its Position 

Why Dubai is one of the richest cities in the world? Investors choose Dubai for its developed economy, strong banking system, and the prosperous business climate. The emirate's stable economy is based on the UAE's strong ties with key regional and global trade associations. The UAE has been a member of the World Trade Organization (WTO) since 1996. It is also a member of the Greater Arab Free Trade Area and has free trade agreements with many countries in the Middle East and Asia.

Why is Dubai so rich? The United Arab Emirates is the sixth-largest exporter of oil, gas and gold in the world. A stable economy and a secure environment also attract lots of tourists. About 20 million people from all over the world visit Dubai every year. Travel and tourism in the richest part of Dubai make up 11.6% of the country's GDP.

Is there any other reason why is Dubai so rich? The UAE has launched a "Golden Visa" programme to attract highly skilled foreign professionals from various fields, including IT, healthcare, science, technology, art, sports, and business. The government is actively investing in R&D facilities for different industries and has adopted a law on direct foreign investments to create better conditions for investors. By 2030, the UAE aims to attract $150 billion worth of foreign investments and to become one of the top 10 cities in the world in terms of investment potential.

What else makes Dubai the richest area in the world? The Global Financial Centres Index lists the Dubai International Financial Centre (DIFC) among the top 10 biggest financial centres in the world. Seventeen of the world’s 20 largest banks have branches in Dubai. The DIFC recently opened a centre for family businesses and high-net-worth individuals to help them with inheritance and succession processes. It is aimed at supporting private capital and providing consultancy and concierge services, training, and legal assistance to its customers.

You can find the richest places in Dubai such as luxury with first-class residential complexes, yacht marinas, the largest malls, and the best restaurants. The city has many international schools. All of these things appeal to expats from all over the world.

To understand how rich is Dubai, take a look on it's real estate market. The luxury real estate market is booming in Dubai. High-end villas and apartments in the richest areas in Dubai are always in demand and are getting more expensive. Experts say property prices have not yet peaked. The fact that someone recently bought a 2,000-square-metre plot in Jumeirah Beach, Dubai richest place, for $34 million says a lot about Dubai’s investment potential. The seller managed to make almost $24 million in just two years: the Dubai Land Department claims that the previous owner originally bought this plot just for $10 million.

In a Nutshell 

All in all, why Dubai is so rich? The UAE more broadly and Dubai in particular first accumulated wealth by exporting oil and gold, but this industry now makes up only one part of the country's development strategy. Dubai is focused on diversifying the economy and wants to attract more foreign investments and highly skilled professionals.

Cover photo: Nick Fewings (Unsplash)