Dubai Witnesses Record Increase in High Net Worth Individuals 


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Dubai sees increase in High Net Worth Individuals – 2022

A global study by Henley & Partners ranks Dubai among the wealthiest cities globally. With an estimated population of 3.5 million, Dubai is ranked 23rd globally. The city has 13 billionaires, 202 centi-millionaires and 67,900 millionaires compared to 54,000 in 2021. Dubai saw an 18% increase in high-net-worth individuals (HNWIs) in the first six months of 2022. 

Dubai 1st in the Middle East for HNWI Wealth

Dubai is ranked first for the HNWI wealth in the Middle East region followed by Tel Aviv (Israel). Abu Dhabi is ranked third with 23,800 millionaires followed by Doha and Riyadh which had 21,300 and 17,200 millionaires respectively. On similar lines, Abu Dhabi, Riyadh and Doha were among the fastest-growing on the list in the region, having performed relatively well in 2022

Dubai – The Most Diversified Economy

Dubai has a robust economy in multiple key sectors, including FMCG, F00d & Beverage, Hospitality, Real Estate and Financial Service. Dubai’s affluent residential communities include Emirates Hills, Jumeirah Golf Estates and Palm Jumeirah. The millionaire population of Dubai is growing quickly and is expected to be in the top 20 wealthiest cities by 2030. Being of the best market research companies in Dubai, we believe that Dubai residents have a very strong purchasing power and willingness to spend on brands. 

UAE’s Conducive Business Conditions Encourage HNWIs

Thanks to favorable business conditions, the UAE has seen an influx of HNWIs. In addition, the recently implemented new visa regulation offers digital nomads, startups and investors unprecedented immigration options. This includes benefits for their family members to reside in the country. UAE has leaving no stone unturned in ensuring that it remains competitive in attracting global wealth and talent pool. 

Globally, the USA dominated the world’s Top 20 Cities with the most number of millionaires in 2022 with New York having the highest ranking and 345,600 millionaires. In addition, the other five major American cities ranked on the world’s wealthiest cities ranking include San Francisco, Los Angeles, Chicago, Houston and Dallas secure places on the world’s wealthiest cities ranking.



Author: Waqas Siddiqui
The author is the Managing Director of Research Konnection, a Dubai based market research and consulting firm that helps local and international companies to identify emerging business opportunities and successfully expand in the Gulf region. The author can be reached at waqas@researchkonnection.com