The Middle East is known for its riches and luxurious lifestyle, with it being home to many wealthy cities and individuals. The region’s wealth can be credited to a number of things including the fact that it holds a vast portion of the world’s oil and natural gas  reserves. Therefore, countries such as Saudi Arabia, United Arab Emirates, and Qatar have become some the most affluent nations on the globe. 

But within those prosperous countries, there are cities that stand above the rest – and this mammoth urban centre has been recognised for boasting the most millionaires in the region. This comes as no surprise as the luxury city is an absolute haven for the wealthy. Dubai in the United Arab Emirates boasts a whopping 72,500 millionaires, 212 centi-millionaires and 15 billionaires, according to Henley & Partners World’s Wealthiest Cities Report 2024, making it the city with the highest net-worth individuals in the Middle East. 

Dubai has become one of the world’s leading financial hubs as a result of the surge in private wealth that is found in the city. It has a number of advantages which makes it a great place for the rich to thrive which has ushered it into becoming one of the most desired location for millionaires and billionaires.

Another unique strategy the city utilises is the increasing number of family offices based in the city. The Dubai International Financial Centre (DIFC) has over 600 active registered entities associated with family businesses and is focused on preserving and growing the wealth of those businesses. 

The move will easily set new heights for generational wealth in Dubai and further lead to the city becoming home to even more high-net-worth individuals.

In addition to individual and private wealth, Dubai has one of the world’s fastest-growing economies. Its largest contributors are real estate and construction, as well as trade and financial services. Tourism also plays a big role in the economy, as the government uses it to maintain the flow of foreign cash.

Last year, Dubai saw a record of 18.72 million visitors – a 9% increase than the year prior.  The city is known for offering luxury experiences, which is what draws many tourists to the country. Shopping in the city is one of its major attractions; the country is even described as the “shopping capital of the Middle East”. It houses over 70 shopping centres, including the second largest in the world, The Dubai Mall.