Wealthiest cities in the world: Dubai is home to 13 billionaires, 67,900 millionaires

Dubai is home to 13 billionaires, 202 centi-millionaires and around 68,000 millionaires, according to a new global study.

In a ranking of the cities worldwide with the most number of millionaires, Dubai ranked 23rd, while Abu Dhabi, Sharjah, Riyadh and Doha were among the fastest-growing on the list, having performed especially well this year.

According to the latest Henley Global Citizens Report, the US dominates the world's Top 20 Cities with the most number of millionaires in 2022. While New York takes the crown with 345,600 millionaires, five other American cities —­­ San Francisco, Los Angeles, Chicago, Houston, and Dallas ­— secure places on the coveted world’s wealthiest cities ranking.

The latest report, which tracks private wealth and investment migration trends worldwide, mentions how the highly diversified economy of Dubai propelled its position globally.

Dubai's economy is robust in multiple key sectors, including basic materials, hotels, financial services, oil and gas, real estate, retail, and transport. The report also marks prime residential areas like Emirates Hills, Jumeirah Golf Estates, and the Palm Jumeirah as Dubai's affluent parts.

According to Andrew Amoils, Head of Research at New World Wealth, the millionaire population of Dubai is growing quickly. Along with Mumbai (25th) and Shenzhen (30th), the emirate is expected to break into the top 20 wealthiest cities by 2030.

Amoils also pointed out that cities with strong oil and gas industries are performing especially well this year, including Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos.

Other exciting cities on the fastest-growing list include Lugano, an increasingly popular Swiss hotspot for affluent retirees from Europe. Bengaluru, known as the 'Garden City' and the 'Silicon Valley of India' is also gaining millionaires due to its rapidly growing IT, biotechnology, and business process outsourcing sectors. Hangzhou, one of the most scenic cities in China, is another wealth magnet to watch."

Two Chinese cities, Beijing (9th) and Shanghai (10th), make it into the Top 10, and Switzerland and Australia each manage to secure two Top 20 city spots, with Sydney (11th), Zurich (15th), Melbourne (17th), and Geneva (19th) all making the cut. City-state Singapore (5th), Hong Kong (SAR China) (12th), Frankfurt (13th), Toronto (14th), Seoul (16th), and finally Paris — plummeting 3 places since last year to scrape in at 20th position — make up the rest of the 2022 ranking. Houston is the biggest climber, jumping up 4 places since 2021, and Hong Kong is the biggest faller, crashing down 4 places from 8th place last year.