While the number of millionaires is often considered a useless statistic that does not reflect the economic prowess of any given city, the reality is that it does to some degree. The willingness of rich people to live in certain cities is an excellent indicator of the healthiness of its economy, entertainment, and cultural legacy. There is a reason why wealthy people don’t live in Monrovia.
The list of the richest cities in the Middle East is led by Dubai
It is hard to imagine a city richer than Dubai, it regularly impresses the world with mind-boggling infrastructural and entertainment projects, boasts some of the tallest buildings in the world, and has a reputation as a city packed with millionaires. However, it did not even make the list of the richest cities created by Hanley & Partners who evaluated metropolitan areas by the number of millionaires living there.
Dubai has 3170 millionaires which are 690 more than in 2021. The list of billionaires calling Dubai home is also expanded with one new entry. Dubai is the leader of the Middle East in terms of the number of high-net-worth individuals, but it is still way below Paris which holds the last place in the international TOP20 with 88,600 HNWI and 15 billionaires.
Despite having a host of various incentives for HNWI to move from other places in the world, Dubai is still far away from becoming a destination of choice for people who earn a lot of money. It seems that NHWIs still prefer living in culturally progressive cities that have a reputation of being rich that built by mass media.
The TOP20 is dominated by ultra-rich cities that are considered international centers of trade and economic growth. The number one position is firmly held by New York with its massive 345,900 NHWIs and 59 billionaires as well as 737 people with a net worth of over $100 million. Note that the city still has this position despite the 12% fall from 2021.
Tokyo is the second-richest city in the world with 304,000 NHWIs after an 8% reduction since last year. The list of TOP3 cities is rounded up by the San Francisco Bay area which is one of the most densely populated metropolitan areas in the western world. San Francisco is home to 276,400 NHWIs and 62 billionaires. These metrics increased by 4% since the last year.
Tel Aviv’s place in the global ranking
The capital of Israel has 42,400 NHWIs and 12 billionaires as well as 118 centimillionaires (people with over $100 million in total assets). While not as impressive as cities from the TOP20, it is still a number that should be respected. However, the recent events in the global economy shook the nation and reduced the number of NHWIs in comparison to 2021 and reduced the collective net worth of the local rich by 7%.
The number could have been higher if not for the influence of global events that dramatically affected many economic metrics and reduced the total wealth of individuals in Israel by a significant margin. However, other factors contribute to the number of wealthy people living in any given city. For example, a simple “golden passport” program can dramatically change the population of a metropolitan area by inviting millionaires who build infrastructure and create jobs.
Such programs are in full effect in London, New York, Sydney, Toronto, and Singapore. All these cities have a system in which wealthy residents receive citizenship in exchange for massive investments in the local economy. All these cities are included in the latest report of Hanley and Partners as members of the TOP20 with Singapore holding the 5th position and London — 4th.
It would not be feasible for Tel Aviv, but it does explain why the capital of Israel is not higher in the international ranking. The 2nd place in the Middle East region is still a very big achievement.
