Dubai Emerges as the Middle East’s City with the Highest Number of Billionaires

Dubai has solidified its position as the city with the highest number of billionaires in the Middle East, according to the recent study conducted by Wealth-X called the Billionaire Census 2023. While Saudi Arabia leads among countries in the region, Dubai stands out as the preferred destination for the super-rich.

The study sheds light on Dubai’s undeniable appeal to billionaires who choose the city as their residence or business hub. With a total of 38 billionaires, Dubai contributes significantly to the collective wealth of the Middle East.

Despite a decline in the number of billionaires in the Middle East, the shared wealth among them has increased, showcasing the region’s ability to generate substantial wealth even in challenging times.

Dubai’s ascent as a billionaire hub can be attributed to its favorable business environment, strategic location, and vibrant economy. The city offers attractive investment opportunities, excellent infrastructure, and a robust financial sector, making it an irresistible destination for the ultra-rich class.

However, while Dubai shines in the Middle East, the United States remains the global leader in terms of the highest number of billionaires, followed by China, Germany, and the United Kingdom. India also ranks among the top countries with a significant billionaire presence.

Dubai’s achievement as the Middle East’s city with the highest number of billionaires showcases its enduring appeal and the city’s ability to attract and nurture wealth in the region.