UAE cities see rise in HNWI numbers

The number of millionaires in the major cities of the UAE – Dubai, Abu Dhabi and Sharjah – is set to exceed 100,000 by the end of the year, according to industry data.

The finding from the latest Henley Global Citizens Report shows that the UAE is one of the fastest-growing wealth markets in the world.

Dubai has seen an 18% rise in the total number of high net worth individuals (HNWIs) in the first half of the year, up to 67,900.

Should this growth continue, it would put Dubai on course to be among the 20 wealthiest cities in the world by 2030.

Abu Dhabi’s HNWIs have grown in number by 16% to 23,800, while Sharjah has seen its millionaire count increase by 20% to 3,700. In total, there are 95,400 millionaires across the three cities.

“Cities with strong oil and gas industries are performing especially well this year, including the likes of Riyadh, Sharjah, Luanda, Abu Dhabi, Doha and Lagos,” said Andrew Amoils, head of research at New World Wealth, the research firm that contributed the data for the report.

©2022 funds global mena

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