Dubai: a spectacular rise in the number of millionaires

Dubai, the pearl of the United Arab Emirates, shines brightly on the world’s rich scene. According to a recent report by a British consulting firm, this metropolis is at the top of the economic hierarchy in the Middle East, proudly rising to the 21st place among the richest cities in the world. This recognition does not fall from the sky, it is the fruit of a decade marked by the exponential growth of the wealthy population.

Indeed, Dubai has seen a meteoric rise in the number of millionaires, with an impressive 80% increase over the past ten years. A boom that testifies to its transformation into a true paradise for the ultra-rich, a phenomenon that cannot be denied. The city now has 212 millionaires, each worth more than $100 million, as well as 15 billionaires, according to figures released in Henley and Partners’ latest annual report, which was released recently.

This rise to power is not the result of chance, but rather the result of a bold economic strategy. Unlike other oil-rich regions, Dubai has been able to diversify its economy by benefiting from its position as an international tourism, trade and financial center. It has become a true melting pot of cultures, symbolized by its mega airport, which currently accommodates up to 120 million passengers per year, a capacity that will soon be doubled with the construction of the future Al Maktoum Airport, which will be established as the largest. in the world.

However, apart from its sparkling splendor, Dubai also has a dark side. The colossal wealth that circulates there attracts not only legitimate investors, but also a less conscientious clientele. According to a recent Europol report, the city serves as a haven for drug traffickers and international criminal networks. This complex duality between riches and shadows shades the portrait of a vibrant and prosperous Dubai.

However, Dubai is not alone in its race for riches. Its neighbors and rivals, such as Abu Dhabi, the capital of the United Arab Emirates, and Jeddah, Saudi Arabia, are gradually emerging as serious challengers. The Henley and Partners report also cites the rise of cities such as Riyadh, which saw a significant increase in its millionaires over the same period.

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