Abu Dhabi reigns as global wealth hub: 22.7K millionaires by 2024

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Abu Dhabi leads global wealth magnetism with 22.7 thousand millionaires in 2024.

ABU DHABI, UAE, June 5: In 2024, several global cities are set to emerge as magnets for high-net-worth individuals, underscoring their increasing economic clout and allure to the wealthy.

Topping the list is Abu Dhabi, where the presence of 22.7 thousand millionaires solidifies its status as a premier destination for the affluent. Fueled by vast oil and gas reserves and bolstered by institutions like the Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, the Emirati capital is poised for further wealth accumulation. Additionally, the growth of the Abu Dhabi Global Market as a hub for family offices is expected to bolster the city’s financial standing, as per the rankings compiled by CEO World and reviewed by “Arabia Business.”

Following closely is Athens, which has staged a remarkable comeback after grappling with a severe financial crisis over a decade ago. Drawing in approximately 22,600 millionaires, the ancient city’s resurgence is attributed to rising real estate values and the allure of its Golden Visa program. The wealth calculations encompass not only the city center but also adjacent coastal areas such as Glyfada and Piraeus.

In Riyadh, the bustling capital of Saudi Arabia, the non-oil economy thrives, anchored by institutions like the Saudi Stock Exchange (Tadawul) and the Public Investment Fund. With around 18.2 million millionaires calling Riyadh home, affluent districts like the Diplomatic Quarter and historic Diriyah continue to attract wealthy residents.

Meanwhile, Jeddah, another prominent Saudi city, has secured its position as the 12th top global destination for affluent individuals. Situated on the Red Sea coast and boasting a population of 7,500 millionaires, Jeddah has undergone a significant revitalization. Renowned for its rich history and proximity to the holy city of Makkah, Jeddah serves as a vital port and a preferred locale for some of the Kingdom’s wealthiest families.

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