Dubai is now the fastest city in the world in terms of the growth of the number of millionaires. The latest report on the "World's Wealthiest Cities" shows that the number of millionaires in this city has increased by 102% over the past 10 years, moving Dubai from 21st to 18th among the wealthiest cities in the world.

According to this report, there are currently 81,200 millionaires living in Dubai. Among them, 237 individuals have more than $100 million in investable assets, and 20 are billionaires.

Experts attribute this growth to the UAE's investor-friendly policies, the absence of personal income tax and capital gains tax, and Dubai's emergence as one of the major financial hubs in the world.

The report also predicts that over the next 10 years, the number of individuals with assets exceeding $100 million in Dubai and Abu Dhabi will more than double; a factor that will further strengthen the UAE's position as one of the fastest-growing destinations for the wealthy in the world.

In the global ranking, New York remains at the top with 384,500 millionaires, followed by the San Francisco Bay Area and Tokyo. In contrast, London and Moscow were the only cities in the list of the 50 wealthiest cities in the world that faced a decline in the number of millionaires over the past decade.
Source: Gulf News