Dubai is home to 38 billionaires and is one of the wealthiest cities in the world
- 02 Jun 2023
Gulf Today, Staff Reporter
The UAE ranked 15th in the world in terms of the number of billionaires, according to the latest report issued by the data and statistics company, Ultrata, in cooperation with the American WealthX Foundation.
The total number of billionaires in the UAE reached 45 in 2022, while their wealth increased by 10.8% annually to reach $200 billion, according to the "Census of Billionaires" report.
In a related context, Dubai ranked first in the Middle East and 11th globally among the cities that host the largest number of billionaires that is 38 billionaires.
The tenth edition of this report revealed that the global number of billionaires decreased for the first time since 2018, as it decreased by 3.5% to 3,194 individuals.
The report said that the year 2022 was a year of increasing fluctuations in the global economy, emerging from a global pandemic to a new war in Europe, a boom in inflation, and deep tensions between the United States and China.
The report said that the total wealth of billionaires globally decreased by 5.5% to $ 11.1 trillion, which is the second largest annual decline in the past decade.
North America recorded a decrease in the number of billionaires and their wealth for the first time in four years. However, it has maintained its position as the leading billionaire area.
The number of billionaires on the continent decreased by 2.3% to 1011 individuals, representing 32% of the global number of billionaires.
Asia recorded the largest decline in the number of billionaires and their wealth compared to any region in 2022, and their number decreased by 7.1% to 835 individuals. In Europe, the number of billionaires decreased by 2.2% to 933 individuals.
In the classification of countries, the United States ranked first in the world in the census of billionaires, with 955 individuals with a total wealth estimated at $4.2 trillion, followed by China in second place with 357 billionaires with a fortune of $1.3 trillion, then Germany in third place with 173 billionaires with a fortune of $555 billion.
As for the city classification, New York topped the census classification with 136 billionaires, followed by Hong Kong in second place with 112 billionaires, and San Francisco in third place with 84 billionaires.
