The number of high-net-worth-individuals in Dubai is expected to grow 60% by 2026
Billionaires are increasingly becoming concentrated in a cluster of cities, according to Wealth-X’s 2019 Billionaire Census report. The report analyzed data from Wealth-X’s global database of more than one million records of the world’s richest people.
According to its findings, nearly 30% of the world’s billionaire population as of 2018 is concentrated in the 15 cities outlined below. Both country and city dynamics influenced wealth accumulation, according to the report.
For instance, billionaires were impacted by negative stock market movements in Beijing and Hangzhou in China, and Singapore that lost 5 billionaires in one year, and by currency depreciation against the US dollar in Istanbul, Turkey.
Other cities such as Dubai have benefited from a strong oil industry, leading to wealth accumulation.