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Dubai on the List of Top 20 Cities with Most Billionaires in the World

Middle East : 10 May 2013

Source: Emirates 24|7

New research reveals the top cities for millionaires and billionaires, and Dubai features among the Top 20 cities in the world for billionaires.

The London based wealth consultancy WealthInsight has released a comprehensive list of the top 20 cities for millionaires and billionaires worldwide.

With 11 billionaires living among us here in Dubai, the emirate ranks at No. 16 in WealthInsight’s ranking of the global cities with most billionaires, along with San Francisco and Dallas, which too have 11 billionaires each, according to the report.

A Forbes ranking of billionaires in March said the UAE had 7 billionaires in all, but this new WealthInsight report suggests that there are 11 billionaires in Dubai alone, which is ranked ahead of Houston and Sao Paolo (10 billionaires each).

New York tops the list of cities with most billionaires, with 70 of its residents claiming to sport that coveted status, followed by Moscow with 64 billionaires and London with 54 billionaires. Rounding up the top five global cities with most billionaires are Hong Kong (40 billionaires) and Beijing (29).

India’s commercial capital Mumbai features at No. 6 in the global billionaires rankings, boasting of no less than 26 billionaires among its residents. Mumbai followed by Istanbul (24), Shanghai (23), Paris (22), and Los Angeles and Shenzhen (19 billionaires each) in the Top 10 billionaires list.

WealthInsight provides detailed data and insightful analysis on the world’s High Net Worth Individuals (HNWI) and wealth sector.

According to the other rankings published by WealthInsight as part of the report, Tokyo tops the list of the top 20 cities for the world’s millionaires, with 461,000 millionaires at the end of 2012, followed by New York City with 389,000 millionaires. London, Paris and Frankfurt round out the top five.

Additionally, WealthInsight has also released a list of the top 20 cities for multi-millionaires (individuals with over $30 million each). London tops this list followed by Tokyo and then Singapore. New York City is surprisingly low on the list. According to WealthInsight analyst Andrew Amolis: “Tokyo tops our millionaire list and is surprisingly above New York. This is partly due to the fact that many wealthy New Yorkers live off the island in cities such as Greenwich”.

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