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Abu Dhabi, Sharjah, Riyadh and Doha are among the fastest-growing on the list and performing especially well this year

Dubai is home to 13 billionaires, 202 centi-millionaires and around 68,000 millionaires, according to a new global study.

In a ranking of the cities worldwide with the greatest number of millionaires, Dubai ranked 23rd, while Abu Dhabi, Sharjah, Riyadh and Doha were among the fastest-growing on the list, having performed especially well this year.

According to the latest report, the US dominates the world's Top 20 Cities with the greatest number of millionaires in 2022. While New York takes the crown with 345,600 millionaires, five other American cities —­­ San Francisco, Los Angeles, Chicago, Houston, and Dallas ­— secure places on the coveted world’s wealthiest cities ranking.

Dubai's economy is robust in multiple key sectors, including basic materials, hotels, financial services, oil and gas, real estate, retail, and transport. The report also marks prime residential areas like Emirates Hills, Jumeirah Golf Estates, and the Palm Jumeirah as Dubai's affluent parts.

It also pointed out that cities with strong oil and gas industries are performing especially well this year, including Riyadh, Sharjah, Luanda, Abu Dhabi, Doha, and Lagos.

Other exciting cities on the fastest-growing list include Lugano, an increasingly popular Swiss hotspot for affluent retirees from Europe. Bengaluru, known as the 'Garden City' and the 'Silicon Valley of India' is also gaining millionaires due to its rapidly growing IT, biotechnology, and business process outsourcing sectors. Hangzhou, one of the most scenic cities in China, is another wealth magnet to watch."

SOURCE: Khaleej Times

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