Dubai is ranked 28th in the list of cities with the most billionaires in the world, according to the 2024 Hurun Global Rich List, while the UAE is ranked 22nd among countries. According to the list, Dubai is home to 21 billionaires, while the UAE has 24 billionaires. This year’s ranking covers 3,279 billionaires worldwide, an increase of 5% in number and 9% in total wealth, reported by Emirates 24/7.
In particular, Dubai billionaires have garnered increasing attention from international analysts, who point to their growing influence in areas like real estate, technology, and finance. Observers say these ultra-wealthy individuals are helping cement Dubai’s reputation as a dynamic global business hub.
Top Ten Billionaires
The top ten billionaires added $426 billion to the wealth of the world’s richest people. This represents 56% of the total new wealth, estimated at $1.5 trillion, which is 10% of the total list. Two new faces joined the top 10 this year: Mark Zuckerberg ($158 billion) and Larry Page ($123 billion). This was made possible by the late Bertrand Puech of Hermes, and Francoise Bettencourt Meyers ($91 billion).
Meanwhile, another key takeaway from the report is the way Dubai billionaires are capitalizing on the emirate’s rapid development and strategic location, further boosting the city’s standing among the global elite. Economists believe that a favorable tax system and a commitment to innovation continue to draw high-net-worth individuals to the region.
Tesla and Amazon make a profit
At 52, Elon Musk ($231 billion) reclaimed the title of world’s richest person for the third time in four years, thanks to the rise in Tesla shares. Jeff Bezos, 60, climbed to second place with a fortune of $185 billion. His fortune has grown by 57% this year, mainly thanks to the market share gained by Amazon’s cloud computing, which has offset all the company’s losses last year. Meanwhile, Bernard Arnault, known as the king of luxury, lost $27 billion more than anyone else this year, which led to his move to third place with a fortune of $175 billion, as luxury has apparently lost some of its luster.