Billionaires in the Middle East: Saudi Arabia Tops in the List, Dubai Top City in The Rigion With 38
Saudi Arabia has more billionaires than any other country in the Middle East, according to a new study of the ultra-rich.
The Middle East has 187 billionaires according to data compiled by Wealth-X for the Billionaire Census 2023.
The US leads the global tally with 955 billionaires in 2022, followed by China (357), Germany (173) and the UK (114). India completes the top five with a reported 113 billionaires.
Saudi Arabia tops Middle East Billionaires list
Saudi Arabia leads the Middle East list, with 71 billionaires commanding a cumulative wealth of $205bn.
Unsurprisingly, the UAE is next in the region with 45 billionaires having a shared fortune of $200bn according to the study.
The Wealth-X study said the Middle East saw a dip in the number of billionaires, but a rise in their shared wealth.
The report said: “The world’s fourth-largest billionaire region enjoyed a 7.2 per cent rise in cumulative wealth, to $556bn. This was driven by portfolio gains in the energy sector, as surging commodity prices over the first half of 2022 (and accelerated efforts in Europe to diversify energy supplies) boosted revenue for hydrocarbon-exporting countries.
“The billionaire population fell by 2.1 per cent to 187 individuals. An initial boost for tourism reliant economies faded as demand from Europe eased”.
Worldwide there are 3,194 individuals listed as billionaires at the end of 2012, a fall of 3.5 per cent on the year before.
Their combined wealth stood at $11.1tn, a decline of 5.5 per cent. This was the second-largest annual fall in the past decade.
As well as identifying the countries with the most billionaires, the study identified the favourite cities worldwide for billionaires.
Top 11 Cities for Billionaires
New York, with 136
Hong Kong, with 112
San Francisco, with 84
Moscow, with 76
London, with 75
Beijing, with 61
Los Angeles, with 58
Singapore, with 54
Shenzhen, with 42
Mumbai, with 39
Dubai, with 38
Source:- The Arabian Business
By: Gurmeet Singh
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