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Abu Dhabi, UAE, June 5: Several global cities will become magnets for high net worth individuals by 2024, highlighting their growing economic influence and appeal to the wealthy.
At the top of the list is Abu Dhabi, home to 227,000 millionaires, cementing its position as a destination of choice for the wealthy. The UAE capital is expected to further accumulate wealth, thanks to its rich oil and gas reserves and the backing of institutions such as the Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds. In addition, the growth of the Abu Dhabi Global Market as a hub for family offices is expected to strengthen the city’s financial position, according to the ranking compiled by CEO World and reviewed by Arabian Business.
Close behind is Athens, which has staged a stunning recovery after a severe financial crisis more than a decade ago. The ancient city has attracted around 22,600 millionaires, with its resurgence attributed to rising property values and the appeal of the golden visa program. The wealth calculation includes not only the city center but also neighboring coastal areas such as Glyfada and Piraeus.
In Saudi Arabia’s bustling capital, Riyadh, the non-oil economy is thriving, supported by institutions such as the Saudi Stock Exchange (Tadawul) and the Public Investment Fund. Riyadh is home to an estimated 18.2 million millionaires, and wealthy areas such as the Diplomatic Quarter and historic Diriyah continue to attract wealthy residents.
Meanwhile, another famous Saudi city, Jeddah, has firmly established itself as the 12th most wealthy destination in the world. Located on the Red Sea coast, Jeddah is home to 7,500 millionaires and has undergone a major revitalization. Known for its rich history and proximity to the holy city of Mecca, Jeddah is an important port and a preferred destination for some of the Kingdom’s wealthiest families.
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