Dubai ranked 28th in the list of cities with the highest number of billionaires globally, according to the recently released "Hurun" Global Rich List 2024. The UAE was 22nd among countries. The report states that there are 21 billionaires in Dubai, an increase of two from the previous year, and a total of 24 billionaires in the UAE, up by four individuals from last year.
This year's ranking included 3,279 billionaires worldwide, up from 3,112 last year, spanning 2,435 companies across 73 countries. Overall, the number of billionaires increased by 5%, and their total wealth rose by 9%. The biggest gainers this year were Mark Zuckerberg, who increased his wealth by $90 billion, and Elon Musk, who added $74 billion. A total of 1,933 individuals saw an increase in their wealth, including 480 new faces, while 1,346 experienced a decline, and 278 remained unchanged.
The report indicates that the overall number of known billionaires worldwide has risen to just under 3,300, or 5%, mainly due to strong performance in stock markets. It noted that artificial intelligence was a key driver of wealth growth, generating more than half of the new wealth this year. Jensen Huang made headlines as Nvidia surpassed the $2 trillion mark, propelling him onto the list of the top 30.
Billionaires behind Microsoft, Google, Amazon, Meta, and Oracle saw significant increases in their wealth, with investors betting on the value generated by artificial intelligence. The United States led the list of new billionaires as stock markets reached record highs, and New York reclaimed the title of "Billionaire Capital of the World" for the first time in seven years.
India also had a strong year, adding nearly 100 billionaires and seeing confidence in its economy reach record levels, with Mumbai surpassing Beijing to become the billionaire capital of Asia and among the top three cities globally.
Despite China losing 155 billionaires, it remains the global capital of billionaires with 814. The United States came in second with 800 billionaires, adding 109; it also ranks among the two highest in the list. Together, China and the United States account for 49% of known billionaires worldwide, down by 4%.
