The United Arab Emirates is ranked 28th in the world and second in the Middle East in the number of super-rich multi-millionaires, according to Al Ittihad newspaper.
A 2016 study by Wealth-X found that the UAE hosts 1,120 tycoons with a combined wealth of $272 billion.
According to the same survey, the number of tycoons increased by 2.8 per cent in 2016, while the overall wealth soared by 4.4 per cent in the same year.
Saudi Arabia tops the Middle East and is ranked 19th in the world, with 2,640 business tycoons with a combined wealth of $427 billion.
The New York metropolitan area bolstered its status as the leader of the world’s ultra high net worth (UHNW) population, which grew by nine per cent to 8,350 tycoons.
The United States topped the world with 73,110 tycoons owning a combined $8,719 billion, followed by Japan and China, while the UK ranked fifth.
Wealth-X surveys tycoons who have a minimum $30 million in net wealth.
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