Abu Dhabi boasts the highest number of households earning more than $250,000 in the Middle East with 270,686, said The Wealth Report, launched today, by Knight Frank.
This number is forecast to grow seventh fastest globally to 426,890, overtaking London’s 382,807 by 2027, the report said.
New York topped the table globally in the 2018 City Wealth Index, sweeping the board in every ranking. London is second overall - one of only two non-US cities in the top six along with Singapore, which tied with Chicago for fifth place. North American cities made up 10 of the top 20, with Asian cities occupying five spots.
Although there was an element of expectation that New York and London might be battling it out for top spot, there was a more surprising outcome in the projected growth in the number of households earning $250,000 and above over the next five years. Jakarta was the runaway leader, with over 223,447 set to break through that threshold, followed by Cairo on 152,643.
The number of households earning more than $250 in Dubai currently stands 245,272 and is expected to increase by 36,432 by 2027.
In Saudi Arabia, Riyadh accounts for 198,789 and Jeddah 130,849 households earning more than $250.
Another eye-catching result was that not one of the top five cities in terms of average spend per overnight visitor featured in the overall top 10 ranking. Melbourne and Sydney are in the top three, either side of Dubai while Tel Aviv is fourth. Europe’s only representative in the top 10 is Madrid in fifth.
Liam Bailey, Global Head of Research at Knight Frank, commented: “This year’s index produced some very interesting results with regard to the projected growth of wealthy households around the world that will be exciting to track. However, North America’s domination of the current household wealth tables is unequivocal. Although the economic powerhouses such as New York and London dominated the overall rankings again, it is interesting to note the power of other US cities.”
The 2018 City Wealth Index uses four critical measures to identify the cities that matter to the wealthy – wealth, investment, lifestyle and future. - TradeArabia News Service