Dubai, the global hotspot for high-net-worth individuals, boasts 6,500 technology millionaires as of June 2024, ranking second in the Middle East, according to recent data.
"This figure is rising swiftly. Dubai is particularly excelling in fintech, crypto, and software development," noted Andrew Amoils, head of research at New World Wealth. In Dubai, financial and professional services remain the primary sector for high-net-worth individuals, similar to New York City.
Tel Aviv leads with 10,000 tech high net worth individuals, while Istanbul follows with 2,000 technology millionaires, as per a study by New World Wealth and Platform45, a South African software developer.
Dubai has been aggressively targeting emerging technology sectors like cryptocurrency, blockchain, Artificial Intelligence (AI), and the digital economy, recognizing their importance for the future. The emirate established the Virtual Assets Regulatory Authority (Vara) to oversee and promote virtual assets.
Several Dubai-based startups have achieved unicorn status, including Souq, Careem, Tabby, Kitpoi, and Dubizzle Group. The report highlights future global tech hubs, focusing on cities where technology is the dominant sector. The millionaire figures are rounded to the nearest 100.
"With its robust financial services sector, advanced tech infrastructure, competitive tax rates, and notably, its superior safety and security compared to neighboring regions, Dubai is well-positioned to become the next global tech hub," stated Amoils.
According to Henley and Partners, Dubai hosts 72,500 millionaires with liquid investable wealth of $1 million or more; 212 centimillionaires with assets exceeding $100 million; and 15 billionaires. The UAE is projected to attract 6,700 millionaires by the end of 2024, nearly double the number expected in the US.
Globally, the Bay Area, encompassing Silicon Valley and San Francisco, tops the list with 60 tech billionaires and 265,000 technology millionaires. It houses tech giants like Apple, Nvidia, Intel, Alphabet, Netflix, and Meta.
Greater Seattle, home to Microsoft and Amazon, has 36,200 tech millionaires and no tech billionaires. Shenzhen, China, with companies like Tencent, Huawei, ZTE, and BYD, has 32,500 millionaires and 18 billionaires from the tech sector.
Shaun Richards, CEO of Platform45, highlighted that technology is reshaping the global innovation landscape, fostering new hubs like Cape Town, Johannesburg, and Nairobi. "Technology acts as the ultimate connector, shifting influence and creating opportunities for new innovation centers. This transformation underscores how technology continually redefines global leadership," Richards concluded.
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