Dubai as the Middle East’s Tech Hub, Welcoming 6,500 Tech Millionaires

Dubai_as_the_Middle_East's_Tech_Hub,_Welcoming_6,500_Tech_Millionaires

As the world’s most attractive destination for high-net-worth individuals, Dubai will be home to 6,500 tech millionaires by June 2024, second only to Tel Aviv in the Middle East, according to new data.

“That number is proliferating,” says Andrew Amvilles, head of research at the New World Wealth Institute. Dubai has become particularly strong in the fields of fintech, cryptocurrency and software development.” He added that in Dubai, like New York, the financial and professional services sectors continue to be the most important sectors for high-net-worth individuals.
According to a study published by the New World Wealth Institute in collaboration with software developer Platform45, Tel Aviv ranks first in the Middle East with 10,000 tech millionaires, and Istanbul ranks third with 2,000 tech millionaires.

Dubai has actively sought to expand into emerging technology industries such as cryptocurrency, blockchain, artificial intelligence, and the digital economy, realizing the importance of digital assets in the future. The Emirate of Dubai has established the Virtual Asset Regulatory Authority (VARA) to promote and regulate virtual assets.

Dubai has also seen the growth of startups that have reached unicorn status, including Souq, Karim, Tabby, Kitpoy, and the Dubizzle Group.
The mentioned report examines the most promising technology centers in the world. The New World Wealth report focuses only on cities where technology is a dominant part of the economy. Statistics are rounded to the nearest number.

“With a dynamic financial services sector, strong technology infrastructure, competitive tax rates, and most importantly higher security and safety compared to neighboring countries, Dubai is very well positioned to become the world’s next big tech hub,” added Amvilles.
According to Henley and Partners, Dubai is home to 72,500 millionaires with investable wealth of more than $1 million, 212 individuals with assets of more than $100 million, and 15 billionaires.

Henley and Partners predicts that the UAE will attract around 6,700 millionaires from around the world by the end of 2024, which is almost twice as many as the second-ranked US.

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Amina Al-Mulla

Amina Al-Mulla is a seasoned journalist with a passion for uncovering the vibrant stories of Dubai's dynamic career landscape. With a keen eye for detail and a knack for connecting with people, Amina has been a driving force in shedding light on the diverse experiences of employees and employers in the emirate.

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