New World Wealth data released by South African software developer Platform45 has found that Dubai housed 6,500 tech millionaires during the first half of this year, second to Tel Aviv.
Dubai has become the world’s magnet for high-net-worth individuals (HNWI) in recent years. Now, its technology sector is growing rapidly.
However, Dubai’s financial and professional services are still the main sector for HNWI. Tel Aviv leads with 10,000 tech HNWI while Istanbul comes third with 2,000 technology millionaires, according to the study.
Dubai has been actively looking to expand the footprint in industries such as cryptocurrency, blockchain and Artificial Intelligence (AI).
“This number is growing rapidly. Dubai is becoming especially strong in fintech, crypto and software development.”
Andrew Amoils, Head of Research,, New World Wealth
Platform45 found that the emirate’s leading figures have recognised the role of digital assets in the future. In response, Dubai established the Virtual Assets Regulatory Authority (VARA) to promote and regulate virtual assets in the emirate.
As the world’s first independent regulator for virtual assets, VARA serves as a transparent and trusted guiding authority for the emerging world of virtual assets.
VARA aims to take its mission global by creating an easy to replicate framework to regulate the industry.
Their mission is to position Dubai as a regional and international hub for Virtual Assets and related services and to develop a digital economy in the city to boost its competitive edge locally and internationally.
“Thanks to its thriving financial services sector, strong tech infrastructure, competitive tax rates, and most critically its good safety and security when compared to its neighbours, Dubai is perfectly positioned to become the world’s next big tech hub.”
Andrew Amoils, Head of Research, New World Wealth
Dubai has already seen some startups scaling to reach unicorn status including Souq, Careem, Tabby, Kitpoi and Dubizzle Group.
The report reviewed the top technology hubs around the world of the future. The New World Wealth report doesn’t cover all cities, but just focuses on the ones where technology is the dominant sector.
