Report: Doha home to highest density of millionaires in the Middle East
More than two out of every 100 people in Doha are millionaires, making the city home to the highest density of millionaires in the Middle East, a new survey has found.
The report was produced by wealth consultancy company Wealth Insight and Spear’s magazine WMS.
According to its index, Doha’s millionaire density of 2.2 percent put it above Dubai, which had 1.2 percent and ranked 11th; and Abu Dhabi (1.1 percent), which ranked 13th.
Riyadh was the only other city in the region to have placed in the top 20 list, with a millionaire density of 0.4 percent.
The news comes despite the fact that per capita gross domestic product (GDP) in Qatar fell from US$90,000 in 2014 to $60,000 in 2016, according to ratings agency Standards and Poor’s.
Commenting on the findings of the study, Oliver Williams of WealthInsight said:
“Doha has the highest density of millionaires in the Middle East, largely driven by oil and gas revenues. However, as wealth in the Gulf dries up alongside oil prices, entrepreneurial cities such as Tel Aviv will take their places.”