A new study released this week by Henley & Partners found that 42,400 millionaires live in Tel Aviv, or about one in ten residents.

Among them, Israel’s coastal city and primary economic engine is home to 2,260 people with a net worth over $10 million, 118 residents with more than $100 million, and 12 billionaires.

Tel Aviv placed second in terms of the richest cities in the Middle East—based on the number of millionaires—behind Dubai in the United Arab Emirates.

UAE capital Abu Dhabi ranked third, Doha in Qatar fourth, and Riyadh in Saudi Arabia rounded out the top five.

Globally, New York City has the most millionaires (345,600), followed by Tokyo, the San Francisco Bay Area, London and Singapore.

Henley & Partners defines a millionaire as someone who has investable assets worth $1 million or more.