[7] One of the oldest populated places in the Ural region, it was founded in 1761 and was granted town status on 26 April[citation needed] 1940.
[1] As a municipal division, the Town of Verkhny Ufaley is incorporated as Verkhneufaleysky Urban Okrug.
[1] Verkhny Ufaley is rich in mineral deposits (nickel and iron ores, marble, fire clay) and the economy of the town and the surrounding areas is heavily dependent on metallurgical factories, such as "UZMM" (Ufaley Metallurgical Machinery Works) and "Ufaleynickel".
Lake Itkul, located at the altitude of 720 meters (2,360 ft) above sea level, is one of the notable natural wonders in Verkhny Ufaley.
It is fed by springs, creeks, and small rivers, so its waters renew within a year and are fresh and clean.