Dubai is home to 15 billionaires and more than 200 centi-millionaires and is expected to be one of the fastest growing cities for the ultra-rich in the next 10 years, according to a report by Henley & Partners.
The residency and investment specialist places Dubai 16th in its annual global ranking of cities with the most ultra-rich residents. It classifies centi-millionaires as people with assets worth $100m or more.
Dubai leads the region, with 210 centi-millionaires, ahead of Riyadh which has 65. Meanwhile, according to Henley & Partners, Dubai has 15 resident billionaires and Riyadh has nine.
Centi-millionaires in Dubai
The Middle East cities lag a long way behind ultra-wealthy hubs in the US.
New York leads the way, with 775 centi-millionaires, and is followed by The Bay Area, with 692 and Los Angeles, with 504.
In terms of growth forecast over the next ten years, however, Dubai and Riyadh are among the most cities with the highest number of new centi-millionaires expected by 2033.
Riyadh will see an 85 per cent increase in ultra-wealthy residents and Dubai is expected to see a 78 per cent growth in centi-millionaires by 2033.
There are currently 28,420 centi-millionaires in the world, more than double the number 20 years ago, and an increase of 12 per cent compared to this time last year, according to the 2023 Centi-Millionaire Report released by Henley & Partners.
The data was collected from global wealth intelligence firm New World Wealth.
Most centi-millionaires are concentrated in the US (38 per cent), followed by the large emerging markets of China and India.
Dr. Juerg Steffen, CEO of Henley & Partners, said the $100m-plus band represents the best definition in today’s world of what it means to be “super-wealthy”.
He said: “Not long ago, in the late 1990s, $30 million was considered by most banks as the fortune that was needed to meet this status.
“However, asset prices have risen significantly since then, making $100m the new benchmark.”
Andrew Amoils, Head of Research at New World Wealth, said: “In many emerging market countries, there are very few billionaires, making the wealth band largely irrelevant.
“However, these nations often have large centi-millionaire populations. Kenya, for instance, has no billionaires but 15 centi-millionaires, while South Africa has just 5 billionaires compared to 102 centi-millionaires.
“The centi-millionaire wealth band is therefore a far more accurate reflection of the super-wealthy community in these countries.”
Dominic Volek, Head of Private Clients at Henley & Partners, said: “Asia and the Middle East are going to feature even more prominently over the next ten years when we anticipate a 38 per cent increase in the number of centi-millionaires worldwide.
“This cohort’s wealth has generally come from four sources: inheritance, selling off their small- to medium-sized enterprises, trading and investing in stock markets, and leading multi-nationals and highly successful tech companies.
“But even this is beginning to shift as our recent Crypto Wealth Report illustrated. There are currently 182 crypto centi-millionaires, with crypto holdings of $100m or more.”
Riyadh in Saudi Arabia and India’s largest commercial hub Delhi are projected to see the 3rd-highest growth of 85 per cent each between now and 2033, while financial capital Mumbai is forecast to enjoy an 80 per cent growth in its centi-millionaire community.
Dubai, with its vibrant and diversified economy, is not far behind Mumbai, with centi-millionaire growth of 78 per cent projected over the next 10 years, followed by China’s main transport and trading nexus Guangzhou (76 per cent), and the world’s most expensive city, Monaco (72 per cent).
Head of Henley & Partners Dubai, Philippe Amarante, said: “The race to attract and retain centi-millionaires is intensifying around the world.
“While countries like Singapore have set the benchmark, the UAE and Saudi Arabia are not far behind. Their strategic initiatives, coupled with their unique cultural and economic propositions, make them formidable contenders in the race.
“To truly captivate the centi-millionaire, mere financial incentives and compelling investment opportunities are insufficient.
“Governments need to pair these with comprehensive retention tactics. Creating an all-encompassing environment that addresses the business, lifestyle, immigration concerns, and even philanthropic aspirations of these super-wealthy individuals is pivotal.”
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