According to a recent study, the number of centi-millionaires expected to migrate to the United Arab Emirates (UAE) between 2024 and 2040 is expected to rise by more than 150%, with Dubai, Abu Dhabi, and Sharjah seeing the largest increases.
According to the Centi-millionaire Report 2024 published by Henley and Partners and New World Wealth, Dubai, ranked 15th among the top 50 cities, is home to 212 centi-millionaires, while Abu Dhabi, ranked 50th, is home to 68 centi-millionaires.
During the same period, there will be a significant increase in the number of these extremely wealthy people migrating to Sharjah, which is already home to 11 centi-millionaires.
Those with liquid investable assets worth at least $100 million (Dh367 million) are considered centi-millionaires.
The only other Arab cities to rank in the top 50 are Dubai and Abu Dhabi.
High-net-worth individuals (HNWIs) or millionaires have flocked to the United Arab Emirates (UAE) in droves since the pandemic, drawn by the country’s top-notch healthcare system, prestigious universities, low-income tax, robust air connectivity, ease of doing business, and safety and security.
It’s interesting to note that Henley and Partners did not include any UAE cities in their list of the 20 most expensive cities for centi-millionaires.
“As we look to the future, the centi-millionaire map is set to be redrawn. Emerging tech hubs such as Shenzhen, Hangzhou, Austin, Taipei, Kyoto, Bengaluru, Warsaw, Tampa, Ho Chi Minh City, Scottsdale, and Salt Lake City are poised for exceptional growth of over 150 per cent in their centi-millionaire populations, while cities benefiting from inward wealth migration — such as Dubai, Abu Dhabi, Riyadh, Lugano, Marrakech, and West Palm Beach — are also expected to see their ultra-wealthy communities swell,” said Dr Juerg Steffen, CEO of Henley and Partners.
Henley and Partners reports that there are currently 72,500 millionaires, 212 centi-millionaires, and 15 billionaires living in Dubai.
“Today, Dubai has the highest concentration of private wealth in the Middle East, as it continues to offer a thriving and safe economic climate, motivating wealthy individuals to relocate,” said Arif Amiri, CEO of Dubai International Financial Centre (DIFC) Authority.
“DIFC is home to more than 600 active registered entities associated with family businesses, including 120 of the world’s wealthiest families and individuals with a combined net worth exceeding $1.2 trillion. These families have chosen DIFC to help them manage their wealth, protect their assets, plan for succession, and accomplish their philanthropic goals under its world-class jurisdiction governed by common law principles,” said Amiri.
29,350 people in the world have liquid assets that are investable and worth at least $100 million. Over the past ten years, this exclusive club has expanded by 54% on a global scale. China and America have outperformed their European counterparts in terms of the centi-millionaire boom.
The following ten cities have the greatest concentration of centi-millionaires: Beijing, Shanghai, Hong Kong, Chicago, Los Angeles, London, New York City, The Bay Area, Los Angeles, and Paris.
Head of research at New World Wealth Andrew Amoils noted that founders of businesses and entrepreneurs make up over 60% of centi-millionaires, making them particularly significant in the creation of wealth.
“The businesses started by centi-millionaires have a significant positive spillover effect on the middle class as they create large numbers of well-paying jobs in their base country. It is also worth noting that most of the companies on the Fortune 500, the S&P 500, the CAC 40, the FTSE 100 and the Nikkei 225 were started by individuals who went on to become centi-millionaires,” said Amoils.
