According to a survey by Henley & Partners, Dubai is home to 15 billionaires and more than 200 millionaires-in-waiting, and is predicted to be one of the places with the highest growth for the ultra-rich in the coming ten years.
The residency and investment specialist ranks Dubai as the 16th most ultra-rich city in the world each year. Centi-millionaires are defined as those having $100 million or more in assets.
With 210 millionaires, Dubai leads the region, surpassing Riyadh’s 65. Meanwhile, Riyadh has nine billionaires living there, while Dubai has 15, according to Henley & Partners.
Centi-millionaires in Dubai
The Middle East cities lag far behind the ultra-wealthy hubs in the US, which include New York, which has 775 centi-millionaires, The Bay Area, which has 692, and Los Angeles, which has 504; but in terms of growth forecast over the next ten years, Dubai and Riyadh are among the most cities with the highest number of new centi-millionaires expected by 2033.
According to the 2023 Centi-Millionaire Report published by Henley & Partners, there are currently 28,420 centi-millionaires in the world, more than twice as many as there were 20 years ago and a growth of 12% over this time last year.
According to our Centi-Millionaire Report 2023, which includes unique data from New World Wealth, there are currently 28,420 centi-millionaires in the world, which is more than double the amount from 20 years ago.
The information was gathered from the New World Wealth global wealth intelligence company.
The US (38%) has the highest concentration of millionaires, followed by China and India, both of which have significant growing economies.
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 percent 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.”
Between now and 2033, it is anticipated that Riyadh, Saudi Arabia, and Delhi, India’s main commercial hub, will see the third-highest growth rates of 85% each, while Mumbai, the world’s financial capital, will experience an 80% increase in the number of centimillionaires.
With a projected 78 percent increase in the number of millionaires over the next ten years, Dubai, which has a thriving and diverse economy, is not far behind Mumbai. Guangzhou, China’s key hub for trade and transportation, is second (76 percent), and Monaco, the most costly city in the world, is third (72 percent).
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.”