According to a recent Henley & Partners report, Sharjah’s millionaire population is expected to increase by 120% over the next ten years, making Dubai the third-richest city in the recently expanded BRICS bloc.
According to the international investment migration advisory firm’s BRICS Wealth Report, Dubai became one of the ten wealthiest cities in the emerging markets region, with a 78% increase in the number of millionaires to 72,500 between 2013 and 2023.
Tenth place went to Abu Dhabi, whose population of millionaires has increased by 75% to 22,700.
With 125,600 millionaires overall, Beijing topped the list, followed by Shanghai with 123,400 millionaires.
Mumbai, India, ranked fourth with 58,800 millionaires, and Shenzhen, China, ranked fifth with 50,300 millionaires.
The report also stated that, in terms of wealth growth, Sharjah, another UAE emirate, has outpaced Dubai and Abu Dhabi even though it did not rank among the top ten richest cities.
The emirate’s wealth is expected to increase by 120% between 2023 and 2033, the highest rate among the BRICS nations. There are 4,100 high-net-worth individuals (HNWIs) in the emirate at the moment, and by 2033, that number is predicted to rise to over 9,000.
“Despite accounting for far less of the UAE’s wealth than Dubai and Abu Dhabi, Sharjah’s wealth is growing at a slightly faster rate than both these cities in percentage terms,” Andrew Amoils, Head of Research at wealth intelligence firm New World Wealth, said in the report.
Over the next ten years, wealth is expected to grow at the fastest rate in Bengaluru, which is predicted to grow at a rate of 125%. Cape Town, Riyadh, and Jeddah, on the other hand, are expected to grow at rates of 100%, 90%, and 85%, respectively.
By 2033, there will be over 35,000 HNWIs in Riyadh, up from the current estimate of 18,200. It is anticipated that Jeddah’s 7,500 HNWI population will increase to over 15,000 by 2033.
With the UAE joining this month along with Saudi Arabia, Egypt, Ethiopia, and Iran, the original BRICS bloc—which was originally made up of Brazil, Russia, India, China, and South Africa—has doubled in size and increased its financial power.
The bloc currently has $45 trillion in investable wealth, and over the next ten years, its millionaire population is expected to increase by 85%. There are currently 1.6 million people living on the block with investable assets worth more than $1 million, including 549 billionaires and 4,716 centimillionaires.