A new study projects a significant influx of centi-millionaires to the UAE between 2024 and 2040, with Dubai, Abu Dhabi, and Sharjah anticipated to experience over a 150% increase in the migration of ultra-wealthy individuals. According to the Centi-millionaire Report 2024 by Henley and Partners and New World Wealth, Dubai ranks 15th among the top 50 cities with 212 centi-millionaires, while Abu Dhabi, ranked 50th, hosts 68 centi-millionaires. Sharjah, home to 11 centi-millionaires, is also expected to witness substantial growth in the migration of these high-net-worth individuals.
Centi-millionaires are defined as individuals with liquid investable assets of $100 million (Dh367 million) or more. Dubai and Abu Dhabi are the only Arab cities featured in the top 50 list. The UAE has attracted a significant number of high-net-worth individuals post-pandemic, due to its superior healthcare facilities, top-tier educational institutions, zero income tax, safety, robust air connectivity, and business-friendly environment.
Interestingly, none of the UAE cities are listed among the 20 most expensive cities for centi-millionaires by Henley and Partners. Dr. Juerg Steffen, CEO of Henley and Partners, noted that emerging tech hubs like Shenzhen, Hangzhou, Austin, and others are poised for exceptional growth in their centi-millionaire populations, while cities benefiting from inward wealth migration, including Dubai, Abu Dhabi, and others, are expected to see their ultra-wealthy communities expand.
Henley and Partners reports that Dubai currently houses 72,500 millionaires, 212 centi-millionaires, and 15 billionaires. Arif Amiri, CEO of Dubai International Financial Centre (DIFC) Authority, highlighted that Dubai offers a thriving and safe economic climate, attracting wealthy individuals to relocate. DIFC is home to over 600 active entities associated with family businesses, including 120 of the world's wealthiest families and individuals with a combined net worth exceeding $1.2 trillion.
Globally, there are currently 29,350 individuals with liquid investable assets of $100 million or more, a figure that has grown by 54% over the last decade. The U.S. and China have notably experienced a centi-millionaire boom, outperforming European counterparts. The top 10 cities with the highest population of centi-millionaires include New York City, The Bay Area, Los Angeles, London, Beijing, Singapore, Shanghai, Hong Kong, Chicago, and Paris.
Andrew Amoils, head of research at New World Wealth, emphasized that over 60% of centi-millionaires are entrepreneurs and company founders, making them crucial for wealth creation. These businesses significantly benefit the middle class by creating numerous well-paying jobs. Notably, most companies on the Fortune 500, S&P 500, CAC 40, FTSE 100, and Nikkei 225 were founded by individuals who became centi-millionaires.
