A new study reveals that the UAE, particularly Dubai, Abu Dhabi, and Sharjah, is expected to witness a significant influx of centi-millionaires between 2024 and 2040. The migration of ultra-rich individuals to these cities is projected to increase by over 150 per cent, according to the Centi-millionaire Report 2024 by Henley and Partners and New World Wealth. Currently, Dubai ranks 15th among the top 50 cities globally, with 212 centi-millionaires residing there, while Abu Dhabi, ranked 50th, hosts 68 centi-millionaires. Sharjah, home to 11 centi-millionaires, is also anticipated to experience robust 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 substantial number of high-net-worth individuals post-pandemic, owing to its superior healthcare facilities, top-tier educational institutions, zero income tax, safety, robust air connectivity, and business-friendly environment. Notably, 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 the centi-millionaire landscape is poised for significant changes. Emerging tech hubs like Shenzhen, Hangzhou, Austin, and others are expected to see exceptional growth in their centi-millionaire populations, while cities benefiting from inward wealth migration, including Dubai, Abu Dhabi, and others, are set to experience a surge in their ultra-wealthy communities.
According to Henley and Partners, Dubai is currently home to 72,500 millionaires, 212 centi-millionaires, and 15 billionaires. Arif Amiri, CEO of Dubai International Financial Centre (DIFC) Authority, highlighted that Dubai boasts the highest concentration of private wealth in the Middle East, driven by its thriving and secure economic climate. 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 per cent over the past decade. The U.S. and China have notably outperformed European counterparts in the centi-millionaire boom. 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 per cent of centi-millionaires are entrepreneurs and company founders, making them crucial for wealth creation.
