More centi-millionaires will be moving to the UAE between 2024 and 2040 — with Dubai, Abu Dhabi and Sharjah expected to see an increase of more than 150 per cent in the migration of the ultra-rich, a new study found.
Ranked 15th among the top 50 cities, Dubai is home to 212 centi-millionaires and Abu Dhabi (ranked 50th) houses 68 centi-millionaires, according to the Centi-millionaire Report 2024 released by Henley and Partners and New World Wealth.
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Sharjah, which is home to 11 centi-millionaires, will also see a strong growth in migration of these ultra-rich individuals during the same period.
Centi-millionaires are the super-rich and super-wealthy people who have liquid investable assets of $100 million (Dh367 million) or more.
Dubai and Abu Dhabi are the only two Arab cities that made it to the top 50 list.
The UAE has seen a massive influx of high-net-worth individuals (HNWIs) or millionaires in the post-pandemic period — thanks to its world-class healthcare facilities, some of the world’s best educational institutions, zero income tax, safety and security, strong air connectivity, and ease of doing business.
Interestingly, none of the UAE cities have been listed among the 20 most expensive cities for centi-millionaires by Henley and Partners.
“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.
According to Henley and Partners, Dubai is currently home to 72,500 millionaires, 212 centi-millionaires, and 15 billionaires.
“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.
Globally, there are currently 29,350 individuals worldwide with liquid investable assets of $100 million or more. This exclusive club has grown globally by 54 per cent over the last decade. America and China have experienced a centi-millionaire boom, significantly outperforming their European counterparts.
The top 10 cities with the highest population of centi-millionaires are 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, pointed out that more than 60 per cent of centi-millionaires are entrepreneurs and company founders, which makes them especially important when it comes to wealth creation.
“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.