Dubai, Abu Dhabi and Riyadh are now some of the world’s super-rich hotspots to watch, with their centi-millionaire communities poised for explosive growth, according to a new report.
The number of residents who have liquid investable assets of $100 million or more is forecast to more than double or grow by more than 150% in the three Gulf cities over the next 16 years (to 2040), migration advisors Henley & Partners said in its Centi-Millionaire Report 2024.
Dubai, with its 212 centi-millionaire population, currently ranks 15th in Henley’s top 50 Cities for Centi-Millionaires, while Abu Dhabi ranks 50th with its super-rich population totalling 68. Riyadh ranks 51st, just behind the UAE capital, with its centi-millionaire community of 67 individuals.
The three GCC cities, along with Asia’s Hangzhou, Shenzhen, Taipei and Bengaluru, are considered the “centi city hotspots” to watch, the report said.
“[These cities are] forecast to enjoy growth of over 150% in their centi-populations over the next 16 years,” the report said.
“Several Asian and Middle Eastern cities are poised for explosive growth… Emerging markets are also set to make their mark.”
There are currently 29,350 centi-millionaires around the world. This exclusive club has expanded globally by 54% over the last ten years.
Overall, New York takes the crown with the biggest number of super-rich inhabitants, totalling 744 centi-millionaires, followed closely by the Bay Area with 675 and Los Angeles with 498 super-wealthy residents.
London, which was once considered the financial capital of the world, now ranks just 4th with 370 super-rich residents. When it comes to centi growth over the next 16 years, London also has a lackluster forecast of less than 50%.
Sitting in the 15th position, Dubai outpaces some of the world’s popular wealth destinations, including Sydney, Zurich, Monaco, Milan, Las Vegas, Miami and Munich, among many others.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
Seban.scaria@lseg.com
