A recent report has highlighted Dubai, Abu Dhabi, and Riyadh as some of the world’s most affluent hotspots to watch out for, with their communities of centi-millionaires (individuals with liquid investable assets of at least USD 100 million, excluding personal debt and non-investable assets) set for rapid expansion.
According to migration advisors Henley and Partners’ “Centi-Millionaire Report 2024,” the number of people living in the three Gulf cities with liquid investable assets of at least USD 100 million is expected to more than double or increase by more than 150% over the next 16 years, or until 2040.
Dubai currently holds the 15th position in Henley’s top 50 cities for centi-millionaires, with 212 centi-millionaires, while Abu Dhabi, with 68 centi-millionaires, is ranked 50th. With 67 residents, Riyadh is the 51st most wealthy city in the UAE, slightly behind the capital.
According to the report, the three GCC cities are among the “centi city hotspots” to watch, along with Hangzhou, Shenzhen, Taipei, and Bengaluru in Asia.
“These cities are forecast to enjoy growth of over 150% in their centi-populations over the next 16 years. Several Asian and Middle Eastern cities are poised for explosive growth…Emerging markets are also set to make their mark,” the study noted, as reported by Zawya.
As of right now, there are 29,350 centi-millionaires in the globe. Over the past ten years, this elite club has grown by 54% on a worldwide scale. In terms of the total number of ultra-wealthy residents, New York leads the pack with 744 centi-millionaires, closely followed by the Bay Area with 675 and Los Angeles with 498.
With 370 extremely wealthy citizens, London, which was formerly regarded as the global financial centre, is now only ranked fourth. London likewise has a poor projection of less than 50% for centi growth over the next 16 years.
Dubai, which is currently ranked 15th, surpasses several well-known affluent travel destinations across the globe, including Munich, Sydney, Zurich, Monaco, Milan, Las Vegas, and Miami.