Centi-millionaires flock to Dubai, Abu Dhabi, and Sharjah, study forecasts 150% increase by 2040

A new study by Henley and Partners and New World Wealth predicts that Dubai, Abu Dhabi, and Sharjah will experience a surge in the migration of ultra-rich individuals, known as centi-millionaires, between 2024 and 2040. According to Khaleej Times, the report estimates that the number of centi-millionaires in these cities will increase by over 150% during this period.

Dubai is currently home to 212 centi-millionaires, ranking 15th among the top 50 cities globally. Abu Dhabi, ranked 50th, has 68 centi-millionaires, while Sharjah has 11. Centi-millionaires are individuals with liquid investable assets of $100 million or more, said the report.

The UAE has attracted a significant number of high-net-worth individuals (HNWIs) in the post-pandemic period due to its world-class healthcare facilities, top-notch educational institutions, zero income tax, and strong air connectivity.

The report also notes that Dubai and Abu Dhabi are the only two Arab cities to feature in the top 50 list. Interestingly, none of the UAE cities have been listed among the 20 most expensive cities for centi-millionaires.

The study predicts that emerging tech hubs such as Shenzhen and Bengaluru will experience exceptional growth in their centi-millionaire populations, while cities benefiting from inward wealth migration, such as Dubai and Abu Dhabi, will also see their ultra-wealthy communities expand.

Dubai is currently home to 72,500 millionaires, 212 centi-millionaires, and 15 billionaires. The city’s CEO of the Dubai International Financial Centre (DIFC) Authority attributes its success to its thriving and safe economic climate, which attracts wealthy individuals who wish to relocate.

Globally, there are currently 29,350 individuals with liquid investable assets of $100 million or more, representing a growth of 54% over the last decade. 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.

The study highlights that more than 60% of centi-millionaires are entrepreneurs and company founders, who play a crucial role in creating wealth and jobs.