The UAE is set to see an increase in the migration of centi-millionaires between 2024 and 2040, with Dubai, Abu Dhabi, and Sharjah expected to experience growth of more than 150 percent in the number of ultra-rich individuals moving to these cities. Dubai is ranked 15th among the top 50 cities globally, with 212 centi-millionaires, while Abu Dhabi is ranked 50th with 68 centi-millionaires. Sharjah, on the other hand, is home to 11 centi-millionaires and is also projected to see a significant increase in migration of ultra-rich individuals.
Centi-millionaires are defined as individuals with liquid investable assets of $100 million or more. Dubai and Abu Dhabi are the only Arab cities that made it to the top 50 list of cities with the highest concentration of centi-millionaires. The UAE has been attracting high-net-worth individuals in the post-pandemic period due to factors such as world-class healthcare facilities, top educational institutions, zero income tax, safety, strong air connectivity, and ease of doing business.
Interestingly, none of the UAE cities have been listed among the top 20 most expensive cities for centi-millionaires by Henley and Partners. The CEO of Henley and Partners, Dr. Juerg Steffen, highlighted that cities like Dubai, Abu Dhabi, and Riyadh are expected to see a growth in their ultra-wealthy communities, along with emerging tech hubs such as Shenzhen and Bengaluru. Dubai is currently home to 72,500 millionaires, 212 centi-millionaires, and 15 billionaires.
According to Arif Amiri, CEO of Dubai International Financial Centre (DIFC) Authority, Dubai has the highest concentration of private wealth in the Middle East, offering a thriving and safe economic climate that attracts wealthy individuals to relocate to the city. The DIFC houses over 600 active registered entities associated with family businesses, including some of the world’s wealthiest families 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, with America and China experiencing significant growth in their centi-millionaire populations. 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, highlighted that more than 60% of centi-millionaires are entrepreneurs and company founders, playing a crucial role in wealth creation and job creation for the middle class. Many of the world’s largest companies were started by individuals who went on to become centi-millionaires.
