Dubai's Lure for the Ultra-Wealthy: A Growing Hub for Centi-Millionaires and Billionaires
Dubai, a city known for its opulence, is fast becoming a magnet for the ultra-wealthy. A recent survey by Henley & Partners has shed light on the incredible rise in centi-millionaires and billionaires flocking to this vibrant metropolis. With over 15 billionaires and more than 200 centi-millionaires already calling it home, Dubai's appeal to the world's richest is undeniable. What's even more intriguing is the projection that this trend will continue over the next decade.
Every year, Henley & Partners ranks Dubai as the 16th most ultra-rich city worldwide, and the city is showing no signs of slowing down. The term "centi-millionaires" is used to define individuals with assets of $100 million or more, and Dubai boasts a significant share of them - 210 to be precise. This number dwarfs Riyadh's 65 centi-millionaires, firmly establishing Dubai as the region's centi-millionaire hub. In addition, Dubai is home to 15 billionaires, outstripping Riyadh's nine, according to Henley & Partners' data.
While Dubai may trail behind ultra-wealthy hubs like New York, the Bay Area, and Los Angeles in the United States, in terms of sheer numbers, it's the growth forecast over the next ten years that sets Dubai apart. The 2023 Centi-Millionaire Report published by Henley & Partners reveals a remarkable global increase in centi-millionaires, with a current count of 28,420, more than double the number from two decades ago, and a growth of 12% in the past year.
This surge in wealth can be attributed to various factors, including inheritance, the sale of small- to medium-sized enterprises, stock market trading, and investments in multinational companies and successful tech ventures. It's worth noting that the Crypto Wealth Report showcases 182 crypto centi-millionaires with holdings of $100 million or more.
Looking ahead to 2033, it's expected that both Riyadh, Saudi Arabia, and Delhi, India's commercial hub, will experience incredible growth rates of 85% each in their centi-millionaire populations. Mumbai, often considered the financial capital of the world, isn't far behind, with an anticipated 80% increase. Dubai is projected to see a 78% increase in millionaires, a testament to its thriving and diverse economy.
Philippe Amarante, Head of Henley & Partners Dubai, underscores the intensifying global competition to attract and retain centi-millionaires. It's not just about financial incentives and investment opportunities; comprehensive solutions that address business, lifestyle, immigration, and philanthropic needs are pivotal to capturing the interest of these super-wealthy individuals.
Dubai's rise as a hub for the ultra-wealthy is undeniable. As the city continues to attract more centi-millionaires and billionaires, it's clear that it offers a unique blend of opportunities and lifestyle that appeals to the world's wealthiest. In the years to come, Dubai will remain a top destination for those seeking the pinnacle of luxury and financial prosperity.
Source: Propertynews.ae