Dubai continues to solidify its position as the leading hub for private wealth in the Middle East, according to the latest Centi-Millionaire Report 2024 by Henley and Partners and New World Wealth.
The study forecasts a significant influx of ultra-wealthy individuals to the UAE, with the number of centi-millionaires in Dubai, Abu Dhabi, and Sharjah expected to rise by over 150% between 2024 and 2040.
Currently, Dubai ranks 15th globally, boasting 212 centi-millionaires. Abu Dhabi, positioned 50th, houses 68 centi-millionaires, while Sharjah is home to 11. Notably, Dubai and Abu Dhabi are the only Arab cities in the top 50.
The UAE's appeal to high-net-worth individuals (HNWIs) is attributed to its world-class healthcare, top-tier educational institutions, zero income tax, and robust safety and security measures. Despite this, none of its cities rank among the top 20 most expensive for centi-millionaires.
Dr. Juerg Steffen, CEO of Henley and Partners, highlights the shifting global centi-millionaire landscape, with emerging tech hubs and inward wealth migration cities like Dubai set to see substantial growth.
Arif Amiri, CEO of Dubai International Financial Centre (DIFC) Authority, underscores Dubai's thriving economic environment, noting DIFC’s status as a hub for over 600 registered entities and 120 of the world’s wealthiest families.
Globally, the number of individuals with liquid investable assets of $100 million or more has surged by 54% over the past decade, with significant growth in America and China.
Andrew Amoils, head of research at New World Wealth, emphasizes the role of centi-millionaires in wealth creation and job generation, with many founding major companies listed on top global stock indices.
News Source: Khaleej Times
