Dubai, Abu Dhabi, and Riyadh are set to become world hotspots for the super-rich, according to Henley & Partners’ Centi-Millionaire Report 2024, which said that all these cities are in for explosive growth of their centi-millionaires, their residents with investable assets worth more than $100 million, over the next 16 years. The Gulf cities are going to more than double their centi-millionaire populations, growing by more than 150% by 2040.
Dubai Leads the GCC Cities
Dubai has emerged as one of the top 50 cities in the Henley index for centi-millionaires, holding the tag of 212 centi-millionaires, while Abu Dhabi is on the 50th ranking position, with 68 super-rich residents. Riyadh holds 51st rank position, with 67 centi-millionaires. These cities are branded “centi city hotspots” due to their huge potential for jumping into high-net-worth wealth centres.
Global Centi-Millionaires Overview
There are 29,350 Centi-millionaires. New York leads the world with 744 centi-millionaires, while the Bay Area trails with 675 and Los Angeles with 498. London, once at the financial hub, nowadays ranks fourth with 370 super-rich residents and predicts a modest growth of less than 50% in the next 16 years.
The Future of Wealth in the Gulf and Asia
Gulf cities, the Asian cities of Hangzhou, Shenzhen, Taipei, and Bengaluru are also poised to experience rapid growth in numbers of centi-millionaires. In the years to come, emerging markets in Asia and the Middle East will certainly make their mark as top wealth destinations.
