A recent study reveals that Dubai, Abu Dhabi, and Sharjah are projected to witness a staggering 150% rise in centi-millionaire migration between 2024 and 2040. This influx of ultra-wealthy individuals continues to position the UAE as a leading destination for high-net-worth individuals (HNWIs) globally.<\/p>\n\n\n\n
Currently, Dubai boasts the highest concentration of private wealth in the Middle East, largely due to its favorable economic conditions and safety, according to financial experts. Ranked 15th among the world\u2019s top 50 cities for centi-millionaires, Dubai is home to 212 of these ultra-wealthy individuals. Abu Dhabi, ranked 50th, has 68 centi-millionaires, while Sharjah, with 11 centi-millionaires, is also forecasted to experience strong growth in the migration of wealthy individuals.<\/p>\n\n\n\n
The UAE\u2019s appeal to high-net-worth individuals has surged in the post-pandemic era. Factors such as exceptional healthcare, leading educational institutions, zero income tax, safety, extensive air connectivity, and the ease of doing business have contributed to this trend. Additionally, both Dubai and Abu Dhabi are the only Arab cities to make it into the top 50 list of cities with the highest centi-millionaire populations.<\/p>\n\n\n\n
Globally, the centi-millionaire landscape is shifting, with emerging tech hubs such as Shenzhen, Hangzhou, and Austin expected to see substantial growth in their ultra-wealthy populations. Cities benefiting from wealth migration, like Dubai, Abu Dhabi, Riyadh, and West Palm Beach, are also predicted to experience significant increases in centi-millionaire residents.<\/p>\n\n\n\n
Despite the concentration of wealth, none of the UAE cities have ranked among the top 20 most expensive cities for centi-millionaires, according to the study.<\/p>\n\n\n\n
Arif Amiri, CEO of the Dubai International Financial Centre (DIFC) Authority, emphasized Dubai\u2019s role as a global wealth management hub. The DIFC is home to over 600 entities, including 120 of the world\u2019s wealthiest families, with a collective net worth exceeding $1.2 trillion. These families have chosen Dubai as a base for managing their assets, planning for succession, and pursuing philanthropic endeavors under the DIFC’s common law framework.<\/p>\n\n\n\n
On a global scale, there are approximately 29,350 individuals with investable assets exceeding $100 million. Over the past decade, the centi-millionaire population has grown by 54%, with significant increases in the U.S. and China, far surpassing growth in Europe. The top cities with the highest concentrations of centi-millionaires include New York City, the Bay Area, London, and Beijing.<\/p>\n\n\n\n
Andrew Amoils, head of research at New World Wealth, highlighted that over 60% of centi-millionaires are entrepreneurs or company founders. These individuals play a crucial role in wealth creation, often contributing to job growth and economic development. Many of the Fortune 500 and S&P 500 companies were founded by individuals who later became centi-millionaires, underscoring the economic importance of this group.<\/p>\n\n\n\n
Published on : <\/strong>18 Sep 2024<\/p>\n\n\n\n Source: <\/strong>https:\/\/www.khaleejtimes.com\/business\/dubai-abu-dhabi-sharjah-to-see-over-150-increase-in-centi-millionaires-by-2040-study<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" A recent study reveals that Dubai, Abu Dhabi, and Sharjah are projected to witness a staggering 150% rise in centi-millionaire migration between 2024 and 2040. This influx of ultra-wealthy individuals continues to position the UAE as a leading destination for high-net-worth individuals (HNWIs) globally. Currently, Dubai boasts the highest concentration of private wealth in the […]<\/p>\n","protected":false},"author":1,"featured_media":20981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[173,67,5],"tags":[],"class_list":["post-20978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dubai","category-news","category-real-estate"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/posts\/20978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/comments?post=20978"}],"version-history":[{"count":0,"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/posts\/20978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/media\/20981"}],"wp:attachment":[{"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/media?parent=20978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/categories?post=20978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sevenluxuryrealestate.com\/tr\/wp-json\/wp\/v2\/tags?post=20978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}