Dubai and Abu Dhabi Rank Among Top 10 Wealthiest BRICS Cities
Investors, Dubai and Abu Dhabi stand out! A new report ranks them 3rd and 10th respectively in millionaire population among expanded BRICS nations. This signifies strong wealth creation and economic growth, making them prime investment destinations.
Key findings:
Dubai boasts 72,500 millionaires, including 212 centi-millionaires and 15 billionaires.
Abu Dhabi follows with 22,700 millionaires and promising growth potential.
China dominates the top 5, with Beijing leading at #1 and Shanghai at #2.
India's Mumbai ranks 4th, highlighting its economic rise.
BRICS wealth is projected to surge 85% in the next decade, attracting global investors.
Invest now! Tap into Dubai & Abu Dhabi's thriving economies and growing wealth.
In a recent study by Henley & Partners, in collaboration with New World Wealth, Dubai and Abu Dhabi have been distinguished among the wealthiest cities within the BRICS nations. Dubai proudly stands third, with Abu Dhabi securing the tenth position in the wealth rankings. This report underscores both cities as pivotal hubs for private wealth and investment migration on a global scale.
Dubai is home to 72,500 millionaires and 212 centi-millionaires plus 15 billionaires. Abu Dhabi follows with an impressive tally of 22,700 millionaires, inclusive of 68 centi-millionaires and five billionaires. The term 'centi-millionaire' is used to describe individuals with $100 million or more in investable assets.
The report highlights the dominance of five Chinese cities in the top 10, with Beijing leading as the wealthiest BRICS city. It boasts 125,600 millionaires, alongside 347 centi-millionaires and 42 billionaires. Shanghai and Mumbai, along with Shenzhen, complete the top five wealthiest cities list.
Interestingly, the report notes that Sharjah, despite its smaller private wealth base compared to Dubai and Abu Dhabi, is experiencing a faster rate of millionaire population growth. Predictions indicate that Sharjah's high-net-worth individual count could surpass 9,000 by 2033, marking a 120% increase.
The inclusion of Saudi Arabia and the UAE, alongside Egypt, Iran, and Ethiopia, into the BRICS group on January 1, effectively doubled its membership to ten countries. Both Saudi Arabia and the UAE are noted for their robust economic growth, driven by diversification efforts amidst global challenges such as high-interest rates and geopolitical tensions.
The UAE, in particular, has seen a significant influx of millionaires, with an anticipated addition of 4,500 in the last year alone, positioning it second only to Australia in attracting high-net-worth individuals globally.
Since 2013, the UAE's millionaire population has surged by 77%, now hosting 116,500 millionaires, including over 300 centi-millionaires. This growth is reflective of the broader BRICS region's wealth expansion, with the total investable wealth reaching $45 trillion and the millionaire population expected to increase by 85% in the next decade.
Top 10 wealthiest Brics cities
Beijing: 125,600 millionaires
Shanghai: 123,400
Dubai: 72,500
Mumbai: 58,800
Shenzhen: 50,300
Hangzhou: 31,600
New Delhi: 31,000
Moscow: 30,300
Guangzhou: 24,500
Abu Dhabi: 22,700
Source: Henley & Partners and New World Wealth