Dubai: Over 200 residents own assets of more than $100 million

The centi-millionaires, or ultra-high-net-worth individuals, are people whose wallets bulge with over $100 million in investable assets

A Henley Global Citizens Report earlier projected that 4,000 millionaires would migrate to the UAE in 2022.

Waheed Abbas

Published: Sun 15 Jan 2023, 5:33 PM

Dubai is home to more than 200 cent-millionaires and has been ranked among the world’s top 20 cities.

According to a study released by Henley & Partners, the emirate is home to 202 super-wealthy or centi-millionaires and has been ranked 18th among top cities.

The centi-millionaires, or ultra-high-net-worth individuals, are people whose wallets bulge with over $100 million in investable assets.

Dubai has attracted a large number of the high number of millionaires after the pandemic for its successful handling of Covid-19 who invested mainly in real estate and also made the emirate their first or second home.

A Henley Global Citizens Report earlier projected that 4,000 millionaires would migrate to the UAE in 2022, surpassing the big countries like Australia, Singapore, Israel, Switzerland, the USA, Canada, New Zealand, the UK, India and others.

Henley & Partners' study said the UAE will be one of the fastest growing markets at 52 per cent between 2022 and 2032 after Vietnam, India and Mauritius.

Among the cities, New York is home to the highest number of centi-millionaires followed by the San Francisco Bay Area, London, Los Angeles, Beijing, Shanghai, Geneva, Chicago, Singapore and Houston in the top 10.

***Sources: Henley & Partners, KT Research***
Cities	Millionaires living in the city
New York	737
San Francisco	623
London	406
Los Angeles	393
Beijing	363
Shanghai	350
Geneva	345
Chicago	340
Singapore	336
Houston	314

Globally, there were 25,490 centi-millionaires with 38 per cent of them living in the US followed by China, India, the UK, Germany, Switzerland, Japan, Canada, Australia and Russia.

Dmitry Kaminskiy, general partner at Deep Knowledge Group, said traditionally, the places boasting the world’s highest concentrations of centi-millionaires have largely been international financial centres like New York, London, and Dubai.

“Today, age-friendly cities are perceived to be attractive destinations for people seeking to live comfortably during their retirement years, but in the next few years, longevity valleys will become the ultimate destinations for centi-millionaires, regardless of their stage of life,” said Kaminskiy.

— waheedabbas@khaleejtimes.com