What To Know
- Dubai alone has seen its millionaire population jump 78 per cent in the last year which has turned the city into one the most important players in the global wealth market.
- This increase is similar with the general trends observed in the movement of Higher Net worth individuals where Riyadh and Bengaluru are projected to record more than 150% growth in their respective ultra-wealthy population.
- The emergence of the group of centi-millionaires in the Middle Eastern countries may have a far-reach impact as a growing influence on international economic and political systems within the forthcoming decades is expected to influence the future of wealth redistribution and population mobility.
A new forecast from Henley & Partners warns that the number of centi-millionaires—those with investable assets of $100m plus—will soar in Gulf cities such as Dubai, Abu Dhabi and Riyadh. These are now the favorite cities for the ultra-wealthy as these places encourage investor migration and have open business standards. Launcher: the increase to centi-millionaires in these cities by 150% by 2040 will overshadow growth in many early-stage markets.
To be specific, there are 29,350 centi-millionaires all over the world with the United States and China being the leaders. However, Gulf cities are among the emerging front runners in this aspect, benefiting from waves of economic change and investment openness policies. The number of USD millionaire individuals worldwide has also risen, with millionaire population more than doubling in some cities and regions; Dubai alone has seen its millionaire population jump 78 per cent in the last year which has turned the city into one the most important players in the global wealth market.
They say that Europe’s centi-millionaire growth has, in fact, decelerated, with it only rising by 26% over the past decade or so; however, Gulf cities are on the rise. This increase is similar with the general trends observed in the movement of Higher Net worth individuals where Riyadh and Bengaluru are projected to record more than 150% growth in their respective ultra-wealthy population.
Dubai has 212 centi-millionaires at the moment, and Abu Dhabi and Riyadh have 68 and 67, correspondingly. These number are expected to further grow as the number of entrepreneur and investors increase. As it is clearly mentioned above centi-millionaires, who are more than 60% of them are company founders, will generate many fulfilling prosperous results such as job opportunity and business emergence.
The emergence of the group of centi-millionaires in the Middle Eastern countries may have a far-reach impact as a growing influence on international economic and political systems within the forthcoming decades is expected to influence the future of wealth redistribution and population mobility.
