Dubai and Abu Dhabi among 10 wealthiest Brics cities

Sharjah’s millionaire population is growing at a slightly faster rate than both these cities, new report finds

Dubai hosts 72,500 millionaires, of whom 212 are centi-millionaires and 15 are billionaires, according to the Brics Wealth Report. Antonie Robertson / The National

Dubai has been ranked as the third wealthiest city among the Brics group of nations, while Abu Dhabi placed 10th on the list, according to a new report by Henley & Partners, which tracks private wealth and investment migration trends worldwide, in partnership with global wealth intelligence provider New World Wealth.

Dubai hosts 72,500 millionaires, of whom 212 are centi-millionaires and 15 are billionaires, while Abu Dhabi is home to 22,700 resident millionaires, including 68 centi-millionaires and five billionaires, the Brics Wealth Report said.

People with a net worth of $100 million or more in investable assets are called centi-millionaires.

Five Chinese cities figured among the top 10 wealthiest cities in the grouping, with its capital Beijing ranked the wealthiest Brics city, home to 125,600 millionaires, including 347 centi-millionaires and 42 billionaires, the research showed.

Shanghai ranked second with 123,400 resident high-net-worth individuals, while Mumbai and Shenzhen round out the top five list.

“Despite accounting for far less private wealth than Dubai and Abu Dhabi, Sharjah’s millionaire population is growing at a slightly faster rate than both these cities in percentage growth terms,” Andrew Amoils, head of research at New World Wealth, said.

“There are currently 4,100 high-net-worth individuals living in the emirate and this number is projected to exceed 9,000 by 2033, a growth of 120 per cent.

“Likewise, Jeddah and Saudi capital Riyadh look set to enjoy a millionaire boom with growth rates of 100 per cent and 90 per cent, respectively, forecast over the next decade.”

Saudi Arabia along with the UAE, Egypt, Iran and Ethiopia joined Brics on January 1, doubling its membership to 10, with Brazil, Russia, India, China and South Africa the original members.

Saudi Arabia and the UAE have continued to post economic growth despite uncertainties including high interest rates, inflation and geopolitical tensions as they focus on diversifying their economies.

The Emirates was expected to attract 4,500 more millionaires last year, according to a separate report by Henley & Partners last June.

It was ranked second behind Australia, which was expected to attract the highest net inflow of high-net-worth individuals globally at 5,200, Henley & Partners said in the report, which focused on people with a net worth of $1 million or more.

The UAE’s millionaire population has increased by 77 per cent since 2013 and is now home to 116,500 millionaires, including more than 300 centi-millionaires, Henley & Partners said in the latest report.

The past decade has been a time of robust private wealth growth in Saudi Arabia and Ethiopia, with their millionaire populations rising by 35 per cent and 30 per cent, respectively, according to the research.

When it comes to private wealth growth projections, India leads the Brics pack with an estimated 110 per cent increase in wealth per capita by 2033.

Saudi Arabia is runner up with its wealth per capita expected to expand by more than 105 per cent in the next 10 years, followed by the UAE at 95 per cent, the research found.

China, Ethiopia, South Africa and Egypt are all forecast to enjoy wealth growth of more than 50 per cent in the next decade.

The total investable wealth currently held in the Brics bloc amounts to $45 trillion and its millionaire population is expected to rise by 85 per cent over the next 10 years, according to the report.

There are currently 1.6 million individuals with investable assets of more than $1 million in the grouping, including 4,716 centi-millionaires and 549 billionaires.

Top 10 wealthiest Brics cities

1. Beijing: 125,600 millionaires
2. Shanghai: 123,400
3. Dubai: 72,500
4. Mumbai: 58,800
5. Shenzhen: 50,300
6. Hangzhou: 31,600
7. New Delhi: 31,000
8. Moscow: 30,300
9. Guangzhou: 24,500
10. Abu Dhabi: 22,700

Source: Henley & Partners and New World Wealth