Dubai is home to 15 billionaires and more than 200 centi-millionaires and is expected to be one of the fastest-growing cities for the ultra-rich in the next 10 years, according to a report by Henley & Partners.
The residency and investment specialist places Dubai 16th in its annual global ranking of cities with the most ultra-rich residents. It classifies centi-millionaires as people with assets worth $100 million or more.
Dubai leads the region with 210 centi-millionaires, ahead of Riyadh, which has 65. Meanwhile, according to Henley & Partners, Dubai has 15 resident billionaires and Riyadh has nine.
The Middle East cities lag a long way behind ultra-wealthy hubs in the US.
New York leads the way, with 775 centi-millionaires, and is followed by The Bay Area, with 692, and Los Angeles, with 504.
There are currently 28,420 centi-millionaires in the world, more than double the number 20 years ago, according to our Centi-Millionaire Report 2023 featuring exclusive data from New World Wealth.— Henley & Partners (@HenleyPartners) October 10, 2023
Read the full Centi-Millionaire Report here: https://t.co/S5c4K97WgK pic.twitter.com/GQIzXXm3jX
In terms of growth forecast over the next ten years, however, Dubai and Riyadh are among the cities with the highest number of new centi-millionaires expected by 2033.
Riyadh will see an 85 percent increase in ultra-wealthy residents, and Dubai is expected to see a 78 percent growth in centi-millionaires by 2033.
There are currently 28,420 centi-millionaires in the world, more than double the number 20 years ago and an increase of 12 percent compared to this time last year, according to the 2023 Centi-Millionaire Report released by Henley & Partners.