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Dubai is now home to 210 centi-millionaires, individuals worth $100 million or more, a figure which could rise by 78% in 10 years, according to new research.
Henley & Partners said the city is ranked 16th out of 50 globally for the number of people who have wealth of $100 million or more and is also home to 15 billionaires.
The city is just behind Mumbai, which has 224 centi-millionaires and 27 billionaires, and ahead of Russia, which has 205 centi-millionaires and 23 billionaires.
The top three cities were all in the USA, with New York having the most centi-millionaires at 775 ahead of the Bay Area, San Francisco, which was ahead in terms of billionaires at 69 compared with New York’s 62.
Los Angeles was in third place, followed by London then Beijing, Shanghai, Singapore and Hong Kong.
Dubai was at the higher end of the scale in terms of its forecasted 78% centi-millionaire growth, coming in seventh place globally.
Hangzhou, China, was at the top with 95% growth expected on 98 centimillionaires, followed by Shenzhen with 88% growth expected, then Delhi, Saudi Arabia, Austin in the USA, then Mumbai.
While the number of centi-millionaires in Riyadh was recorded at 65, with nine billionaires, growth of 85% is expected in 10 years, Henley & Partners said.
Henley & Partners said two thirds of the top 50 cent-millionaire rich cities are in countries with Investment migration programmes.
Philippe Amarante, head of Henley & Partners Dubai, said: “The race to attract and retain centis is intensifying around the world. While countries like Singapore have set the benchmark, the UAE and Saudi Arabia are not far behind.”
Amarante said financial incentives and compelling investment opportunities are insufficient.
“Governments need to pair these with comprehensive retention tactics. Creating an all-encompassing environment that addresses the business, lifestyle, immigration concerns, and even philanthropic aspirations of these super-wealthy individuals is pivotal,” he said.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
