Dubai is the third-richest city in the recently expanded BRICS bloc, while Sharjah’s millionaire population is forecast to swell by 120% over the coming decade, according to a new report by Henley & Partners.

The number of millionaires in Dubai soared by 78% to 72,500 between 2013 and 2023, making it one of the top ten wealthiest cities in the emerging markets region, the international investment migration advisory firm said in its BRICS Wealth Report.

Abu Dhabi, which has seen its millionaire population rise by 75% to 22,700, came in tenth place.

Overall, Beijing topped the list with 125,600 millionaires, followed by Shanghai with 123,400 millionaires.

India’s Mumbai, with 58,800 millionaires, came in fourth position, followed by Shenzhen, home to 50,300 millionaires, in fifth place.

The report also noted that another emirate in the UAE, Sharjah, which did not make it to the top ten list of wealthiest cities, has surpassed Dubai and Abu Dhabi in terms of wealth growth.

TABLE:  Supplied by Henley & Partners.

Between 2023 and 2033, wealth in the emirate is poised to grow by 120%, the highest among BRICS countries. The emirate is currently home to 4,100 high-net-worth individuals (HNWIs), which is expected to reach more than 9,000 by 2033.

“Despite accounting for far less of the UAE’s wealth than Dubai and Abu Dhabi, Sharjah’s wealth is growing at a slightly faster rate than both these cities in percentage terms,” Andrew Amoils, Head of Research at wealth intelligence firm New World Wealth, said in the report.

The fastest wealth builder over the next ten years will be Bengaluru, forecast to post a 125% growth in wealth, while Jeddah, Riyadh and Cape Town will see wealth growth of 100%, 90% and 85%, respectively.

In Riyadh, there are approximately 18,200 HNWIs and this number is projected to reach over 35,000 by 2033. As for Jeddah, the current HNWI population of 7,500 is forecast to reach more than 15,000 by 2033.

The original BRICS bloc, comprising Brazil, Russia, India, China and South Africa, has recently doubled its membership and expanded its financial firepower, with the UAE, along with Saudi Arabia, Egypt, Ethiopia and Iran, joining this month.

The bloc now accounts for $45 trillion in investable wealth, while its millionaire population is poised to grow by 85% over the next decade. So far, the block is home to 1.6 million individuals with investable assets of more than $1 million, including 4,716 centi-millionaires and 549 billionaires.

(Writing by Cleofe Maceda; editing by Seban Scaria)