Dubai Emerges as Ultra-Wealthy Magnet; Set for Significant Growth in Next Decade

According to a report by Henley & Partners, Dubai is rapidly becoming a magnet for the ultra-wealthy, with 15 resident billionaires and over 200 centi-millionaires, individuals with assets of $100 million or more. While currently ranking 16th globally, the city is poised for exponential growth in ultra-wealthy residents over the next decade.

Dubai’s prominence in the region is evident, with 210 centi-millionaires calling the city home, surpassing other Middle Eastern hubs. Riyadh, a notable contender, follows with 65 centi-millionaires, alongside nine resident billionaires. However, both cities trail significantly behind the ultra-wealthy hubs of the United States.

Leading the global chart is New York, boasting an impressive 775 centi-millionaires, closely followed by The Bay Area with 692, and Los Angeles with 504. While these numbers are formidable, the growth forecast for Dubai and Riyadh over the next ten years is particularly striking.

Riyadh anticipates an 85 percent surge in ultra-wealthy residents, while Dubai is projected to witness a remarkable 78 percent increase in centi-millionaires by 2033. The 2023 Centi-Millionaire Report by Henley & Partners underscores this trend, revealing a global surge in centi-millionaires, which have more than doubled in the past two decades, with a 12 percent increase in the past year alone.

As Dubai continues to solidify its position as a global hub for the ultra-rich, its trajectory in the coming years promises to be even more impressive.