Being a millionaire is not enough for some people.
With Dubai already home to more than 67,000 millionaires a new era of mega-wealth is coming as the number of centi-millionaires is coming.
A centi-millionaire is defined as an individual with assets of $100m or more and, according to wealth management consultants Henley & partners, the UAE is expected to see rapid growth in the category in the next ten years.
Dubai centi-millionaire growth
This is set to increase by 52 per cent in the next ten years as the mega-rich migrate to the country.
Henley & partners identified low tax rates and investment migration incentives as reasons for the growth.
Henley & partners data shows there are 25,490 centi-millionaires in the world as of June this year. America leads the charge, with 9,730 centi-millionaires, followed by 2,021 in China and 1,132 in India.
Andrew Amoils, Head of Research at New World Wealth, says the centi-millionaires are the most important top-end global wealth band currently. “In many emerging markets and smaller countries, there are relatively few billionaires, which makes the billionaire wealth band largely irrelevant.
“However, many of these same countries have large numbers of centi-millionaires. For instance, Kenya has no billionaires, but it has 14 centi-millionaires. Malta has only 2 billionaires but 26 centi-millionaires. The centi-millionaire wealth band is therefore a far more accurate reflection of the ‘super-wealthy’ community in these countries.”
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