Dubai, Abu Dhabi and Riyadh are among the cities tipped to see the biggest increase in their centi-millionaire population, according to a new study.
There are currently 29,350 individuals worldwide with liquid investable assets of $100m or more, according to the Centi-Millionaire Report 2024 released by Henley & Partners.
While the US and China are home to the most mega-rich residents, Gulf cities are catching up and will see centi-millionaire populations swell in the next decade and a half.
Centi-millionaires in Dubai and Riyadh
Dubai, Abu Dhabi and Riyadh will all see an increase of 150 per cent in the number if centi-millionaires by 2040, according to the Henley & Partners analysis.
This exclusive club has grown globally by 54 per cent over the past decade but the geographic distribution of this super-rich explosion across different regions is revealing.
America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts.
China’s ascent has been the most dramatic, with its centi-millionaire population expanding by 108 per cent over the past 10 years — outpacing even the stellar performance of the US, whose super-wealthy ranks swelled by 81 per cent over the same period.
In contrast, Europe’s centi-millionaire growth has been anaemic, increasing by only 26 per cent over the past decade.
Dr. Juerg Steffen, CEO of Henley & Partners, says the lethargic performance in Europe can be attributed to the slow growth of major markets such as the UK, Germany, and France. “Pockets of dynamism exist, with smaller European markets such as Monaco, Malta, Montenegro, and Poland seeing their centi-millionaire populations surge by 75 per cent or more.
“The geography of extreme affluence is shifting. As this elite group continues to grow and migrate, its influence on global economics, politics, and society is likely to be profound and far-reaching.”
Looking ahead to 2040, the growth trajectory of centi-millionaire populations paints an intriguing picture of wealth accumulation and migration.
Several Asian and Middle Eastern cities are poised for explosive growth, with Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi projected to see increases of over 150 per cent in their centi-millionaire communities.
Emerging markets are also set to make their mark. Riyadh in Saudi Arabia and Bengaluru in India are both forecast to enjoy growth of more than 150 per cent in their centi-populations over the next 16 years.
20 cities with the most centi-millionaires
- New York City, USA: 744
- The Bay Area, USA: 675
- Los Angeles, USA: 496
- London, UK: 370
- Beijing, China: 347
- Singapore: 336
- Shanghai, China: 322
- Hong Kong, SAR China: 320
- Chicago, USA: 290
- Paris, France: 286
- Tokyo, Japan: 267
- Houston, USA: 258
- Geneva, Switzerland: 244
- Mumbai, India: 236
- Dubai, UAE: 212
- Moscow, Russia: 207
- Sydney, Australia: 205
- Zurich, Switzerland: 205
- Toronto, Canada: 195
- Seoul, South Korea: 195
Other notable cities in the region are Abu Dhabi, with 68; Riyadh, with 67; Jeddah, on 32; Doha, with 48 and Sharjah, at 11.
New World Wealth’s Head of Research, Andrew Amoils, points out that over 60 per cent of the multi-millionaires are entrepreneurs and company founders, which makes them especially important when it comes to wealth creation.
He said: “The businesses started by centi-millionaires have a significant positive spillover effect on the middle class as they create large numbers of well-paying jobs in their base country.
“It is also worth noting that most of the companies on the Fortune 500, the S&P 500, the CAC 40, the FTSE 100 and the Nikkei 225 were started by individuals who went on to become centi-millionaires.”
The report reveals that one-third of the world’s centi-millionaires reside in 50 key cities across the world.
The US continues to dominate the centi-city landscape, claiming first, second and third places in the Top 50 Cities for Centi-Millionaires, and boasting a total of 15 metropolises on the elite list.
New York City reigns supreme with 744 resident centi-millionaires, followed closely by the Bay Area (which includes San Francisco and Silicon Valley) with 675, and Los Angeles with 496 super rich residents.
These cities have not only maintained their leading positions globally over the past decade but are expected to see significant growth of more than 50 per cent in their ultra-wealthy populations over the next 10 years.
Dr. Steffen said nearly two-thirds of the Top 50 Cities for Centi-Millionaires are located in countries offering investment migration programs.
He said: “This concentration speaks volumes about the interconnectedness of global wealth and the allure of strategic residence and citizenship planning. In an era of unprecedented uncertainty, the importance of building a strategic portfolio of complementary residence permits and citizenships that provide you with personal access rights to a wide range of different jurisdictions has never been more evident for centi-millionaires.”
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