According to recent data from “Wealth of BRICS”, Dubai ranked third among the richest cities, in terms of the number of millionaires residing there, for the year 2024. Abu Dhabi, on the other hand, came in tenth place.
According to the report, which was published by the international investment consulting firm “Henley & Partners” in collaboration with “New World Wealth,” Dubai currently hosts 72,500 millionaires, including 212 “centi-millionaires” (individuals whose net worth exceeds $100 million), in addition to 15 billionaires.
Abu Dhabi, which has seen a 75% growth in private wealth over the past decade, is home to 22,700 millionaires, including 68 “centi-millionaires” and 5 billionaires.
Beijing topped the overall ranking as the wealthiest city among the BRICS group, with 125,600 resident millionaires, including 347 centi-millionaires and 42 billionaires. Shanghai followed with 123,400 resident millionaires, including 322 centi-millionaires and 39 billionaires. Mumbai ranked fourth with 58,800 resident millionaires, including 236 centi-millionaires and 29 billionaires.
The cities of Shenzhen and Hangzhou ranked fifth and sixth respectively in hosting 50,300 millionaires and 31,600 millionaires. Meanwhile, Delhi ranked seventh with 31,000 millionaires following closely. Moscow followed in eighth place with 30,300 millionaires, including 207 centi-millionaires and 23 billionaires. Guangzhou then ranked ninth with 24,500 millionaires.
Looking at the next decade, when it comes to expectations for private wealth growth, India tops the BRICS group with an expected increase of 110% in per capita wealth by 2033. Saudi Arabia ranks second with over 105%, while the UAE comes third, with a projected 95% growth in per capita wealth over the next ten years. China is expected to experience a 85% increase in wealth, Ethiopia 75%, South Africa 60%, and Egypt 55% during the same period.
According to the data provided in the “BRICS Wealth” report, there are five cities that did not make it to the list of the top 10 richest cities in the group for the year 2024. However, it is expected that these cities will experience strong wealth growth exceeding 80% in the coming years.
Bengaluru, also known as the “Silicon Valley of India”, currently houses around 13,200 millionaires and is expected to reach over 30,000 by 2033, making it one of the fastest-growing cities in the BRICS group. It is also predicted to see a 125% growth in wealth.
Andrew Amuels, head of research at “New World Wealth,” said that Sharjah, Riyadh, and Jeddah are cities worthy of attention. He added that although the number of private wealth owners is fewer compared to Dubai and Abu Dhabi, the number of millionaires in Sharjah is rapidly growing. Currently, there are 4,100 high net worth individuals living in the emirate, and it is likely to surpass 9,000 millionaires by 2033, indicating a 120% increase. Similarly, Jeddah and the Saudi capital, Riyadh, are expected to experience a millionaire boom, with growth rates projected at 100% and 90% respectively over the next decade.
Amuels added that Cape Town in South Africa is also expected to witness an influx of wealthy residents, with the number rising by 85% over the next ten years from the current 7400 millionaires to 13500 by the year 2033.
The report revealed that the total investable wealth currently in “BRICS”, which represents about 36% of the global GDP compared to 30% for the G7 countries, amounts to 45 trillion dollars, and it is expected that the number of millionaires in BRICS will increase by 85% over the next ten years.
The CEO of Henley & Partners, Jürg Steffen, stated that Brexit has now become a highly influential player in the global economy, as it has provided attractive new opportunities for investors, businessmen, and high net worth individuals. He added that expanding the group to include countries in the Middle East and North Africa region is recognition of the growing economic importance of these countries and their diverse and effective strategic role, which allows access to rapidly growing consumer markets, as well as their geographical location, unique cultural and commercial environments.