Centi-millionaires in Gulf countries is undergoing an amazing growth.
The Gulf is undergoing an amazing transformation, with major centers for the ultra-wealthy beginning to emerge in places such as Riyadh, Dubai, and Abu Dhabi. According to Henley & Partners’ most recent Centi-Millionaire Report 2024, the number of centi-millionaires—those with liquid investable assets over $100 million—in these locations is expected to increase by more than 150% by 2040.
With 212 centi-millionaires as of right now, Dubai is the most populous of the three and ranks 15th in the world. While countries behind slightly, Abu Dhabi and Riyadh are nevertheless impressive, with 68 and 67 centi-millionaires, respectively. This expansion fits into a larger pattern among Gulf Cooperation Council (GCC) states, which are becoming more and more popular travel destinations for wealthy people.
Important Growth Factors
There are a number of reasons behind this expected rise in centi-millionaires: Economic Policies and Business Environment: The ultra-wealthy attract to Dubai due to its prime location as a financial and economic hub, as well as its favorable tax laws and high standard of living. Important contributions are also made by Abu Dhabi’s growing infrastructure improvements and investment prospects. Growth in Riyadh is being further fueled by plans to diversify the city’s economy and make it a global financial hub.
Strategic Investments: The Gulf cities are focusing on sustainability and undertaking large infrastructural investments, including the construction of new cultural and entertainment facilities. These investments are changing the economies in these areas and adding to the attraction that high-net-worth individuals have for them.
Lifestyle & Quality of Life: It is impossible to overestimate the region’s appeal as a lifestyle travel destination. Gulf towns provide the ultra-wealthy a living experience that is unmatched due to its world-class amenities, strategic location between Europe, Asia, and Africa, and amazing real estate offerings.
Over the previous ten years, the number of centi-millionaires has increased by 54% worldwide, with the US and China leading the way. But this wealth’s geographic distribution is changing. Smaller markets like Monaco, Malta, and Montenegro have had notable expansions, while Europe has seen rather modest growth.
It is anticipated that the number of centi-millionaires in a number of Asian and Middle Eastern cities, such as Hangzhou, Shenzhen, Taipei, Dubai, and Abu Dhabi, will soar by 2040. This change in the distribution of extreme wealth is probably going to have a significant and lasting effect on world politics, economy, and society.
The rise of centi-millionaires in Riyadh, Dubai, and Abu Dhabi marks a new phase in the economic history of the Gulf. These cities will play a major role in the changing global wealth landscape as long as they are able to draw in the ultra-wealthy. This expansion emphasizes the region’s strategic significance on the global scene in addition to showcasing its economic vibrancy.
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