Dubai’s about to get richer: The centi-millionaires making moves

Money money money must be funny…

Dubai is set to welcome another large influx of wealthy centi-millionaires! With major cities like Abu Dhabi and Riyadh also set to follow suit.

What’s a centi-millionaire?

A centi-millionaire is an individual with liquid investable assets of $100 million or more.

While the United States and China still lead the way globally with the highest number of centi-millionaires, Asia and the Gulf region is rapidly catching up. According to the Centi-Millionaire Report 2024 by Henley & Partners, Dubai, Abu Dhabi and Riyadh are projected to experience a 150% increase in centi-millionaires by 2040!

So, what’s fueling this wealth boom in the Gulf?

One major factor behind this growth is the Gulf’s investor migration schemes, which are particularly attractive to high-net-worth individuals.

Cities like Dubai and Abu Dhabi have implemented practices and investor-friendly policies such as golden visas, that make them appealing destinations for centi-millionaires who are looking to diversify their investments.

Additionally, many of these centi-millionaires are entrepreneurs and company founders. Andrew Amoils, Head of Research at New World Wealth, points out that the businesses started by these individuals often create numerous well-paying jobs, thus fueling further wealth creation in the region.

How does the Gulf compare globally?

While the Gulf cities are making moves, the global distribution of centi-millionaires is still dominated by cities in the United States and China.

For example, New York City remains the global leader, boasting 744 centi-millionaires, while the Bay Area follows closely behind with 675. Despite this, the Gulf’s rapid rise is one to watch, especially when compared to European cities.. In fact, Europe’s centi-millionaire population has only grown by 26% over the past decade, whereas cities like Dubai and Abu Dhabi are expected to surge by over 150% by 2040!

What does this mean for the Dubai property market?

The influx of centi-millionaires in the Gulf, particularly in Dubai will inevitably impact the property market. As these ultra-wealthy individuals flock to the city, demand for luxury real estate is set to skyrocket. This could lead to a surge in demand for high-end properties, urging developers to continue to meet the rising demand in the market.

Additionally, in the long term, this wealth influx will likely cement Dubai’s position as one of the world’s leading hubs for luxury living and international investment.

Thinking of moving to Dubai?

If you’ve got the millionaire’s haven on your radar and are considering a move here, you could start by checking out some of our live listings!