Wave of centi-millionaires in Dubai
Dubai attracts a new wave of centi-millionaires!
Dubai, along with cities such as Abu Dhabi and Riyadh, is poised to welcome a surge in centi-millionaires.
What is a centi-millionaire?
A centi-millionaire is someone with more than $100 million in liquid assets.
While the USA and China still dominate, Asia and the Gulf are booming. According to the Henley & Partners 2024 report, Dubai, Abu Dhabi and Riyadh should see their number of centi-millionaires increase by 150% by 2040.
Why such a boom in wealth in the Gulf?
One of the main reasons for this growth is the attractiveness of immigration programs for investors. Favorable policies such as golden visas make Dubai and Abu Dhabi prime destinations for diversifying investments.
These centi-millionaires are often entrepreneurs and company founders. As Andrew Amoils, Head of Research at New World Wealth, points out, the businesses founded by these individuals create many well-paid jobs, generating even more wealth in the region.
How does the Gulf compare with the rest of the world?
Although the cities of the Gulf are booming, the USA and China still dominate in terms of the distribution of centi-millionaires. New York remains in the lead with 744 centi-millionaires, followed by the Bay Area with 675.
However, the rapid growth of Gulf cities is impressive. While the population of centi-millionaires in Europe has grown by just 26% over the past decade, cities like Dubai and Abu Dhabi are set to grow by over 150% by 2040.
What impact will this have on Dubai's real estate market?
The arrival of centi-millionaires in the Gulf, particularly in Dubai, will have a direct effect on the luxury real estate market. Demand for high-end properties will explode, pushing developers to respond to this growing demand.
In the long term, this influx of wealth will reinforce Dubai's position as one of the world's leading hubs for luxury real estate and international investment.
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Guillaume Giroux, Dubai Immo founder and real estate expert, Dubai, UAE
As founder of the Dubai Immo Group and a real estate investor, I bring you daily updates on the Dubai market. My aim is to provide you with all the keys you need to invest wisely and securely, by sharing my in-depth analysis and strategic advice.
