Dubai Emerges as the Third Most Prosperous BRICS City with 72,500 Millionaires and 15 Billionaires

Dubai ranked third among the wealthiest cities of “BRICS” in 2024, according to the number of resident millionaires.

Abu Dhabi, on the other hand, came in tenth, as stated in the recent report titled “BRICS Wealth”.

According to the report published by the international investment consulting company “Heinley and Partners” in collaboration with “New World Wealth”, there are currently 72,500 millionaires residing in Dubai, including 212 centi-millionaires (those with net assets exceeding $100 million), as well as 15 billionaires.

Abu Dhabi, on the other hand, which has experienced 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 in the “BRICS” group, with 125,600 resident millionaires, including 347 “centi-millionaires” and 42 billionaires. Shanghai followed with 123,400 resident wealthy individuals, 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 terms of hosting 50,300 millionaires and 31,600 millionaires. Delhi came in seventh place with 31,000 millionaires.

Moscow followed in eighth place with 30,300 millionaires, including 207 “centi-millionaires” and 23 billionaires. Guangzhou came in ninth place with 24,500 millionaires.

Looking at the next decade, when it comes to expectations of private wealth growth, India leads the BRICS group, with expectations of a 110% increase in per capita wealth by 2033.

Saudi Arabia comes in second with over 105%, while the United Arab Emirates ranks third overall, with an expected 95% growth in per capita wealth in the next ten years. China is predicted to experience a 85% growth in wealth, followed by Ethiopia with 75%, South Africa with 60%, and Egypt with 55% during the same period.

According to the data in the “BRICS Wealth” report, there are five cities that did not make it to the list of the top 10 wealthiest cities in the group for 2024, but they are expected to experience strong wealth growth exceeding 80% in the coming years.

Bangalore, also known as the “Silicon Valley of India,” is currently home to around 13,200 millionaires, and this number is expected to surpass 30,000 by 2033. This makes it one of the fastest-growing cities in the BRICS group, with projections of a 125% growth in wealth as well.

Andrew Amuels, Head of Research at “New World Wealth,” said that Sharjah, Riyadh, and Jeddah are cities worth considering. Despite having fewer private wealthy individuals compared to Dubai and Abu Dhabi, the number of millionaires in Sharjah is growing rapidly.

Currently, there are 4,100 high net worth individuals residing in the emirate, and it is likely to exceed 9,000 millionaires by 2033, with a 120% increase. Similarly, Jeddah and the Saudi capital, Riyadh, seem to be experiencing a millionaire boom, with growth rates projected to reach 100% and 90% respectively over the next decade.

Amuels added that Cape Town, South Africa, is also expected to see an influx of wealthy residents, with the number projected to increase by 85% over the next ten years, from 7,400 millionaires currently to 13,500 by 2033.

“The report revealed that the total investable wealth currently present in ‘BRICS’, which represents approximately 36% of the global GDP compared to the G7’s 30%, amounts to $45 trillion and it is expected that the number of millionaires in these countries will increase by 85% over the next ten years.”

The CEO of “Hanley and Partners”, Jörg Steffen, stated that “Brexit” has now become a highly influential player in the global economy. 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 a recognition of the growing economic status of these countries and their diverse and effective strategic roles.

This allows access to rapidly growing consumer markets, in addition to their geographical location and unique cultural and commercial environments.