A recent report by Henley & Partners reveals a significant surge of 120% in Sharjah’s millionaire population over the next decade. This projection positions Dubai as the third-richest city within the newly expanded BRICS bloc.

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Dubai has secured its spot among the top ten wealthiest cities in emerging markets, experiencing a remarkable 78% growth in millionaires, reaching 72,500 between 2013 and 2023. Tenth place is claimed by Abu Dhabi, witnessing a 75% increase in millionaires, totaling 22,700.

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Leading the list is Beijing with 125,600 millionaires, followed closely by Shanghai with 123,400. Mumbai, India, secures the fourth position with 58,800 millionaires, while Shenzhen, China, takes the fifth spot with 50,300 millionaires.

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Interestingly, Sharjah, although not ranking among the top ten richest cities, has surpassed both Dubai and Abu Dhabi in wealth growth. The emirate is expected to see a remarkable 120% increase in wealth between 2023 and 2033. Currently housing 4,100 high-net-worth individuals (HNWIs), Sharjah’s HNWI population is anticipated to exceed 9,000 by 2033.

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Andrew Amoils, Head of Research at New World Wealth, notes, “Despite accounting for less of the UAE’s wealth than Dubai and Abu Dhabi, Sharjah’s wealth is growing at a slightly faster rate than both these cities in percentage terms.”

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Over the next decade, Bengaluru is predicted to experience the fastest wealth growth at a rate of 125%, while Cape Town, Riyadh, and Jeddah are expected to grow at rates of 100%, 90%, and 85%, respectively.

By 2033, Riyadh is expected to have over 35,000 HNWIs, doubling its current estimate of 18,200. Jeddah’s HNWI population is projected to increase from 7,500 to over 15,000 by 2033.

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With the recent inclusion of the UAE, Saudi Arabia, Egypt, Ethiopia, and Iran, the BRICS bloc has doubled in size, amassing $45 trillion in investable wealth. Over the next decade, an 85% increase in the millionaire population is expected, with 1.6 million people on the block possessing investable assets surpassing $1 million, including 549 billionaires and 4,716 centimillionaires.