When it comes to luxury living, Dubai reigns supreme. According to a recent survey by Henley & Partners, the glittering city of Dubai is not just home to 15 billionaires, but it’s also attracting the attention of over 200 potential centi-millionaires. What’s more, Dubai is poised to become one of the world’s leading hubs for the ultra-rich in the next decade.

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Henley & Partners, the experts in residency and investment, consistently ranks Dubai among the world’s most ultra-rich cities. Centi-millionaires, those with assets exceeding $100 million, are flourishing here.

With a staggering 210 millionaires, Dubai takes the lead in the region, leaving Riyadh and its 65 millionaires in the dust. But the real eye-opener is that Dubai boasts 15 billionaires, surpassing Riyadh’s 9. While they may not have caught up with the ultra-wealthy hubs in the United States like New York, with 775 centi-millionaires, they’re positioned to make incredible strides over the next decade.

According to Henley & Partners’ 2023 Centi-Millionaire Report, there are currently 28,420 centi-millionaires worldwide, more than double the number from two decades ago, showing a 12% growth in just a year. The United States is home to 38% of these millionaires, followed by China and India, with their booming economies.

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Dr. Juerg Steffen, CEO of Henley & Partners, defines the $100 million-plus band as the contemporary measure of what it means to be “super-wealthy.” He highlights that in the late 1990s, most banks considered $30 million as the threshold for such status. However, rising asset prices have raised the bar to $100 million as the new benchmark.

Andrew Amoils, Head of Research at New World Wealth, explains that in emerging market countries, billionaires are rare, while centi-millionaires are numerous. For example, Kenya has no billionaires but boasts 15 centi-millionaires, and South Africa has just five billionaires compared to 102 centi-millionaires.

Dominic Volek, Head of Private Clients at Henley & Partners, predicts that Asia and the Middle East will become even more prominent, with a projected 38% increase in centi-millionaires worldwide over the next ten years. This growth, he says, is attributed to various sources, including inheritance, selling of small to medium-sized enterprises, trading and investing in stock markets, and leading multi-nationals and tech companies.

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Furthermore, the landscape is shifting, as evidenced by the recent Crypto Wealth Report, indicating 182 crypto centi-millionaires with holdings exceeding $100 million.

Between now and 2033, it’s expected that Riyadh, Saudi Arabia, and Delhi, India’s commercial hub, will experience a phenomenal 85% growth in the number of centi-millionaires. Mumbai, the financial capital of the world, follows closely with an 80% increase.

Dubai, a thriving global metropolis with a diverse economy, is projected to see a 78% increase in millionaires over the next decade. Guangzhou, China’s vital trade and transportation hub, claims second place with 76%, while Monaco, the world’s costliest city, comes in third at 72%.

Philippe Amarante, Head of Henley & Partners Dubai, stresses the intensified global race to attract and retain centi-millionaires. While countries like Singapore have set the benchmark, the UAE and Saudi Arabia are not far behind. Their strategic initiatives, coupled with unique cultural and economic propositions, position them as formidable contenders in this race.

According to Amarante, it’s no longer just about financial incentives and investment opportunities. Governments must create a comprehensive environment that addresses the business, lifestyle, immigration concerns, and philanthropic aspirations of these super-wealthy individuals.

Dubai’s transformation into an ultra-rich paradise continues to gain momentum, and the next decade promises even more opulence and prosperity for those who call it home.

Attracting billionaires and centi-millionaires is a race to create a superlative living environment. Dubai’s unique appeal stands out. Keep an eye out for the influx of the ultra-rich as they choose Dubai for its unmatched blend of culture, economics, and luxury.