Today's Edition
YOUSUF SAIFUDDIN KAPADIA (ABU DHABI)
The UAE’s Abu Dhabi and Dubai have been listed as among the top 10 wealthiest cities in the BRICS (Brazil, Russia, India, China, and South Africa) bloc, according to a report released by Henley and Partners in partnership with global wealth intelligence firm, New World Wealth.
China tops the list, with its capital Beijing securing top honours as the wealthiest BRICS city as the home of 125,600 millionaires, including 347 centi-millionaires, and 42 billionaires. In addition to Beijing, the Chinese cities of Shanghai, Shenzhen, Hangzhou, and Guangzhou are also featured on the list.
Two cities from the UAE feature among the top 10, with Dubai in third place for being home to 72,500 millionaires, of whom 212 are centi-millionaires and 15 are billionaires, and Abu Dhabi in tenth place with 22,700 resident millionaires (including 68 centimillionaires and 5 billionaires).
The total investable wealth currently held in the BRICS bloc amounts to $45 trillion, and its millionaire population is expected to rise by 85% over the next 10 years, according to the inaugural BRICS Wealth Report.
Between 2013-2023, Abu Dhabi witnessed significant private wealth growth of around 75%, according to the report, while Dubai saw a growth of 78%.
The UAE’s millionaire population has also shot up by 77% since 2013, and the Middle East’s leading wealth hub is now home to 116,500 millionaires, including over 300 centimillionaires.
CEO of Henley & Partners, Dr. Juerg Steffen, said that BRICS is now a highly influential player in the global economy, presenting attractive new opportunities for investors, entrepreneurs, and talented high-net-worth individuals.
UAE has witnessed tremendous growth over the years with its passport ranked among the world’s most powerful at 11 and top in the region (Henley and Partners). As of December 2023, the UAE also ranks fourth in the VisaGuide World Digital Nomad Index, a ranking of the best countries for digital nomads, with a score of 3.65.
Flexible visa, business, and investment policies, combined with a stable and safe environment, have attracted nationals from all over the world, including the world’s rich and high-net-worth individuals, provides an additional boost to the country’s strong economy.
It is noteworthy that Abu Dhabi, Dubai, Ras Al Khaimah and Ajman were also ranked among the world’s top 10 safest cities in 2024 by Numbeo.
