DUBAI - Gulf cities including Dubai, Abu Dhabi and Riyadh are attracting growing numbers of centi-millionaires with welcoming investor migration schemes and transparent business practices.

Dubai, Abu Dhabi and Riyadh are among the cities tipped to see the biggest increase in their centi-millionaire population, according to a new study.

There are currently 29,350 individuals worldwide with liquid investable assets of $100m or more, according to the Centi-Millionaire Report 2024 released by Henley & Partners.

While the US and China are home to the most mega-rich residents, Gulf cities are catching up and will see centi-millionaire populations swell in the next decade and a half.

Centi-millionaires in Dubai and Riyadh
Dubai, Abu Dhabi and Riyadh will all see an increase of 150 per cent in the number if centi-millionaires by 2040, according to the Henley & Partners analysis.

This exclusive club has grown globally by 54 per cent over the past decade but the geographic distribution of this super-rich explosion across different regions is revealing.

America and China have experienced what can only be described as a centi-millionaire boom, significantly outperforming their European counterparts.

China’s ascent has been the most dramatic, with its centi-millionaire population expanding by 108 per cent over the past 10 years — outpacing even the stellar performance of the US, whose super-wealthy ranks swelled by 81 per cent over the same period.

In contrast, Europe’s centi-millionaire growth has been anaemic, increasing by only 26 per cent over the past decade.