72,500 millionaires: Dubai third-richest city in BRICS

Dubai ranked the third-richest city among all countries that come in the BRICS bloc, according to a report published by investment migration advisory firm Henley & Partners in partnership with global wealth intelligence firm New World Wealth.

“Dubai is in third place, living up to its reputation as the ‘City of Gold’ with 72,500 millionaires making it their home, of whom 212 are centi-millionaires and 15 are billionaires,” the report stated.

It also said UAE’s millionaire population has shot up since 2013 by 77%, “and the Middle East’s leading wealth hub is now home to 116,500 millionaires, including over 300 centis”.

The development comes as Dubai’s gross domestic product grew 3.3% between January and September 2023. It was also was recently reported that the sale of top-tier luxury homes – $25 million (DHS92 million) and above – doubled to 56 the past year in Dubai.

Data released by real-estate consultancy Knight Frank showed total sales of the ultra-luxury property segment reached $2.3 billion (DHS8.4 billion) last year as demand for luxury in Dubai remained robust.

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The BRICS bloc originally included Brazil, Russia, India, and China. Egypt, Ethiopia, Iran and the UAE joined the organisation later.

The wealthiest city in the bloc was Beijing, home to 125,600 millionaires, followed closely by Shanghai (123,400 high net worth individuals). The other three Chinese cities making it into the top 10 were Shenzhen (fifth place), Hangzhou (sixth place) and Guangzhou (ninth place).

Rounding off the list were Indian cities Mumbai (fourth place) and Delhi (seventh place). Moscow came in eight place with 30,300 millionaires while Abu Dhabi was in tenth place, with 22,700 resident millionaires.

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The inaugural BRICS Wealth Report published by Henley & Partners states that 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.

There are currently 1.6 million individuals with investable assets of over $1 million in the grouping of the world’s leading emerging economies, including 4,716 centi-millionaires or ‘centis’ (with more than $100 million in investable assets) and 549 billionaires, it added.

The BRICS bloc now represents more than 45% of the world’s population and accounts for a larger share (nearly 36%) of global GDP than G7 countries (30%) when adjusting for purchasing power parity (PPP), according to the study.

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CEO of Henley & Partners, Dr. Juerg Steffen, said “the inclusion of MENA countries is not just a political realignment but a recognition of their growing economic stature.”

“The region, historically pivotal due to its energy resources, is now asserting a more diversified economic role. For investors worldwide, MENA’s growing participation in BRICS opens a realm of possibilities beyond the region, offering access to fast-growing consumer markets, strategic geographic positioning, and unique cultural and business environments.”