United Arab Emirates (UAE) city Dubai has been ranked third in the top 10 wealthiest BRICS cities, according to the inaugural BRICS Wealth Report by Henley & Partners and New World Wealth.
According to report, Dubai 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.
Between 2013 and 2023, the city experienced a wealth growth rate of 78 percent.
Abu Dhabi ranked tenth with 22,700 resident millionaires, 68 centi-millionaires and five billionaires.
Andrew Amoils, head of research at New World Wealth, said Sharjah, Riyadh and Jeddah are also cities to watch.
“Despite accounting for far less private wealth than Dubai and Abu Dhabi, Sharjah’s millionaire population is growing at a slightly faster rate than both these cities in percentage growth terms. There are currently 4,100 HNWIs living in the emirate and this number is projected to reach over 9,000 by 2033, a growth of 120 percent,” he said.
China’s capital city Beijing securing top honors as the wealthiest BRICS city, home to 125,600 millionaires, including 347 centi-millionaires and 42 billionaires.
BRICS bloc wealth
The BRICS countries currently hold 45 trillion dollars in investable wealth, with an anticipated 85 percent increase in their millionaire population over the next decade.
China is the world’s largest country with 862,400 millionaires, followed by India and the UAE.
The UAE’s millionaire population has risen by 77 percent since 2013, reaching 116,500, including over 300 centis, making it the Middle East’s leading wealth hub.
The UAE, along with Saudi Arabia, Egypt, Iran, and Ethiopia joined BRICS on January 1, 2024.
