Dubai and Abu Dhabi make their way into 10 wealthiest Brics cities

Dubai has been ranked as the third wealthiest city among the Brics group of nations, while Abu Dhabi placed 10th on the list, according to a report by Henley & Partners.

The UK-based consultancy tracks private wealth and investment migration trends worldwide, in partnership with global wealth intelligence provider New World Wealth

Dubai hosts 72,500 millionaires, of whom 212 are centi-millionaires and 15 are billionaires, while Abu Dhabi is home to 22,700 resident millionaires, including 68 centi-millionaires and five billionaires, the Brics

Wealth Report said. People with a net worth of $100 million or more in investable assets are called centi-millionaires.

Five Chinese cities figured among the top 10 wealthiest cities in the grouping, with its capital Beijing ranked the wealthiest Brics city, home to 125,600 millionaires, including 347 centi-millionaires and 42 billionaires, the research showed. Shanghai ranked second, with 123,400 resident high-networth people, while Mumbai and Shenzhen round out the top five list.

“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,” Andrew Amoils, head of research at New World Wealth, said. “There are currently 4,100 high-net-worth individuals living in the emirate and this number is projected to exceed 9,000 by 2033, a growth of 120 per cent.

“Jeddah and Saudi capital Riyadh look set to enjoy a millionaire boom with growth rates of 100 per cent and 90 per cent, respectively, forecast over the next decade.”

Saudi Arabia along with the UAE, Egypt, Iran and Ethiopia joined Brics on January 1, doubling its membership to 10, with Brazil, Russia, India, China and South Africa the original members.

The UAE was expected to attract 4,500 more millionaires last year, according to a separate report by Henley & Partners last June.

It was ranked second behind Australia, which was expected to attract the highest net inflow of high-net-worth people globally at 5,200, Henley & Partners said in the report, which focused on people with a net worth of $1 million or more.

The UAE’s millionaire population has increased by 77 per cent since 2013 and is now home to 116,500 millionaires, including more than 300 centi-millionaires, Henley & Partners said in the latest report.

The past decade has been a time of robust private wealth growth in Saudi Arabia and Ethiopia, with their millionaire populations rising by 35 per cent and 30 per cent, it said.

Five Chinese cities are among the wealthiest cities in the grouping, with its capital Beijing ranked at the top