Henley & Partners report indicates that wealth is growing at a faster rate in Sharjah compared to Dubai and Abu Dhabi.
According to a recent report from Henley & Partners, Dubai holds the position of the third-richest city within the recently expanded BRICS bloc, while the millionaire population in Sharjah is predicted to experience a substantial 120% increase over the next decade.
Henley & Partners’ BRICS Wealth Report highlights that the number of millionaires in Dubai surged by 78% to reach 72,500 between 2013 and 2023, positioning the city among the top ten wealthiest in the emerging markets region. Abu Dhabi, with a 75% increase in its millionaire population to 22,700, secured the tenth spot.
Beijing secured the top spot on the list with 125,600 millionaires, closely followed by Shanghai with 123,400 millionaires.
Mumbai in India claimed the fourth position with 58,800 millionaires, and Shenzhen took the fifth spot with 50,300 millionaires.
The report highlighted that Sharjah, an emirate not featured in the top ten wealthiest cities, has outpaced Dubai and Abu Dhabi in terms of wealth growth. Between 2023 and 2033, Sharjah is expected to experience a remarkable 120% growth in wealth, surpassing other BRICS countries. Currently, the emirate is home to 4,100 high-net-worth individuals (HNWIs), projected to exceed 9,000 by 2033.
Although Sharjah contributes less to the UAE’s overall wealth compared to Dubai and Abu Dhabi, its wealth is expanding at a slightly faster rate in percentage terms, as noted by Andrew Amoils, Head of Research at wealth intelligence firm New World Wealth.
Bengaluru is anticipated to be the fastest wealth builder in the next decade, with a forecasted growth of 125%, while Jeddah, Riyadh, and Cape Town are expected to see wealth growth of 100%, 90%, and 85%, respectively.
In Riyadh, the high-net-worth individual (HNWI) population is expected to grow from approximately 18,200 to over 35,000 by 2033. Meanwhile, Jeddah’s current HNWI population of 7,500 is projected to surpass 15,000 by 2033.
The original BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has recently expanded its membership and financial influence, welcoming the UAE, Saudi Arabia, Egypt, Ethiopia, and Iran this month. The bloc now represents $45 trillion in investable wealth, with the millionaire population set to grow by 85% over the next decade. Currently, the bloc is home to 1.6 million individuals with investable assets exceeding $1 million, including 4,716 centi-millionaires and 549 billionaires.
