Centi-millionaires are heading to UAE, India, Vietnam, other Asian countries

Viet · Nov 16, 2022

Just a couple of decades ago, having $30 million would make you 'rich', not anymore

Published: October 25, 2022 13:50Dona Cherian, Assistant Online Editor

67,900 millionaires reside in Dubai as of June, which includes 13 billionaires and 202 centi-millionaires
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Dubai: Falling under the category of ' super rich' now requires at least $100 million - at least that's what experts at Henley & Partners say in their Centi-Millionaire Report 2022.

In the 1990s, having $30 million in net worth would have easily put you in the ultra-rich category. Just a couple of decades on, you need three times that to enter the club. As of now, this demographic - centi-millionaires or individuals with net worth valued at more than $100 million - is made up of super-rich tech titans, financiers, multinational CEOs, and heirs.

UAE preferred by many

According to the the Henley Global Citizens Report, as of June, 92,600 millionaires call the UAE home. 67,900 millionaires reside in Dubai, which includes 13 billionaires and 202 centi-millionaires. Abu Dhabi has 23,800 high net-worth individuals, which includes 3 billionaires and 67 centi-millionaires.

Sharjah, home to 3,700 millionaires, is the fastest growing city in the index overall at 20 per cent year to date - along with Riyadh in Saudi Arabia.

According to the latest report, UAE is projected to grow these numbers by over 50 per cent by 2032. It has been predicted, in the report, that 2023 will see the highest growth of this category of wealthy people - and the UAE will see the highest inflow of these high net-worth individuals globally in 2022.

TOP 10 WEALTHIEST CITIES
The ten cities with the highest number of millionaires in residence as of 2022 are, according to Henley Global Citizens Report, New York, Tokyo, San Francisco Bay Area, London, Singapore, Los Angeles and Malibu, Chicago, Houston, Beijing and Shanghai.

125,000 millionaires are expected to migrate to a new country in 2023, which is the highest since 2013. 2020 and 2021 saw the lowest migration numbers, owing to COVID-19.

India, Vietnam, Mauritius top millionaire magnets

While 38 per cent of the ultra-rich reside in the United States of America, Asia is fast becoming a hotspot for wealthy migration.

VIETNAM STOCK
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For instance, Vietnam is set to see a 95 per cent increase in centi-millionaires residing there in the next decade. The country's growing economy has also created, and continues to create, more wealthy people there. While many of these HNWIs tend to seek migration elsewhere, the increase in wealth here over the next ten years is predicted to be significant.

India follows close behind, with a projected growth rate of 80 per cent. Mumbai has 60,600 resident millionaires, 243 centi-millionaires, and 30 billionaires. With more than 12,600 HNWIs in residence and an 8 per cent growth rate, Bangalore is another Indian city gaining millionaires, the report states, due to its rapidly growing IT, biotechnology, and business process outsourcing sectors.

Mauritius rounds off the top three millionaire homes, with a 75 per cent predicted growth rate.

What are these millionaires looking for?

The reasons these millionaires relocate for, according to the Henley report, include luxury travel, top education opportunities, high-end recreational opportunities, scope for philanthropy, luxury shopping and art collections.

STOCK PRIVATE JET LUXURY TRAVEL
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Experts at Henley commented in an earlier report that, "Countries that draw wealthy individuals and families to migrate to their shores tend to be robust, with low crime rates, competitive tax rates, and attractive business opportunities."