UAE News Today : Politics

Dubai ranks third among the top 10 richest cities

The BRICS bloc, once a loose alliance of emerging economies, is transforming into a major economic power, with substantial wealth and influence on the global stage.

With the inclusion of new members from the Middle East and North Africa, the BRICOS This cohort now represents more than 45 percent of the world’s population and contributes almost 36 percent of global GDP, surpassing the contribution of the G7 when adjusted for purchasing power.

According to a new report from Henley and partners and New world wealth. The BRICS countries now possess a staggering amount of wealth.

The wealth of the BRICS bloc will continue to increase

The total investable wealth in the hands of these countries currently stands at $45 trillion, and their millionaire populations are projected to increase by 85 percent over the next decade.

China leads the pack with 862,400 millionaires, closely followed by India and the United Arab Emirates. Even nations like Ethiopia, which face economic challenges, have significant private wealth.

Commenting on the BRICS Wealth ReportLeading investment and personal finance expert Jeff D Opdyke says

“nations that were once considered ‘developing’ or ’emerging’ or the pejorative ‘third world’ are now dynamic economies that are changing the global order. Economically, non-Western nations – with the BRICS at the forefront – are pushing the world towards a new reality: an emerging economic, social and monetary status quo that is upending what the world has accepted as normal for almost eight decades.”

Dr. José Caballero, senior economist at the IMD Global Competitiveness Center in Switzerland points out in the report,

“The BRICS as an organization offers a set of dynamic markets with relatively stable political systems that could influence the future of the global economy. The strength of these economies lies for some in the dynamism of their SME sectors and for others in the agility of their political systems. Therefore, as an intergovernmental organization, members of the expanded BRICS complement each other, which in turn ensures the sustainability of their wealth creation.”

As far as the Middle East is concerned, the report revealed that the UAE’s millionaire population has also soared since 2013, by 77 per cent, with the Middle East’s main wealth center now home to 116,500 millionaires, including more than 300 centis.

The last decade has also seen strong growth in private wealth in Saudi Arabia and Ethiopia, with their millionaire populations increasing by 35 percent and 30 percent, respectively.

The 10 richest BRICS cities

China claims five of the top 10 richest cities in the group, and its capital, Beijing, secures the top spot as the richest city in the BRICS. It is home to 125,600 millionaires, including 347 centimillionaires and 42 billionaires.

Shanghai follows with 123,400 high net worth residents (HNWIs), of which 322 are centis and 39 are billionaires.

The other three Chinese cities on the list are Shenzhen (fifth place with 50,300 millionaires), Hangzhou (sixth place with 31,600) and Guangzhou (ninth place with 24,500).

The United Arab Emirates and India each have two cities in the top 10 list. Dubai is in third place, living up to its reputation as the “City of Gold”, with 72,500 millionaires calling home, of which 212 are centimillionaires and 15 are multimillionaires.

Abu Dhabi is in tenth place with 22,700 resident millionaires (including 68 centis and five billionaires).

Mumbai ranks fourth with 58,800 resident millionaires (236 centis and 29 billionaires among them) and its national capital, Delhi, ranks seventh (home to 31,000 millionaires, including 123 centis and 16 billionaires).

Moscow follows in eighth place (30,300 millionaires, with 207 cents and 23 billionaires). It is the only city in the top 10 with a millionaire population in decline during the last decade.

The capital of the Russian Federation saw a 24 percent drop in HNWIs, while the rest of the richest BRICS cities have enjoyed significant growth in private wealth of between 75 percent (Abu Dhabi) and, in the case of Shenzhen, a staggering 140 percent. More millionaires than in 2013.

Cities expected to make the list

Cities expected to make the list in the future include Bengaluru, which is currently home to approximately 13,200 millionaires. This figure is projected to exceed 30,000 in 2033, making it one of the fastest growing cities in the BRICS bloc, with a wealth growth forecast of 125 percent over the next 10 years.

New World Wealth Head of Research, Andrew Amoilssays Sharjah in the United Arab Emirates and Riyadh and Jeddah in Saudi Arabia are also cities to consider.

“Despite representing much less private wealth than Dubai and Abu Dhabi, Sharjah’s millionaire population is growing at a slightly faster rate than both cities in terms of percentage growth. There are currently 4,100 HNWIs living in the emirate and this number is projected to reach more than 9,000 by 2033, a growth of 120 per cent. Likewise, Jeddah and Riyadh, the Saudi capital, appear poised to enjoy a billion-dollar boom with expected growth rates of 100 percent and 90 percent over the next decade.”

saying Amoils.

He added that South Africa’s “Mother City”, Cape Town, is also expected to experience an influx of HNWIs, with its current population of 7,400 millionaires increasing by 85 percent over the next 10 years to 13,500 in 2033.

Although the BRICS now control a larger proportion of the world’s PPP GDP than the G7, their citizens have significantly less economic mobility than those residing in more advanced economies. According to the Henley Passport Power Index, The average percentage of global GDP that passport holders from BRICS countries can access visa-free is just 21 percent, compared to those from G7 nations who collectively enjoy access to more than 80 percent of global GDP. on average without the need for a prior visa.

News source: Gulf Business

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