Latest news with #Henley&Partners
CairoScene
12 hours ago
- Business
- CairoScene
Dubai's Millionaire Population Surges to 81,200 in Ten Years
Dubai's Millionaire Population Surges to 81,200 in Ten Years Dubai's millionaire population has more than doubled over the past decade, reaching 81,200 in 2024, according to the newly released World's Wealthiest Cities Report 2025 by Henley & Partners in collaboration with New World Wealth. The city now also hosts 237 centi-millionaires—those with assets exceeding USD 100 million—and 20 billionaires, cementing its position as one of the world's fastest-growing wealth centres. This represents a significant increase from 2023, when Dubai was home to 72,500 millionaires, 212 centi-millionaires, and 15 billionaires. With a 102% growth rate over the past ten years, Dubai ranks third globally in millionaire growth, following Shenzhen (142%) and Hangzhou (108%) in China. The UAE capital's rapid wealth accumulation is attributed to a range of factors, including its favourable tax environment, strong infrastructure, stable governance, and recent policy changes encouraging residency for high-net-worth individuals. Dubai has become a key magnet for global capital, entrepreneurship, and wealth migration—especially in the wake of the pandemic, as wealthy individuals increasingly seek safe, well-connected, and opportunity-rich environments. According to previous data by Henley & Partners, the UAE remains the world's top destination for migrating millionaires. In 2023 alone, the country attracted approximately 4,500 high-net-worth individuals, almost double the figure for the next leading destination—the United States. Dubai accounted for the vast majority of these new arrivals, driven by streamlined visa pathways, expanding financial markets, and a booming luxury property sector. The latest numbers position Dubai as the 21st wealthiest city globally by millionaire count—overtaking major European financial hubs such as Frankfurt and Geneva. The report also notes that Dubai's wealth growth shows no sign of slowing, as the city continues to diversify its economy through strategic investments in finance, technology, and tourism under its long-term development plans like Dubai Economic Agenda D33.
Yahoo
2 days ago
- Business
- Yahoo
37% Of The World's Millionaires Call The US Home, Up 78% Over The Last Decade
The U.S. has the largest number of high-net-worth individuals, according to a new report from Henley & Partners and New World Health 37% of the global millionaire population, 36% of the world's centimillionaires, and 33% of billionaires call the country home These ultra-wealthy individuals primarily live in or near major cities like New York, San Francisco, and Los Angeles The U.S. is home to 37% of the global millionaire total, according to a new report from Henley & Partners and New World Wealth. The USA Wealth Report says that over 6 million high net worth individuals, defined as those with investable assets of $1 million or more, resided in the U.S. at the end of 2024. Additionally, 36% of the world's centimillionaires and 33% of the world's billionaires also call the country home. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Maximize saving for your retirement and cut down on taxes: . Over the past decade, the U.S. has seen its millionaire population increase by 78%. This growth slightly outpaces China, which saw its millionaire population increase by 74% between 2014 and 2024, and well outpaces other wealthy countries like Japan (5%), Canada (26%), Switzerland (28%), and the UK (-9%). Tim Klatte, partner at Grant Thornton China, warns high net worth individuals that despite this incredible growth rate, they shouldn't get too comfortable. "The U.S.–China trade war is more than an economic battle — it is a complex geopolitical contest with far-reaching consequences," he said in a statement accompanying the report. "HNW investors must account for the risk of escalating tensions, potential breakdowns in trade negotiations, and the broader threat of international conflict. These geopolitical dynamics can significantly influence investment decisions, asset allocation, and long-term wealth preservation." Trending: Invest where it hurts — and help millions heal:. In fact, this economic unrest has led many ultra-wealthy Americans to explore their options when it comes to moving their wealth outside the US. According to the report, US citizens account for over 30% of all investment migration applications submitted through Henley & Partners at this point in the year. A number that is nearly double the combined total of the next five investor nationalities, which include Turkish, Indian, and British. "We're witnessing a new level of sophistication in how affluent Americans manage and diversify their wealth," says Basil Mohr-Elzeki, managing partner at Henley & Partners North America. "Securing alternative residences and citizenships is now a strategic form of risk management — a thoughtful 'Plan B' that enhances family resilience, unlocks global opportunities, and safeguards multigenerational legacies."Within the U.S., high net worth individuals tend to congregate in areas the report calls "urban wealth hubs." New York City has the highest number of high net worth individuals, with 384,500 millionaires, 818 centimillionaires, and 66 billionaires. The San Francisco Bay Area, which includes Silicon Valley, is second with 342,400 millionaires, 756 centimillionaires, and 82 billionaires. Los Angeles, Chicago, and Dallas round out the top five. "Despite a wave of policy changes and their subsequent implications around the world, the relative political stability, rule of law, economic prospects, culture of innovation, not to mention the US dollar remaining the global reserve currency, have squarely positioned the USA as an environment in which to do business and to invest," said David K. Young, president at the Committee for Economic Development of The Conference Board in a statement accompanying the report. Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 37% Of The World's Millionaires Call The US Home, Up 78% Over The Last Decade originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
5 days ago
- Business
- Economic Times
Latvia here we come! Rich Indians' ticket to Europe
Live Events Mumbai: They don't belong to the club of the ultra-rich who pick a pricey passport of the Global North. They neither feature in the cast of serious characters snooping around for citizenship of a Caribbean or South Pacific nation, to escape the law enforcement authorities in India. They are IT professionals, exporters, physicians, and entrepreneurs - a reasonably affluent lot-looking for a free access and foothold in Europe without surrendering their Indian citizenships or shelling out big money on fancy migration of them are opting for Latvia, the Baltic country which has joined the game of golden visa in full earnest-positioning itself as the cheapest gateway to the continent. "As of 2024, Indian nationals may account for approximately 10% of all applications to Latvia 's 'Residence by Investment' programme. Following Latvia's 2022 exclusion of Russian and Belarusian applicants, there has been a noticeable shift in the nationalities of applicants and we have seen a rise in demand from Indian families," said Rohit Bhardwaj, country head, India at Henley & Partners which offers investment migration Indians, keen on a plan-B with their children settling abroad, have changed residency with the intention of eventually becoming a citizen of countries like Portugal, Greece, Cyprus, and UAE that levies no personal income tax. The trend deepened with the pandemic, driving many to move wealth and buy jumbo life insurance plans in overseas jurisdictions.(Join our ETNRI WhatsApp channel for all the latest updates)"I would attribute the increased interest in Latvia to two factors: first, the low cash outflow at entry-only ₹60,000 plus fees compared to ₹500,000 for most other European countries; second, faster processing time. Programmes like the Portugal Golden Visa, though superior, have done themselves no favour by changes in rules and long bureaucratic delays," said Vikas Tandon, who had successfully applied for Portuguese golden visa in 2020, and founded the company Golden Homes Portugal, using his expertise to advise investment going into private companies identified by Latvian authorities is a sunk cost, with no voting rights and only half of which can be recovered if the visa is relinquished. Instead, some buy homes which would cost ₹250,000. "Latvia supports both routes, with clear legal frameworks and minimal bureaucratic hurdles. While investing in foreign companies involves additional disclosures and compliance with regulations like reporting of ODI, the strategic benefits outweigh the procedural formalities," said Moin Ladha, partner at Khaitan & Co. Under India's forex laws, Indian nationals can invest abroad, including capital and current account to Armand Arton, CEO of Arton Capital, a citizenship investment advisory, the majority of its clients interested in accessing the Latvia programme are Indian citizens. "We've observed a 30% year-on-year increase in Indian inquiries since 2023. Many are entrepreneurs and SME owners who desire EU access without high costs associated with Germany or the Netherlands. With several EU nations increasing minimum investment thresholds, or closing programmes, Latvia offers the freedom to live, travel, and work at an attractive price point," said Arton. A few plan to settle at Riga after retirement, said Anurag Manakikar, associate director at Henley, who advised a senior corporate the programme has been there for long, there has been greater awareness as people looked around for options, said Manakikar. What also stoked interest was the high rejection in Schengen visa applications and absence of minimum stay requirement in Latvia."However, to derive real benefit, a person has to reside or settle in Latvia or any other preferred country. If someone continues to reside in India, he would remain a resident here under the Income Tax Act and FEMA. So, benefits would be confined to non-requirement of visa in Europe," said Rajesh Shah, partner at the CA firm Jayantilal Thakkar & Company.A property investment in Dubai for a UAE Golden visa could work better if tax is the sole consideration for anyone planning to become an NRI. Unlike Portugal's Golden Visa, which requires a minimum stay of only 15 days every 2 years to become eligible for an EU passport (after only 5 years since date of application), a Latvian passport requires becoming a physical resident for almost a decade. Nonetheless, for many, Latvia's low cost is the pull factor.
Time of India
5 days ago
- Business
- Time of India
Latvia here we come! Rich Indians' ticket to Europe
Mumbai: They don't belong to the club of the ultra-rich who pick a pricey passport of the Global North. They neither feature in the cast of serious characters snooping around for citizenship of a Caribbean or South Pacific nation, to escape the law enforcement authorities in India. They are IT professionals, exporters, physicians, and entrepreneurs - a reasonably affluent lot-looking for a free access and foothold in Europe without surrendering their Indian citizenships or shelling out big money on fancy migration programmes. Settling Abroad Some of them are opting for Latvia, the Baltic country which has joined the game of golden visa in full earnest-positioning itself as the cheapest gateway to the continent. "As of 2024, Indian nationals may account for approximately 10% of all applications to Latvia 's 'Residence by Investment' programme. Following Latvia's 2022 exclusion of Russian and Belarusian applicants, there has been a noticeable shift in the nationalities of applicants and we have seen a rise in demand from Indian families," said Rohit Bhardwaj, country head, India at Henley & Partners which offers investment migration advisory. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Wealthy Indians, keen on a plan-B with their children settling abroad, have changed residency with the intention of eventually becoming a citizen of countries like Portugal, Greece, Cyprus, and UAE that levies no personal income tax. The trend deepened with the pandemic, driving many to move wealth and buy jumbo life insurance plans in overseas jurisdictions. (Join our ETNRI WhatsApp channel for all the latest updates) "I would attribute the increased interest in Latvia to two factors: first, the low cash outflow at entry-only ₹60,000 plus fees compared to ₹500,000 for most other European countries; second, faster processing time. Programmes like the Portugal Golden Visa, though superior, have done themselves no favour by changes in rules and long bureaucratic delays," said Vikas Tandon, who had successfully applied for Portuguese golden visa in 2020, and founded the company Golden Homes Portugal, using his expertise to advise others. Live Events Benefits Outweigh Formalities The investment going into private companies identified by Latvian authorities is a sunk cost, with no voting rights and only half of which can be recovered if the visa is relinquished. Instead, some buy homes which would cost ₹250,000. "Latvia supports both routes, with clear legal frameworks and minimal bureaucratic hurdles. While investing in foreign companies involves additional disclosures and compliance with regulations like reporting of ODI, the strategic benefits outweigh the procedural formalities," said Moin Ladha, partner at Khaitan & Co. Under India's forex laws, Indian nationals can invest abroad, including capital and current account transactions. According to Armand Arton, CEO of Arton Capital, a citizenship investment advisory, the majority of its clients interested in accessing the Latvia programme are Indian citizens. "We've observed a 30% year-on-year increase in Indian inquiries since 2023. Many are entrepreneurs and SME owners who desire EU access without high costs associated with Germany or the Netherlands. With several EU nations increasing minimum investment thresholds, or closing programmes, Latvia offers the freedom to live, travel, and work at an attractive price point," said Arton. A few plan to settle at Riga after retirement, said Anurag Manakikar, associate director at Henley, who advised a senior corporate honcho. Greater Awareness While the programme has been there for long, there has been greater awareness as people looked around for options, said Manakikar. What also stoked interest was the high rejection in Schengen visa applications and absence of minimum stay requirement in Latvia. "However, to derive real benefit, a person has to reside or settle in Latvia or any other preferred country. If someone continues to reside in India, he would remain a resident here under the Income Tax Act and FEMA. So, benefits would be confined to non-requirement of visa in Europe," said Rajesh Shah, partner at the CA firm Jayantilal Thakkar & Company. A property investment in Dubai for a UAE Golden visa could work better if tax is the sole consideration for anyone planning to become an NRI. Unlike Portugal's Golden Visa, which requires a minimum stay of only 15 days every 2 years to become eligible for an EU passport (after only 5 years since date of application), a Latvian passport requires becoming a physical resident for almost a decade. Nonetheless, for many, Latvia's low cost is the pull factor.
India.com
25-05-2025
- Business
- India.com
10 Wealthiest Cities In The World: Dubai, Bangkok Absent From The List; Indias THIS City Ranks...Among Wealthy Nations
photoDetails english 2906095 Updated:May 25, 2025, 05:57 PM IST 10 Wealthiest Cities In The World 1 / 12 A recent report by Henley & Partners, in partnership with New World Wealth, highlights that while cities such as New York and the Bay Area remain at the forefront, places like Singapore and Sydney are quickly climbing the global rankings. New York City 2 / 12 New York City continues to top the global wealth charts, home to around 384,500 millionaires, 818 centi-millionaires (those with assets exceeding $100 million), and 66 billionaires. Despite facing issues like high living expenses and safety concerns, its strong financial sector, thriving luxury real estate market, and cultural influence keep it a magnet for the ultra-wealthy. The Bay Area 3 / 12 The Bay Area, which includes San Francisco and Silicon Valley, has seen a remarkable rise in wealth, now home to approximately 305,700 millionaires—a 98% increase over the past decade. This growth has been fueled by the booming tech sector and a strong culture of innovation. Tokyo 4 / 12 Tokyo remains the wealthiest city in Asia, with 298,300 millionaires. Its continued wealth accumulation is supported by economic stability, a robust corporate sector, and ongoing technological innovation. Singapore 5 / 12 Singapore is rapidly becoming a top choice for high-net-worth individuals, now home to 244,800 millionaires and 30 billionaires. Its appeal lies in pro-business policies, a high level of safety, and the absence of capital gains tax, making it a favored destination for the wealthy. Los Angeles 6 / 12 Los Angeles blends entertainment with commerce, boasting 212,100 millionaires, 516 centi-millionaires, and 43 billionaires. While known for its Hollywood glamour, the city also serves as a major hub for technology, real estate, and a wide range of industries. London 7 / 12 London is home to 227,000 millionaires, though it has experienced a 15% decline in its wealthy population over the past decade. This shift has been influenced by factors like Brexit, higher taxes, and changes to domicile regulations. Despite these challenges, the city's rich cultural heritage and historical importance continue to attract interest. Paris 8 / 12 Paris remains the wealthiest city in mainland Europe, with 165,000 resident millionaires. Its unique combination of culture, fashion, and business continues to draw affluent individuals from around the world. Hong Kong 9 / 12 Despite a slight decline, Hong Kong continues to be a key financial center, with 154,900 millionaires. Its strategic location and strong financial services industry remain major attractions for wealth. Sydney 10 / 12 Sydney has climbed the rankings, now hosting 152,900 high-net-worth individuals. The city's strong economic growth and high quality of life are key factors driving its growing attractiveness to the wealthy. Chicago 11 / 12 Chicago completes the top ten, with 127,100 millionaires. Its diverse economy and strategic location establish it as an important hub of wealth in the United States. Mumbai 12 / 12 Mumbai holds the 27th spot, home to 51,200 millionaires. Its unique mix of culture, fashion, and commerce continues to draw wealthy individuals.
