Latest news with #HenleyPartners
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai's centi-millionaires to double by 2035; here's why
Dubai's ascent as a global haven for the ultra-wealthy is gaining increased interaction, with its centi-millionaire population — those with liquid investable wealth of $100 million or more — projected to more than double by 2035. According to the 2025 World's Wealthiest Cities Report by Henley & Partners and New World Wealth, Dubai has soared to 18th place globally, hosting 81,200 millionaires, 237 centi-millionaires, and 20 billionaires. Its 102 per cent millionaire growth over the past decade outpaces most global cities, including the Bay Area's 98 per cent, cementing its status as a premier wealth hub. Driven by zero income and capital gains taxes, world-class infrastructure, and a cosmopolitan lifestyle, Dubai's magnetic appeal is drawing high-net-worth individuals (HNWIs) from across the globe, positioning the emirate as a cornerstone of the Middle East's financial ascent. The UAE, with Dubai at its forefront, has seen its millionaire population surge by 98 per cent over the past decade, reaching 130,500 by December 2024, according to Knight Frank's Private Capital Report. This places the UAE as the 14th-largest wealth market worldwide. In 2024 alone, 7,200 new dollar millionaires migrated to the UAE, up from 4,700 in 2023 and 5,200 in 2022, drawn by strategic economic reforms, visionary governance, and a tax-free environment. Dubai's luxury real estate market has flourished, with high-value property transactions soaring as HNWIs invest in prime properties, transforming the city into a global luxury hub. The emirate's proximity to Abu Dhabi, which saw 80 per cent millionaire growth and expects its 75 centi-millionaires to double by 2035, amplifies the UAE's regional dominance as a financial powerhouse. Juerg Steffen, CEO of Henley & Partners, highlights that cities like Dubai, blending investment freedom with lifestyle dividends, are leading the race for mobile capital. Robust legal frameworks, sophisticated financial systems, and residence-by-investment programs make Dubai a gateway for global talent and wealth. Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that centi-millionaires strategically diversify their geographical presence to mitigate risk and maximise opportunity, with Dubai's policies offering seamless entry routes. This strategic allure is evident in the emirate's ability to attract a diverse pool of investors, from tech entrepreneurs to traditional wealth holders, seeking both financial growth and an unmatched quality of life. Globally, the US dominates with 11 cities in the Top 50, led by New York (384,500 millionaires, 66 billionaires) and the Bay Area (342,400 millionaires, 82 billionaires). Tokyo (292,300 millionaires) and Singapore (242,400) follow, while Los Angeles (220,600) has surpassed London (215,700), pushing the UK capital to sixth. London and Moscow (30,000 millionaires) are the only top 50 cities with negative growth, declining by 12 per cent and 25 per cent, respectively. Paris (160,100), Hong Kong (154,900), Sydney (152,900), and Chicago (127,100) complete the top 10. Other fast-growing cities include Shenzhen (50,800 millionaires, 142 per cent growth), Hangzhou (32,200, 108 per cent), and Bengaluru (120 per cent), driven by tech ecosystems. European cities like Warsaw (83 per cent) and Athens, alongside smaller hubs like Malta's St. Julian's and Switzerland's Lugano, are projected to see centi-millionaire populations double by 2035, leveraging investment migration programs. Dubai's real estate, while not topping the World's Most Expensive Cities list— led by Monaco ($38,800 per m²), New York ($27,500), Hong Kong ($26,300), and London ($24,000) — remains a key draw due to its luxury offerings and tax advantages. Andrew Amoils, head of Research at New World Wealth, emphasises that Dubai's blend of financial innovation, tech growth, and investor-friendly policies ensures its enduring appeal. Beyond the top 50, emerging wealth hubs like the Cayman Islands, Costa Rica, and Cape Town are projected to see over 100 per cent centi-millionaire growth by 2035, but Dubai's unique combination of economic dynamism and lifestyle allure sets it apart. As the emirate continues to innovate and attract global wealth, its trajectory as a leading destination for HNWIs is poised to accelerate, redefining the global geography of super-wealth.
%3Amax_bytes(150000)%3Astrip_icc()%2FTAL-shenzhen-china-WEALTHHUB0425-f5a282a7d5984fdb8977e4d3cd1dec54.jpg&w=3840&q=100)
Travel + Leisure
7 days ago
- Business
- Travel + Leisure
This City Was Named the World's Fastest-growing Wealth Hub With 156 Centimillionaires and 22 Billionaires
Shenzhen, China, is the fastest-growing wealth hub in the world. The Asian city is home to 50,800 millionaires, 156 centimillionaires, and 22 billionaires. A U.S. city is in second place, having experienced a 125 percent growth in millionaires over the last decade. Eight U.S. cities made the ranking. The top 5 include spots in India, the U.S., and China. Henley & Partners, a company helping people understand their options for residence and citizenship by investment released its World Wealthiest Cities Report. The report is published in partnership with global wealth intelligence firm New World Wealth, which tracks global wealth migration, With all of its combined data, the two companies created several lists, including the most expensive cities in the world and the wealthiest cities in the world. It also identified which destination is the fastest-growing wealth hub on the planet—and that honor went to Shenzhen, China. "Asia's top tech hub, Shenzhen, is the base city for global tech giants Huawei, Tencent, BYD, DJI, and ZTE and has experienced especially strong wealth growth over the past 20 years," Andrew Amoils, head of research at New World Wealth, explained. "It is now arguably the world's leading city in a number of key tech sub-sectors including computer hardware, electric vehicles, Wi-Fi dongles, mobile phones, flying drones, 5G, energy units, and electronics." The report indicates that the southeastern Chinese city has over 17 million residents, including 22 billionaires, 156 centimillionaires, and over 50,000 millionaires. However, Shenzhen is not the only city making waves. According to the findings, Scottsdale, Arizona, is the No. 2 fastest-growing hub in the world. It experienced a 125 percent growth in millionaires over the last decade. The city now boasts 14,800 millionaires, 64 centimillionaires, and five billionaires. Last year, Scottsdale was recognized as the best golf city in America, featuring an impressive 53 golf courses. Rounding out the top five global wealth hubs are Bengaluru, India, in third, followed by West Palm Beach, Florida, and Hangzhou, China. "Three other American cities—Miami, whose residents enjoy Florida's low state taxes, Washington D.C., and Austin, Texas, dubbed 'Silicon Hills' have also seen notably high growth between 2014 and 2024," the findings showed, showcasing that the U.S. still has what it takes to be on the global wealth stage. See the complete findings at
Forbes
7 days ago
- Business
- Forbes
Henley Wealth Report 2025: US Tops Global Wealth Growth
As globalization has expanded, residence and citizenship have become hot topics among the growing number of people traveling, working and living internationally. A country's (and its cities') global status and wealth can have a significant impact on its success as a travel destination—be it as an aspirational place to visit, an investment hub or a lifestyle magnet. Times Square, 'the Crossroads of the world', in New York—more popular and rich than ever. getty In its annual Wealth Report for 2025, wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth places the US firmly atop the world's rankings as the foremost private wealth hub. Home to more than six million high-net-worth individuals (HNWIs) with an investable wealth of at least $1 million, that translates to an incredible 37% of the world's millionaire population. This dominance carries on even as you add zeros, with 36% of the world's $100+ million centi-millionaires and 33% of its billionaires also living in America, figures that don't quite tally exactly with Forbes' own list of cities with the most billionaires thanks to Henley's differing methodology. From 2014 to 2024, the US saw a 78% increase in its millionaire population to lead the W10 list of the 10 wealthiest countries in the world by millionaire population. Just behind is China that enjoyed 74% growth but is still far behind the US in terms of resident millionaires. By contrast, all other W10 countries have seen much slower growth over the same period, with the UK even suffering a 9% drop in its millionaire population—potentially a sign of economic stagnation post Brexit. Of the remaining W10, Australia's millionaire population increased by +30%, Switzerland's by +28%, Canada's by +26%, Italy's by +20%, Germany's by +10%, France's by +7% and Japan's by +5%. Of the world's wealthiest cities in 2025, four in the US appear in the top ten according to Henley's report, highlighting the continued dominance of America's traditionally wealthy hubs, almost all of which are major tourist hubs as well. Silicon Valley and the rest of the Bay Area saw huge wealth growth, down in no small part to the tech industry. Apple HQ, Cupertino. AFP via Getty Images New York remains the wealthiest city not only in the US but also the world. It's followed by the Bay Area, which includes San Francisco and Silicon Valley, also home to the highest concentration of billionaires with 82 residents. The Bay Area also saw the highest wealth growth of any top 10 US city, its millionaire population surging by 98%. Not far behind are Los Angeles, Chicago, Houston and Dallas, the latter two in particular seeing serious growth with 75% and 85% increases in their millionaire residents respectively. Rounding out the top ten are Seattle, Boston, Miami and Austin, the last two again demonstrating real growth with 94% and 90% millionaire growth respectively. The report also highlights the rapid rise in emerging wealth hubs, pointing to their growing appeal and popularity among the world's wealthy and mobile. Scottsdale has emerged as the fastest growing city by millionaire population with a huge 125% increase over the past decade. Close behind is West Palm Beach with a 112% rise. Blessed by nature, tourist-friendly Scottsdale is attracting millionaires faster than anywhere else in the US. getty Each is a showcase of broader demographic and economic shifts driven by a fast-expanding tech sector, skilled professionals and favorable regulatory conditions. As the city's fortunes right (both real and metaphorical), we can expect an increased interest in tourism as their facilities and brands improve in the global eye. David K. Young, President at the Committee for Economic Development of The Conference Board (CED), points out in the report that '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.' To find out more, read the full USA Wealth Report 2025.
Condé Nast Traveler
20-05-2025
- Business
- Condé Nast Traveler
These Are the Wealthiest Cities in the US in 2025
While economic headwinds continue to buffet the lives of many Americans, causing them, among other things, to be more frugal with summer vacations, a handful of US cities continue to hold vast reserves of wealth. According to a new report on the wealthiest cities in the US released today by Henley & Partners and New World Wealth, the number of millionaires in the last decade grew by double-digit percentages in at least 10 cities across the country. In total, the US is still home to more than 6 million high-net-worth individuals, who each have investable wealth of at least $1 million. The report also shows that an impressive 34% of global liquid wealth and 37% of the world's millionaires reside in the US, as well as 36% of centi-millionaires, or those who have $100 million or more in wealth, and 33% of the globe's billionaires. America's wealth statistics were bolstered by about 3,800 high-net-worth individuals migrating to the US in 2024, including 95 centi-millionaires and 10 billionaires. Conversely, the number of US citizens looking into alternative residence or citizen programs abroad jumped by 183% from 2024 to 2025, according to HenlEy & Partners data. Europe, Latin America, and the Caribbean are the most popular regions for these investment residence programs, which the report notes are a valuable option for diversifying wealth. 'The apparent paradox of wealthy US-Americans considering moves abroad, while non-Americans aggressively invest in the USA, reflects a broader global dynamic and an economic truth,' Jean Paul Fabri, chief economist at Henley & Partners, said in the report. 'The USA remains the world's best place to create and grow wealth, even if some opt to move elsewhere. For global investors, the American market represents opportunity, scale, security, and innovation—attributes that remain scarce beyond US borders.' Here's a closer look at the wealthiest cities in the US in 2025, and read about the wealthiest cities in the world for more. The top 5 wealthiest US cities Houston, Texas has climbed up the wealth ranks, growing its community of millionaires by 75% in a decade. Getty Images 5. Houston Texas's largest city has a rapidly growing population of millionaires. As a hub of the oil and gas industry, known as the 'Energy Capital of World,' Houston saw its community of millionaires grow by 75% from 2014 to 2024 for a total of 81,800 millionaires. That figure includes 210 centi-millionaires and 16 billionaires. Aside from the lucrative energy industry, Houston is attractive to investors for its appealing tax regime, according to the report. Other Texas cities rising up the wealth chain include Dallas and Austin, which grew their millionaire populations by 85% and 90%, respectively, and both made it on the top 10 list.
Yahoo
09-05-2025
- Business
- Yahoo
What you need to know if you're planning to move to Dubai
The statistics tell the story. In 2024, Henley & Partners' Private Wealth Migration Report revealed that 9,500 millionaires left the UK for better alternatives in Europe and Asia, many of them flying to the "millionaire magnet" UAE that happily welcomed 6,700 global high-networth individuals to its sunny shores. The trend continues well into 2025. The Gulf state's appeal is not surprising. World Bank data shows the UAE's Gross National Income (GNI) per capita hit $76,780 — about 35% higher than the UK's $56,780 in 2023. Add to the mix the much-vaunted "tax-free regime" and the lure of a luxury lifestyle — think waterfront villas, glitzy nightlife, and world-class dining — and you get an irresistible package. Largely crime-free cities with increasingly liberal social and legal norms make it easier than before for Westerners to integrate. If the UAE dream looks too good to be true, it's because it sometimes is. In a nation where Emiratis make up just 12% of the population, UK nationals have long been a familiar presence. But a sluggish economy, an uncertain dollar, and a weakened pound have accelerated the desire among both the ultra-wealthy and middle-class professionals to consider packing their bags. Today, around 240,000 Britons are estimated to live in Dubai — more than live in Oxford. Read more: 13 tips for a luxury holiday to Dubai However, beneath the glossy brochures, celebrity reels, and promises made by immigration consultants, can lie hidden costs and legal realities that demand due diligence. We spoke to UAE-based experts across finance, real estate, business, recruitment, and education for an essential guide on all that you need to know before making that big move. Recent data shows Dubai's cost of living is about 28%-30% lower than London's, with groceries, dining out, and utilities noticeably easier on the wallet. With just 5% VAT, compared to the UK's 20%, zero property taxes compared to £1,000-£4,000 annual council tax, a pro-business environment and streamlined company set-up, licensing and visa processes, Dubai appears to live up to the "work hard, save more, live large" mantra. However, Vijay Valecha, chief investment officer of investment firm Century Financial, sounds a warning bell on lifestyle inflation. 'In the UK, income tax of up to 45%, capital gains taxes, and a national insurance scheme can temper your earnings. With none of these taxes in the UAE, an expat gets more disposable income, which could lead to overspending,' he says. Valecha outlines typical monthly costs beyond rent and education — food (approximately £700 for a family of four), mandatory health insurance (£600), private transport (£500), utilities (£300), and entertainment (could vary widely). But it's the hidden expenses and the cumulative costs of car ownership, insurance, fines, and lifestyle that often derail newcomers' financial plans. Valecha's game plan for staying ahead: Automate 20%-30% of income into global and regional investments ranging from equities and fixed-income products to high-yield UAE real estate. Build an emergency fund and make early retirement plans through International Self-Invested Personal Pensions (SIPPs) or UAE-specific pension schemes. Hedge against currency swings with multi-currency accounts and time remittances smartly. Be mindful of obligations like UK inheritance tax (IHT), now linked to residency rather than domicile status. Prioritise estate planning and register wills with DIFC Wills Service or Abu Dhabi Judicial Department. Work only with licensed advisors registered with the Securities and Commodities Authority (SCA), Dubai Financial Services Authority (DFSA), or RERA to mitigate risks and stay ahead of evolving tax laws. High living standards, the absence of property taxes and stamp duty, and good returns make a compelling case for the UAE's residential real estate market, now valued at around $390bn. With Abu Dhabi and Dubai's average apartment price registering a year-on-year increase of nearly 11% and 18%, respectively, and average villa values growing by about 12% and 20%, hedging on the burgeoning UAE real estate scene works well for an expat. Incidentally, UK residents accounted for nearly 15% of all foreign real estate transactions in 2024. The reasons are familiar — steady growth fueled by immigration, job creation, and heavy public investment in cultural and tourist infrastructure. Ben Crompton, managing partner of Crompton Partners, Abu Dhabi, highlights strong activity in the luxury segment. "The super-prime areas of Saadiyat and Yas Islands in Abu Dhabi have given the best returns for capital appreciation. For rental yields, communities like Reem Island offer up to 8% gross return on investment," he says. Read more: How to save money on a holiday to Dubai In the "renting versus buying" debate, Crompton advises expats to carefully weigh their options. Ready-built units offer immediate rental income, while off-plan properties may provide stronger capital gains. With mortgage rates around 4% and nonresidents able to borrow up to 50% of a property's value, Crompton believes it's wise to buy a house. "Buying is simple here, but conveyancing is handled by agents, not lawyers. So always deal with reputable companies, whether renting or buying," he cautions. Meanwhile, in Dubai, large-scale villa and townhouse communities as well as waterfront and green developments alongside new areas like Port Rashid, Maritime City, The Valley, and Dubai South are proving particularly attractive. "Make strategic choices about where to live versus where to invest. Some areas offer stable living environments, while others deliver higher ROI," advises Eyal Ashur, sales consultant at Dubai-based AQUA Properties. "But new arrivals should rent in the short term. Rules here are simpler than in Europe. You can rent as soon as you get your Emirates ID." Ashur also points to the appeal of the UAE's Golden Visa. "With the two-million-dirham threshold, expats can now secure long-term residency and sponsor direct family members, even with a mortgage," he says. A 5% VAT rate, pro-investor policies, world-class infrastructure and connectivity, and a thriving expat business scene have turned the UAE into an attractive playground for entrepreneurs. Ananda Shakespeare, founder of leading PR firm Shakespeare Communications, made the move in 2005 and has watched the landscape transform over the years. She highlights a major shift for the positive sentiment — the UAE's move to a Monday-Friday work week from Sunday-Thursday, better aligning with Western markets. "Setting up here is more expensive than in the UK," Shakespeare notes. "It's not just the licence; there are extras that aren't always obvious upfront. Every employee visa comes with added costs — medicals, Emirates ID, labour card, etc. But once established, the payoff is worth it. You can renew online annually and pay fees remotely. Plus, there are more options now for company formations and residence visas, including the 10-year Golden Visa." For many, free zones are the biggest lure, offering 100% foreign ownership, no personal tax, very low corporate tax, and full profit repatriation. But whether you opt for a free zone or mainland setup, Shakespeare advises bringing in solid HR and legal support to stay compliant. "Always get a full cost breakdown in writing before you start,' she says. "Business is competitive but open. Informal networking and coffee meetings can go a long way. And when launching, partner with an established PR agency to spread the word." For UK families moving to the UAE, the education landscape offers a familiar yet globally enriched experience. State-of-the-art facilities, resources, extracurricular programmes, and easy accessibility to UK university pathways have made institutions like Nord Anglia Education (NAS) schools, Swiss International Scientific School, Sunmarke School, GEMS, and Repton popular among British expats. The demand for British curriculum schools has surged. Nicholas Rickford, principal of Sunmarke School, notes a marked increase in enquiries from UK-based parents following the announcement of VAT on private school fees. "British families often tell us they are drawn by the range of academic pathways we offer — including GCSEs, A-Levels, the IB Diploma and BTECs — along with strong pastoral care and a commitment to holistic development," he says. Read more: How to plan for retirement and track your pension pot income However, for expat families, private schooling with steep fees is the only option available. At a premium school like Sunmarke, annual fees range from approximately £11,000 for early years to about £18,000 in the sixth form. Yet, compared to the UK private day school fees — typically between £15,000 and £25,000 — the UAE offers competitive value while adhering to regulatory standards and ratings by Dubai's Knowledge and Human Development Authority (KHDA) and accreditations like British Schools Overseas (BSO). And then there is the advantage of multicultural learning. Maria Murgian, director of communications at NAS, points to smaller class sizes, a highly qualified (mostly UK-trained) international teaching staff, and modern facilities as key advantages her school offers over many UK counterparts. "We have students from 98 nationalities, which creates a more diverse learning environment and prepares students for a globalised world," she says. To choose the best school, Murgian recommends factoring in curriculum offerings, KHDA ratings, location, tuition costs, and facilities. 'But also note how a school's values align with those of the family. Think about the environment your child will thrive in and how transparent the school is in communicating with parents,' she says. Rickford advises parents to begin applications between late September and November with previous school reports and transfer certificates on hand to ease the process. "Most importantly, visit several schools virtually or in person to really understand its atmosphere, teaching approach, and support systems." Eyeing career opportunities? There's both good and bad news. Specialist fields, tech, AI, cybersecurity, data science, cloud infrastructure, performance marketing, e-commerce, financial services, and luxury consumer brands are hot. But the landscape is fiercely competitive, driven by the sheer volume of talent flowing in from across the globe. Justin McGuire, CEO and co-founder of the MENA region at MCG Talent, says, "If you're in a niche vertical or have experience in areas like AI or cloud, you'll have more luck. But the bar's never been higher." Credentials aside, what employers seek is regional know-how, more precisely, UAE or Middle East experience. "You could have a stack of certifications and a shiny CV, but if you don't understand how things operate here — how business gets done, decisions are made, and the cultural dynamics — you'll struggle," McGuire says. "Senior commercial roles with proven GCC results are what get traction." Salaries, too, require a reality check. "Don't expect high salaries or quick offers without regional experience or a niche skill set. Many salaries are now benchmarked locally, not to what you earned in the UK. The tax-free element helps, but base salaries aren't what they were in 2015," he says. McGuire's advice: "Don't move here without a job. The UAE is not the place to roll the dice. Treat job hunts like a campaign — start early, build connections, engage in online communities, and find someone who knows someone. Relationships still count more than CVs." Read more: Who wears the financial trousers in your relationship? 8 intriguing homes with links to World War Two Five questions you shouldn't be asked in a job interviewError while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
