Latest news with #millionaires
Khaleej Times
a day 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.
Daily Mail
5 days ago
- Entertainment
- Daily Mail
Todd and Julie Chrisley's gilded lives were shattered by jail... now a reality check awaits them despite Trump's pardon
They had the glistening teeth, honey-colored perma-tans, perfect hair and a portfolio of multi-million dollar mansions. And, of course, the fame. In fact, they had it all.
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Travel + Leisure
5 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
Telegraph
5 days ago
- Business
- Telegraph
Billionaire tech founder quits Britain for Monaco
A billionaire tech founder has abandoned Britain for Monaco in the wake of Rachel Reeves's tax crackdown. Guillaume Pousaz, the Swiss founder of payments business shifted his country of residence to the tax haven last month, according to Companies House filings. Mr Pousaz is leaving the UK just over a year after he moved to London from Dubai, as he joins a growing exodus of wealth creators. However, with an estimated personal fortune of $6bn (£4.44bn), Mr Pousaz is one of the richest entrepreneurs to quit Britain since Labour came to power last year. It comes after the Chancellor launched a £1bn crackdown on non-doms and increased taxes on capital gains as part of last year's Budget. This led to a record 10,800 millionaires leaving Britain in 2024, according to data from Henley & Partners.
Forbes
5 days ago
- Business
- Forbes
16 Of The Best Finance Books For The Curious Investor
The best finance books not only help the reader with the steps to identify winning stocks or avoid ... More risk, they help shift your mindset and habits, and influence other aspects of your life, as well as your financial life. Finance books can run the gambit from introductory works which explain basic budgeting concepts to in-depth tomes on hyper-specific types of options trading. This article includes many of the entry-level finance books you may have heard of in passing on investing or budgeting, as well as more complex works on growth investing and global finance. Regardless of your knowledge level, you'll find a new book which can help you in your financial journey whether you're trying to get out of debt, explore financial history, or learn a new investing system. The following books were chosen for their clarity, range of shared expertise and proven insights. From personal finance to investing strategies, each book shares unique strategies for you to enhance your financial systems. As you read these books, you'll continue to unlock new insights and discover other books which make you a better investor and more competent in finance and life. This 1996 book by marketing professors reveals the habits of America's millionaires based on decades of research. This work teaches that despite their wealth, millionaires often live well below their means, avoid debt and build wealth over the course of their lives. This book introduces and compares the concept of Prodigious Accumulators of Wealth (PAWs), who accumulate wealth far beyond their age and income, with Under Accumulators of Wealth (UAWs), those who under-accumulate against wealth benchmarks. Who should read this? Those interested in learning the ever-relevant habits needed to build long-term wealth. Where can you read/rent/buy this book? The Millionaire Next Door This 1997 book by Robert Kiyosaki, an entrepreneur, compares two mindsets on money: the Rich Dad who is an entrepreneurial thinker with the Poor Dad, the conventional careerist. This popular work shares strategies on financial literacy, how to accumulate assets rather than liabilities, and how to earn passive income. One of Kiyosaki's main lessons is that the reader should buy income-generating assets rather than liabilities, even if the liability may look like an investment. Who should read this? Finance beginners who want to learn unintuitive perspectives on work, money, and investing. Here's where can you read/rent/buy this book? Rich Dad Store This 1992 book by Vicki Robin, a social innovator, and Joe Dominguez, a financial analyst, provide a foundation for how to achieve financial independence and live more intentionally. One exercise popularized from the book is tracking every dollar spent and connecting expenses to spent 'life energy.' The work also provides a comprehensive program to challenge and reevaluate your relationship with money. Who should read this? Those interested in budgeting, frugal living and achieving financial freedom. Where can you read/rent/buy this book? Vicki Robin This foundational 1949 work on investing was written by Benjamin Graham, an economist and professor provides an introduction to value investing, a strategy where investors purchase assets at a lower price than their intrinsic value. This book explains intrinsic value, or the true value of an asset, as well as Mr. Market, the personification of the market as a business partner who is daily driven by differing emotions. The Intelligent Investors provides countless useful lessons for investors especially maintaining emotional discipline and maintaining a margin of safety as loss protection. If you're interested in other books like The Intelligent Investor, read more about the best investing books. Who should read this? Novice or intermediate investors who want to better understand the market, how to choose the right assets to invest in and learn essential investing principles. Where can you read/rent/buy this book? HarperCollins Publishers This 2020 book by financial journalist and partner at Collaborative Fund, Morgan Housel, explains how psychology rather than pure quantitative reasoning explains financial decisions. Like other books on this list so far, Housel encourages humility, patience, and adaptability as virtues when it comes to how you use money. Another key lesson is that financial success is tied more to behavior than intelligence. Who should read this? Readers who want to learn more about how psychology and behavior affect finance. Where can you read/rent/buy this book? Penguin Bookshop Erin Lowry, a personal finance expert, explains in her 2017 work how the millennial generation are currently and should navigate financial decisions. She navigates topics like splitting rent, how to manage money and relationships, and how to avoid lifestyle inflation. Lowry creatively teaches with 'real talk' as well as quizzes to keep the book engaging and instructive. Who should read this? Millennial and Gen Z readers who are starting their financial journey. Where can you read/rent/buy this book? Porchlight Book Company This seminal 1958 work by the founder of growth investing explains how to analyze company fundamentals and invest in stocks for growth. Fisher provides a 15-point checklist to evaluate the quality of a company and its long-term growth potential. The book explains the utmost importance of company management quality and competitive advantages which will enhance the chance of success. Who should read this? Investors who are interested in fundamental analysis and want to learn about another investment approach. Where can you read/rent/buy this book? Wiley This 2016 book by FIRE movement writer, JL Collins, offers a simple approach to financial independence through passive investing and financial simplicity. This book is a classic in the FIRE, or financial independence, retire early, community. Collins encourages readers to avoid debt, be as frugal as possible, and invest in VTSAX, Vanguard's total stock market index fund. Who should read this? Those who wish to attain FIRE or simplify their approach to financial management. Where can you read/rent/buy this book? Simon & Schuster Dave Ramsey, a personal finance educator, wrote his 2003 bestselling book to provide a simple strategy to get out of debt and build wealth. In The Total Money Makeover, Ramsey lays out his '7 Baby Steps' which include steps like saving $1,000 as an emergency fund, paying off debt and investing for retirement. Ramsey also encourages avoiding credit cards universally, not taking out car loans and using a zero-based budget, ensuring every dollar of income is accounted for expenses when you earn it. Who should read this? Readers seeking a path for paying off debt and growing their net worth. Where can you read/rent/buy this book? Ramsey Solutions Napoleon Hill, self-help expert and advisor to Andrew Carnegie, wrote this 1937 classic to help explain the link between mindset and financial success. Hill encourages readers to have clarity of purpose, be persistent, practice autosuggestion or self hypnosis where the practitioner changes their self-talk to achieve more. This book has been influential to many business leaders and has sold over 15 million copies. Who should read this? Readers who wish to achieve financial success through mindset changes. Where can you read/rent/buy this book? Simon & Schuster This 2010 work by financial journalist Michael Lewis provides a compelling history of the history of the 2008 financial crash and the investors who saw the crash coming and profited from it. This book explains complex financial concepts for the layperson in an engaging way and provides a better understanding of the factors which led to the crash. In particular, Lewis delves into the fragility and irrational recklessness of the financial system before the crash. Who should read this? Readers who want an approachable and captivating investigation into the 2008 crash and the strategies of the traders who profited from it. Where can you read/rent/buy this book? W. W. Norton & Company The Black Swan, a 2007 book by statistician and former trader, Nassim Nicholas Taleb, explores how people misunderstand risk and the effects of black swan events which are truly unpredictable and rare events. Taleb combines studies in philosophy, finance, history and probability to evaluate these events and how to better manage uncertainty. A key lesson is Taleb's warning against excess confidence in economic models, forecasts and experts. Who should read this? Investors who wish to better understand uncertainty and challenge their own biases. Where can you read/rent/buy this book? Random House Publishing This 2015 work by a Nobel Prize-winning economist and University of Chicago professor charts the rise of behavioral economics and how real-world behavior doesn't follow traditional finance models. The book contains both academic economic insights as well as real stories of how people don't follow logical behavior in finance. Thaler explains the main breaking points between economic models and how humans behave as well as how this behavior can be predictable. Who should read this? Those interested in behavioral economics and the psychology which underlies financial decisions. Where can you read/rent/buy this book? Porchlight Book Company James Rickards, an economist and former U.S. government advisor, provides a stimulating description of global finance, how currency collapse looks and economic warfare in his 2014 book. This work provides extensive historical analysis, explanation of geopolitics and monetary theory for a big picture look at global macroeconomic instability. Rickards provides unconventional analysis investigating financial systems and their vulnerabilities which will be captivating for those interested in economics and foreign affairs. Who should read this? Readers who are interested in economic history, the financial risks our economic order faces, and currency policy. Where can you read/rent/buy this book? Penguin Random House This 1994 work by Jim Paul, a former trader, and Brendan Moynihan, a managing director at Marketfield Asset Management, provides a narrative of how psychological mistakes like ego and emotion can wreck trading success. The authors explain that while there are many ways to make a fortune, the ways to lose a fortune are the same. Rather than shying away from the vulnerability of financial mistakes, this book provides a raw tale of financial loss and how better decision making and emotional control can prevent this same fate. Who should read this? Investors who want to understand the psychology of loss and risk management, and avoid emotion-driven mistakes. Where can you read/rent/buy this book? Columbia University Press This 2007 quick read by the founder of Vanguard and father of index fund investing advocates for most investors to choose low-cost index funds as their primary strategy rather than stock picking or actively-managed mutual funds. Bogle uses copious data to explain that beating the market is impossible for most people and they would be better served passively investing in the market. Bogle's book spawned the passive investing movement which has many more advocates today, even in the professional finance community. Who should read this? Readers who are seeking a simple but effective set-it-and-forget-it investing strategy. Where can you read/rent/buy this book? Macmillan Publishers Bottom Line The best finance books not only help the reader with the steps to identify winning stocks or avoid risk, they help shift your mindset and habits, and influence other aspects of your life, as well as your financial life. Whether you're interested in learning unconventional strategies for earning returns, reducing debt, planning for unexpected economic events, or streamline your investing strategies, there's books in this article for you.
