RIYADH: Saudi Arabia’s capital is expected to experience an 85 percent rise in centimillionaire residents over the next 10 years – the third-highest global increase, according to a new report.
Riyadh is currently home to 65 individuals whose estimated financial wealth is at least $100 million, and also 9 billionaires, according to an analysis released by London-based investment migration consultancy Henley and Partners.
The 85 percent growth rate will be matched by India’s capital city Delhi, with the e-commerce hub of Hangzhou in China expected to see the highest growth in its centimillionaire population in the next decade with a projected 95 percent rise.
The tech hub of Shenzhen, also in the Asian nation, is set for the second-biggest rise.
Saudi Arabia, in an effort to diversify its economy, has been making great strides in attracting new businesses to the Kingdom since the launch of Vision 2030.
In September, the International Monetary Fund said that Saudi Arabia has made significant progress in implementing its structural reform agenda, and it has rapidly improved the Kingdom’s regulatory and business environment, thus contributing to higher private sector investments.
“The race to attract and retain centis is intensifying around the world. While countries like Singapore have set the benchmark, the UAE and Saudi Arabia are not far behind. Their strategic initiatives, coupled with their unique cultural and economic propositions, make them formidable contenders in the race,” said Philippe Amarante, head of Henley and Partners in Dubai.
India’s financial capital Mumbai is forecast to enjoy an 80 percent growth in its centimillionaire community, while Dubai, which is also on a path of economic diversification is expected to witness a 78 percent growth over the next 10 years.
Amarante added: “To truly captivate the centimillionaire, mere financial incentives and compelling investment opportunities are insufficient. Governments need to pair these with comprehensive retention tactics. Creating an all-encompassing environment that addresses the business, lifestyle, immigration concerns, and even philanthropic aspirations of these super-wealthy individuals is pivotal.”
According to the report, New York topped the global cities with the most number of centimillionaires at 755.
Mumbai currently has 224 centimillionaires and 27 billionaires, while Dubai has 210 centimillionaires and 15 billionaires.
