Cities in the UAE are now among the fastest-growing wealth markets in the world due to their strong oil and gas industries, with millionaire populations in Dubai, Abu Dhabi and Sharjah jumping double digits to reach close to 100,000 this year, new data showed.
In the six months to June 30, the total number of high-net-worth individuals (HNWIs) with fortunes of at least $1 million in Dubai rose by 18% to 67,900, making the emirate on track to break into the world's top 20 wealthiest destinations by 2030, according to the latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide.
In Abu Dhabi, the HNWI population jumped 16% to 23,800, while Sharjah's total number of wealthy residents went up by 20% to 3,700.
Overall, the combined HNWI population in the three cities surged to 95,400.
The report features data from global wealth intelligence firm New World Wealth. Overall, New York emerged as the wealthiest city on earth with 345,600 millionaires.
Second on the list is San Francisco Bay area, followed by London, Singapore, Los Angeles & Malibu, Chicago, Houston, Beijing and Shanghai in the top ten.
Strong oil and gas sectors
According to Andrew Amoils, Head of Research at New World Wealth, the millionaire population of Dubai is expected to break into the top 20 wealthiest cities by 2030.
"Cities with strong oil and gas industries are performing especially well this year, including the likes of Riyadh, Sharjah, Luanda, Abu Dhabi, Doha and Lagos," Amoils said.
"Others on the fastest-growing list include Lugano, a Swiss hotspot for affluent retirees, Bengaluru, the 'Silicon Valley of India' and Hangzhou, one of China's most scenic cities."
Residents with over $10 million wealth
Among Dubai's rich population, at least 3,170 are multi-millionaires with wealth of at least $10 million. The city is also home to 202 centi-millionaires with fortunes of at least $100 million, as well as 13 billionaires.
In Abu Dhabi, at least 1,120 are multi-millionaires, while 67 fall under the centi-millionaire segment. Three residents are billionaires. Sharjah accounts for 110 multi-millionaires and four centi-millionaires.
Source: Zawya
The ratings agency expects Sharjah's economy to expand steadily by about 2 percent from 2019 to 2022, with moderate debt and interest burdens
S&P Global Ratings affirmed its ‘BBB+/A-2’ long- and short-term foreign and local currency sovereign credit ratings for the Emirate of Sharjah, with a stable outlook.
Sharjah’s economy is expected to expand steadily by about 2 percent from 2019 to 2022, with moderate debt and interest burdens, S&P said in its research report.
S&P could raise the emirate’s rating in the next two years if net general government debt or debt-service costs decreased materially, however views this as unlikely over the next two years.
“We could lower our ratings in the next two years if wider budget deficits than anticipated accelerated the increase in the government's debt or interest costs. The ratings could also come under pressure if economic growth were significantly weaker than our base-case projections,” the ratings agency said.
According to S&P, Sharjah’s ratings are supported by its relatively strong fiscal position, despite a low revenue base, and the advantages that Sharjah derives from being part of the UAE, including low external financing risks and the potential for extraordinary financial support from the UAE.
“In our view, the emirate's economy is relatively diverse compared with those of other sovereigns in the region,” S&P noted.
source: zawya
