Cape Town, Bengaluru, Sharjah, Jeddah and Riyadh are five cities that did not make the BRICS Top 10 Wealthiest Cities list for 2024, but they are expected to see exponential growth in their wealth over the next decade, according to the BRICS Wealth Report.
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Henley & Partners, an international investment migration advisory firm, and New World Wealth, a global wealth intelligence firm, collaborated to publish the inaugural Brics Wealth Report.
It stated that Cape Town, also known as the Mother City, is expected to see an influx of high-net-worth individuals (HNWIs), with its current 7,400 millionaire population expected to increase by 85% over the next ten years to 13,500 by 2033.
Bengaluru, dubbed the Silicon Valley of India due to its thriving technology sector, is currently home to approximately 13,200 millionaires, with this figure expected to rise to over 30,000 by 2033.
This makes the south Indian city one of the fastest growing in the BRICS bloc, with a projected wealth growth of 125% over the next ten years.
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According to Andrew Amoils, head of Research at New World Wealth, Sharjah in the United Arab Emirates (UAE), as well as Riyadh and Jeddah in Saudi Arabia, are all expected to see a significant increase in wealth.
‘Despite accounting for far less private wealth than Dubai and Abu Dhabi, Sharjah’s millionaire population is growing at a slightly faster rate than both these cities in percentage growth terms,’ he said.
Sharjah currently has 4 100 HNWIs, with that figure expected to rise to over 9 000 by 2033, representing a 120% increase. Jeddah and Saudi capital Riyadh are expected to experience a millionaire boom, with growth rates of 100% and 90% forecast over the next decade.
Jeddah currently has approximately 7 500 HNWIs, which is expected to increase to more than 15,000 by 2033, while Riyadh has approximately 18 200 HNWIs, which is expected to increase to 35,000 by 2033.
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