Cape Town along with four other BRICS cities are expected to see more than 80% growth in wealth over the next decade. Picture: Henk Kruger/Independent Newspapers
Cape Town, Bengaluru, Sharjah, Jeddah and Riyadh are five cities that did not make it into the BRICS Top 10 Wealthiest Cities list for 2024, but they are expected to experience exponential growth in their rich list over the coming decade, the BRICS Wealth Report has predicted.
The inaugural Brics Wealth Report was published by international investment migration advisory firm Henley & Partners in collaboration with global wealth intelligence firm New World Wealth.
It said Cape Town, which is also known as the Mother City is tipped to see an influx of high-net-worth individuals (HNWIs), with its current 7,400 millionaire population set to swell by 85% over the next 10 years to 13,500 by 2033.
Bengaluru, which has the nickname the Silicon Valley of India, is due to its booming tech sector, is currently home to approximately 13,200 millionaires and this number is projected to reach over 30,000 by 2033.
This makes the south Indian city one of the fastest growing cities in the BRICS bloc, with forecast wealth growth of 125% over the next 10 years.
Andrew Amoils, head of Research at New World Wealth said Sharjah in the United Arab Emirates (UAE) and Saudi Arabia’s Riyadh and Jeddah are also cities expected to experience a huge boom in wealth.
Amoils said: “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.”
Sharjah is currently home to 4,100 HNWIs and this number is projected to reach over 9,000 by 2033, a growth of 120%. Jeddah and Saudi capital Riyadh are set to enjoy a millionaire boom with growth rates of 100% and 90% forecast over the next decade.
There are approximately 7,500 HNWIs currently living in Jeddah, and this number is projected to reach over 15,000 by 2033 while Riyadh has approximately 18,200 HNWIs living in the city and this number is expected to increase to 35,000 by 2033.
| City | Country | Current dollar millionaires | Millionaires projected by 2033 | Wealth growth over 10 years |
| Riyadh | Saudi Arabia | 18,200 | 35,000 | 90% |
| Bengaluru | India | 13,200 | 30,000 | 125% |
| Jeddah | Saudi Arabia | 7,500 | 15,000 | 100% |
| Cape Town | South Africa | 7,400 | 13,500 | 85% |
| Sharjah | United Arab Emirates | 4,100 | 9,000 | 120% |
IOL Business