I'm late to post in this thread but I did have one thing to add for anyone who may view this thread later down the road.
There's no doubt that Illustrator is the better way to create this image/effect. You have had some great suggestions here.
This can certainly be done in Photoshop. My issue was that using a stroke left me with many layers that in CS6, I could not combine (i could make it smart object, but this limits the ability to edit). I preferred to create a single SHAPE layer.
I used the grid (as Tom Mentions) setting the spacing to the width I desired for my circles/rings.
I then created a shape in the size of the largest of the rings.
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Reduced it's opacity so I could see the grid....
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I set the Path Operations to 'Subtract Front Shape'.........
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.......and created the next ellipse shape to the next grid line. This of course removes the center leaving a ring.
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Change the Path Operations to "Combine Shapes'.
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Create a new shape to the next grid line.....
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Repeat until done.
Change the opacity back to 100%. Turn off the grid.
Now I have 1 shape layer.......no strokes.
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Then I used the Line Tool and a step and repeat process to create my pie shape separator....
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Highlighting the two shape layers I subtracted the front shape.
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