Cities are emerging as centres for wealth accumulation, driven by booming economies, technological advancements, and attractive business environments. The ability to travel visa-free or relocate businesses to more favourable cities has become crucial for affluent individuals in their wealth and legacy planning.
Increasingly, global investors are using investment migration to access and operate across a range of wealth hubs worldwide. The rapid growth of millionaire populations in these cities highlights shifting global wealth distribution dynamics.
Technological innovation, strategic investments, and favourable business climates are propelling new economic hubs. As these cities develop, they offer lucrative opportunities for investors and entrepreneurs. Understanding these trends is essential for navigating the evolving global economy.
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The cities listed exemplify the potential for rapid economic growth and wealth accumulation in today’s interconnected world.
According to the Henley Global Mobility Report 2024 July, here are the top 10 cities with the fastest-growing millionaire populations
Shenzhen, China – 140% Growth
Shenzhen, a city in southeastern China, leads with 140% growth in its millionaire population, now totalling 50,300. Once a modest fishing village, Shenzhen has transformed into a global tech hub, home to giants like Huawei and Tencent. The city’s location near Hong Kong and its favourable policies for innovation and entrepreneurship have fueled its rapid economic expansion, attracting affluent individuals and investors.
Hangzhou, China – 125% Growth
Hangzhou, another Chinese city, follows closely with a 125% increase in millionaires, now numbering 31,600. Known for its picturesque West Lake and as the headquarters of Alibaba, Hangzhou has become a significant player in the tech and e-commerce sectors. The city’s commitment to fostering a business-friendly environment and robust digital economy have made it a magnet for wealth generation.
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Bengaluru, India – 120% Growth
Bengaluru, often called the Silicon Valley of India, has seen a 120% surge in its millionaire population, reaching 13,200. The city is a major IT hub, hosting numerous tech companies and startups. Its dynamic ecosystem, highly skilled workforce, and favourable investment climate have propelled Bengaluru’s economic growth and wealth creation.
Austin, USA – 110% Growth
Austin, Texas, has experienced a 110% growth in its millionaire population, now numbering 32,700. Known for its vibrant tech scene and cultural attractions, Austin has become a magnet for tech entrepreneurs and investors. The city’s business-friendly environment, lack of state income tax, and high quality of life have contributed to its rapid economic growth and influx of wealthy individuals.
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Guangzhou, China – 110% Growth
Guangzhou, another major Chinese city, has also seen a 110% increase in its millionaire population, now at 24,500. As a key trading and manufacturing hub in southern China, Guangzhou benefits from robust economic activity and its strategic location near Hong Kong and Macau. The city’s diversified economy, encompassing finance, technology, and manufacturing, continues to attract high-net-worth individuals.
Scottsdale, USA – 102% Growth
Scottsdale, Arizona, known for its luxury resorts and high-end lifestyle, has witnessed a 102% growth in its millionaire population, reaching 14,500. The city’s warm climate, upscale amenities, and burgeoning real estate market make it an attractive destination for wealthy individuals. Scottsdale’s focus on maintaining a high quality of life and its appealing tax policies contribute to its allure.
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Ho Chi Minh City, Vietnam – 100% Growth
Ho Chi Minh City, the economic heart of Vietnam, has seen its millionaire population double, now standing at 7,200. The city’s rapid urbanization, expanding middle class, and booming real estate market have driven this growth. As Vietnam integrates further into the global economy, Ho Chi Minh City is becoming a key hub for investment and economic development.
Delhi, India – 95% Growth
Delhi, the capital of India, has experienced a 95% increase in its millionaire population, now totalling 30,700. As a major political and economic centre, Delhi attracts significant investments in various sectors, including real estate, finance, and technology. The city’s rich cultural heritage and modern infrastructure make it a prime destination for affluent individuals.
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Sharjah, UAE – 95% Growth
Sharjah, part of the United Arab Emirates, has also seen a 95% growth in its millionaire population, reaching 4,100. Known for its cultural landmarks and economic diversification efforts, Sharjah benefits from its proximity to Dubai and Abu Dhabi. Strategic initiatives to attract foreign investments and develop various sectors have contributed to its growing affluence.
Grand Baie, Mauritius – 95% Growth
Grand Baie, a coastal village in Mauritius, rounds out the list with a 95% growth in its millionaire population, now totalling 900. Known for its stunning beaches and luxury resorts, Grand Baie attracts affluent individuals seeking a tropical paradise. Mauritius’s favourable tax regime and investment incentives further enhance its appeal as a prime destination for high-net-worth individuals.
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