Sep 24, 2024
By: Prerna Tyagi
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Bengaluru is set for massive growth in its population of centi-millionaires over the next 16 years, with a predicted increase of over 150% in its ultra-rich residents, according to the Henley & Partners’ Centi-Millionaire Report 2024.
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Currently, home to around 13,200 millionaires, Bengaluru boasts a collective investable wealth of ₹800 crore. The city is rapidly becoming a key hub for India's wealthy elite.
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Earlier in 2024, the World’s Wealthiest Cities Report highlighted a remarkable 120% increase in Bengaluru’s millionaire population over the past decade, reinforcing its status as India’s Silicon Valley.
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Globally, the centi-millionaire population has surged by 54% over the last decade. The United States and China are leading the charge, with China experiencing a 108% rise and the US witnessing an 81% increase in ultra-wealthy individuals.
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There are currently 29,350 centi-millionaires worldwide, with over 60% being entrepreneurs and company founders, driving significant wealth creation and economic growth across the globe.
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A third of the world's centi-millionaires live in 50 key cities. New York leads with 744 centi-millionaires, followed by the Bay Area and Los Angeles. These US cities are expected to grow by more than 50% in ultra-wealthy populations over the next decade.
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Asian cities like Beijing, Singapore, Shanghai, and Hong Kong are quickly climbing the ranks, now among the world’s top 10 hotspots for centi-millionaires. Significant growth is expected in these cities over the coming years.
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Mumbai, Delhi, and Bengaluru have all made it to the global list of cities housing centi-millionaires. Bengaluru, with its fast-growing tech industry, is especially becoming a hotspot for the ultra-wealthy.
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While the US and Asia dominate, European cities like London and Paris are seeing slower growth. London ranks fourth and Paris tenth in centi-millionaire populations, but growth is expected to remain steady.
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