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Bengaluru has experienced a remarkable 120 per cent increase in its millionaire population over the past decade. | Representational Photo
Bengaluru is poised for dramatic growth in its population of centi-millionaires over the next 16 years. The city is also forecasted to witness an increase of over 150 per cent in its ultra-rich population, according to the Henley & Partners’ Centi-Millionaire Report 2024. Home to approximately 13,200 millionaires, Bengaluru has a collective investable wealth of Rs 800 crore, the report added.
Earlier in June, the World’s Wealthiest Cities Report 2024 had also projected growth in Bengaluru’s super-wealthy population. It said that India’s Silicon Valley has experienced a remarkable 120 per cent increase in its millionaire population over the past decade.
Global surge in centi-millionaires
Over 60 per cent of these ultra-wealthy individuals are entrepreneurs and company founders, playing a crucial role in wealth creation. Many Fortune 500, S&P 500, FTSE 100, and Nikkei 225 companies have been founded by these centi-millionaires.
US dominates, but Asia closing in
The report indicates that one-third of the world’s centi-millionaires live in 50 key cities worldwide, with the US dominating the landscape. New York City leads with 744 centi-millionaires, followed by the Bay Area with 675, and Los Angeles with 496. All three cities are expected to see more than 50 per cent growth in their ultra-wealthy populations over the next decade.
However, Asian cities are rapidly climbing the ranks. Beijing, Singapore, Shanghai, and Hong Kong are now among the world’s top 10 hotspots for centi-millionaires, with significant growth expected in the coming years. Mumbai, Delhi, and Bengaluru have also made it to the list. Meanwhile, European cities are seeing slower growth, with London now ranking fourth and Paris in tenth place in terms of centi-millionaire residents.
Notably, the term ‘centi-millionaire’ refers to individuals with liquid investable assets of at least $100 million, excluding personal debt and non-investable assets. These ultra-wealthy individuals are primarily concentrated in countries that offer attractive investment migration programmes.
First Published: Sep 19 2024 | 11:50 AM IST
