Booming Wealth: Bengaluru's Millionaire Population Surges 120% In 10 Years, Says Report

The report highlights that one-third of the world’s centi-millionaires reside in 50 major cities, with the US leading the way. New York City tops the list with 744 centi-millionaires

Bengaluru is set to experience significant growth in its centi-millionaire ( individuals with at least $100 million in liquid investable assets) population over the next 16 years. According to the Henley & Partners’ Centi-Millionaire Report 2024, the city is projected to see an increase of more than 150 per cent in its ultra-rich residents. Currently, Bengaluru is home to about 13,200 millionaires, with a total investable wealth of Rs 800 crore. 

The global population of centi-millionaires has jumped by 54 per cent in the past decade, with the United States and China at the forefront. China has recorded a remarkable 108 per cent increase in centi-millionaires, while the US has seen an 81 per cent rise. In comparison, Europe’s centi-millionaire population has only grown by 26 per cent. The report also reveals that there are currently 29,350 individuals worldwide with liquid investable assets of $100 million or more.

Over 60 per cent of centi-millionaires are entrepreneurs and company founders, significantly contributing to wealth creation. These ultra-wealthy individuals have established many prominent companies in the Fortune 500, S&P 500, FTSE 100, and Nikkei 225.

The report highlights that one-third of the world’s centi-millionaires reside in 50 major cities, with the US leading the way. New York City tops the list with 744 centi-millionaires, followed by the Bay Area with 675 and Los Angeles with 496. All three cities are projected to see over 50 per cent growth in their ultra-wealthy populations in the next decade.

Asian cities are rapidly rising in prominence. Beijing, Singapore, Shanghai, and Hong Kong are now among the world’s top 10 hubs for centi-millionaires, with further growth anticipated. Mumbai, Delhi, and Bengaluru have also made the list. In contrast, European cities are experiencing slower growth, with London ranking fourth and Paris tenth in terms of centi-millionaire residents.

It's important to note that '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 appealing investment migration programs.

In June, the World’s Wealthiest Cities Report 2024 highlighted the expected rise in the number of super-wealthy individuals in Bengaluru. It noted that India's Silicon Valley has seen a remarkable 120 per cent increase in its millionaire population over the past decade.