New Delhi: Delhi and Mumbai, two of the fastest-growing cities in India, have now made it to the list of cities across the world with the ‘most number of Billionaires’. According to a report by Henley & Partners, it’s worth noting that seven out of the ten fastest-growing millionaire cities are situated in the APAC region, with five in China and two in India.
Shenzhen, China, leads the pack with the most significant increase, showcasing a remarkable 140 per cent growth in its millionaire population since 2013, reaching a total of 50,300. Other notable cities experiencing high growth include Hangzhou (125 per cent), Guangzhou (110 per cent), Delhi (95 per cent), Beijing (90 per cent), Shanghai (84 per cent), and Mumbai (82 per cent). New York City Leads Global Wealth Rankings
New York City continues to reign supreme as the world’s wealthiest metro, boasting USD 3 trillion in total wealth, according to the report. Despite speculation about a mass departure of affluent residents, the Big Apple remains unrivalled in prosperity, Times Now reported.
The report reveals that New York City is home to nearly 350,000 millionaires, the highest concentration in any city globally. This figure marks a significant 48 pc increase over the past decade, indicating robust economic growth. Approximately one in every 24 New Yorkers possesses a net worth exceeding seven figures, a notable jump from one in every 36 residents in 2013. Moreover, the city boasts 60 billionaires and 744 individuals with investable wealth exceeding USD 100 million.
The findings underscore the sheer magnitude of New York’s wealth, particularly as concerns mount over a potential shift of economic power to Florida, dubbed “Wall Street South.” While Miami has seen a respectable increase in its millionaire population, ranking 33rd globally with a 78 pc surge over the last decade, it pales in comparison to New York’s financial prowess.
Following New York City in the rankings is the Bay Area, encompassing San Jose, San Francisco, and Palo Alto, with over 305,700 millionaires. Tokyo secures third place with 298,300 wealthy individuals, albeit experiencing a modest 5 pc decline in the past ten years. Singapore emerges as a top destination for affluent migrants, attracting around 3,400 high-net-worth individuals in 2023 alone.
Juerg Steffen, CEO of Henley & Partners, attributes the boom in the world’s richest cities to the surge in financial markets. Global equities surged by 20 pc in 2023 and continue to rise by nearly 7 pc this year, driving wealth accumulation.
However, not all cities have experienced positive trajectories. London witnessed a 10 per cent decline in its millionaire population amidst uncertainties surrounding Brexit. Similarly, Hong Kong saw a 4 per cent reduction in millionaires as wealthy expatriates sought refuge in Singapore following China’s pandemic-era crackdown.
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