Over the next 16 years, Bengaluru's population of centimillionaires is expected to increase dramatically. According to the Henley & Partners Centi-Millionaire Report 2024, the city's ultra-rich population is expected to grow by more than 150 percent. Bengaluru is home to around 13,200 millionaires, with a total investable wealth of Rs 800 crore, according to the report.
Earlier in June, the World's Wealthiest Cities Report 2024 forecasted an increase in Bengaluru's super-wealthy population. It stated that India's Silicon Valley has seen a staggering 120 percent rise in its rich population over the last decade.
Global Increase in Centi-millionaires
The global number of centi-millionaires has increased by 54% in the previous decade, with the United States and China leading the way. China has witnessed a 108 percent growth in centi-millionaires over this time, while the United States has seen an 81 percent gain. In comparison, Europe's centimillionaire population has increased by only 26%. According to the survey, there are presently 29,350 individuals globally who have liquid investable assets of $100 million or more.
Over 60% of these ultra-wealthy individuals are entrepreneurs and business owners, who play an important role in wealth generation. These multimillionaires have started several Fortune 500, S&P 500, FTSE 100, and Nikkei 225 enterprises.
According to the report, one-third of the world's centimillionaires dwell in 50 significant cities, with the United States dominating the scene. New York City leads with 744 millionaires, followed by the Bay Area (675) and Los Angeles (496). Over the next decade, all three cities' ultra-wealthy populations are predicted to increase by more than 50 percent.
However, Asian cities are gradually moving up the rankings. Beijing, Singapore, Shanghai, and Hong Kong are already among the world's top ten hotspots for centi-millionaires, with more expansion anticipated in the coming years. The list also includes Mumbai, Delhi, and Bengaluru. Meanwhile, European cities are experiencing slower development, with London being ranked fourth and Paris eighth in terms of centi-millionaire citizens.
Notably, the term 'centi-millionaire' refers to those who have liquid investable assets of at least $100 million, excluding personal debt and non-investable assets. These ultra-wealthy individuals are predominantly located in nations with attractive investment migration programs.
