Bengaluru is on the brink of a remarkable transformation, with projections indicating a dramatic increase in its population of centi-millionaires over the next 16 years or by 2040.
According to the Henley & Partners’ Centi-Millionaire Report 2024, Bengaluru is expected to witness an increase of over 150 per cent in its ultra-rich population.
Currently home to approximately 13,200 millionaires, Bengaluru boasts a collective investable wealth of Rs 800 crore.
Bengaluru’s wealth boom
Earlier this year, the World’s Wealthiest Cities Report 2024 also highlighted Bengaluru’s growing prominence among the super-wealthy.
The report noted a substantial 120 per cent increase in the city’s millionaire population over the past decade, underscoring its status as India’s Silicon Valley.
Defining centi-millionaires
The term ‘centi-millionaire’ refers to individuals possessing liquid investable assets of at least $100 million, excluding personal debt and non-investable assets. This group of ultra-wealthy individuals is primarily concentrated in nations offering attractive investment migration programs, further driving their wealth accumulation.
Global surge in centi-millionaires
On a global scale, the population of centi-millionaires has surged by 54 per cent in the last 10 years.
The United States and China lead this growth, with China experiencing a staggering 108 per cent increase and the US seeing an 81 per cent rise.
In contrast, Europe’s centi-millionaire population has grown by only 26 per cent. In fact, London, once regarded as the financial capital of the world and a hub of global wealth, now ranks just 4th in the Top 50 Cities for Centi-Millionaires.
With 370 super-rich residents, the city faces a lacklustre forecast of less than 50 per cent growth in its centi-millionaire population over the next 16 years, extending to 2040.
Currently, there are 29,350 individuals worldwide with liquid investable assets of $100 million or more.
Entrepreneurs driving wealth creation
The report reveals that over 60 per cent of these ultra-wealthy individuals are entrepreneurs and company founders, playing a pivotal role in wealth generation. Many centi-millionaires are behind some of the world’s most successful companies, including those listed on the Fortune 500, S&P 500, FTSE 100, and Nikkei 225.
The urban landscape of wealth
One-third of the world’s centi-millionaires reside in just 50 key cities, predominantly in the US. 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 growth of over 50 per cent in their ultra-wealthy populations over the next decade.
Asian cities are rapidly rising in this elite landscape, with Beijing, Singapore, Shanghai, and Hong Kong now ranking among the world’s top 10 hotspots for centi-millionaires. Notably, Mumbai, Delhi, and Bengaluru have also made this prestigious list.
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Already home to 13,200 millionaires, Bengaluru to see 150% rise in ultra-rich population by 2040
