India’s Bengaluru among world’s millionaire cities, New York wealth hits $3tn mark

New York, US

Bengaluru city in the south Indian state of Karnataka is on the world’s wealthiest cities list in 2024 with its millionaire population more than doubling in the past decade. According to Henley & Partners, "When it comes to wealth growth potential over the next decade, cities to watch include Bengaluru (India), Scottsdale (USA), and Ho Chi Minh City (Vietnam). All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past ten years.”

Similarly, New York City, associated with wealth and opulence, boasts a staggering $3 trillion in total wealth, recent data indicated. New York leads the world with nearly 350,000 millionaires, a remarkable increase of 48 per cent over the past decade. 

New York City's reputation stems from its status as a global financial hub as well as numerous high-net-worth individuals. As per the report, nearly one out of every 24 residents in New York possesses a net worth exceeding seven figures, a rise from the ratio of one in 36 recorded in 2013.

Moreover, the city hosts a substantial number of ultra-high-net-worth individuals, with 60 billionaires and 744 people possessing investable wealth exceeding $100 million.

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The data indicated a continuing dominance of New York in terms of wealth. Miami's millionaire population has indeed grown by 78 per cent over the past decade but still ranks 33rd globally among cities with the most millionaires.

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Following New York, the Bay Area, encompassing cities like San Jose, San Francisco, and Palo Alto, emerged as the second wealthiest region globally, with over 305,700 millionaires.

Tokyo, the capital of Japan and another global city often associated with wealth and prosperity and known for its vibrant culture, secured the third spot with 298,300 millionaires, experiencing a marginal decline of 5 per cent over the past ten years.

Singapore, often dubbed the "Lion City" and renowned for its economic success, ranked fourth, with 3,400 high net-worth individuals relocating there in 2023 alone.

However, cities like London and Hong Kong have faced setbacks, with London witnessing a 10 per cent decline in its millionaire population, attributed partly to Brexit, while Hong Kong experienced a 4 per cent decrease due to a pandemic-era crackdown.

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On the other hand, cities such as Shenzhen in China have seen a remarkable 140 per cent increase in millionaires over the past decade. In addition to that, Dubai, often synonymous with luxury, emerged as the wealthiest city in the Middle East, ranking 21st globally, while Monaco claimed the top spot in wealth per capita, with over 40 per cent of its residents being millionaires. 

(With inputs from agencies)