Bengaluru's millionaire population surges by 120% in a decade
What's the story
Bengaluru, often dubbed as India's Silicon Valley, has witnessed a significant surge in its millionaire population over the past decade.
The city is home to an estimated 13,200 millionaires with a combined investable wealth of ₹800 crore, according to the Henley & Partners's Centi-Millionaire Report 2024.
This data aligns with the World's Wealthiest Cities Report 2024 released earlier this year, which also predicted a rise in Bengaluru's affluent population.
Wealth projection
Bengaluru's ultra-rich population to grow by over 150%
The Centi-Millionaire Report 2024 also forecasts a substantial increase in Bengaluru's ultra-rich population over the next 16 years.
The city is expected to see a growth of more than 150% in this demographic.
This prediction aligns with global trends, as the worldwide centi-millionaire (someone with investable assets of $100 million or more) population has risen by 54% over the last decade, led primarily by the United States and China.
Wealth distribution
Global centi-millionaire population: US and China lead
The global surge in centi-millionaires is most prominent in the US and China, with increases of 81% and 108% respectively over the past decade. In contrast, Europe has seen a more modest growth of 26%.
Currently, there are approximately 29,350 individuals worldwide with liquid investable assets exceeding $100 million.
Over 60% of these ultra-wealthy individuals are entrepreneurs or company founders, highlighting their significant role in global wealth creation.
Wealth hubs
Centi-millionaires' global distribution and future growth
The report reveals that one-third of the world's centi-millionaires reside in 50 major cities globally, with the US dominating this landscape.
New York City leads with 744 centi-millionaires, followed by the Bay Area with 675, and Los Angeles with 496.
However, Asian cities like Beijing, Singapore, Shanghai, Hong Kong as well as Indian cities like Mumbai, Delhi and Bengaluru are quickly rising in ranks as hotspots for these ultra-wealthy individuals.