A recent report highlighted that Bengaluru is poised for dramatic growth in its population of centi-millionaires over the next 16 years.
According to the Henley & Partners’ Centi-Millionaire Report 2024, the city is also forecasted to witness an increase of over 150 per cent in its ultra-rich population.
Home to nearly 13,200 millionaires, Bengaluru has a collective investable wealth of Rs 800 crore, the report said.
‘Centi-millionaire’ refers to individuals with liquid investable assets of at least $100 million, excluding personal debt and non-investable assets. These ultra-wealthy individuals are primarily concentrated in countries that offer attractive investment migration programmes.
On the global level, the report indicates that one-third of the world’s centi-millionaires live in 50 key cities worldwide. Among them, the US dominated the landscape.
New York City leads with 744 centi-millionaires, followed by the Bay Area with 675, and Los Angeles with 496, the report added.
All three cities are expected to see more than 50 per cent growth in their ultra-wealthy populations over the next decade, it said.
Notably, the report further said that the European cities are seeing slower growth, with London now ranking fourth and Paris in tenth place in terms of centi-millionaire residents.
It also highlighted that Asian cities are rapidly climbing the ranks.
Beijing, Singapore, Shanghai, and Hong Kong are now among the world’s top 10 hotspots for centi-millionaires, with significant growth expected in the coming years.