Hangzhou in China comes out on top of the list assessing the fastest-growing millionaire hotspots. The report found that between 2012 and 2022, the amount of individuals living there that have over $1 million worth of investable assets has soared by 105%.
As of the end of last year, 30,400 people living there fell into this category. Of those, 98 were so-called centimillionaires, who held assets worth over $100 million, and 12 were billionaires.
Two further Chinese cities, Shenzhen and Guangzhou are also in the top 10, coming in third and seventh place respectively. The amount of ultra-rich people in Shenzhen jumped by 98% between 2012 and 2022, while Guangzhou noted an 86% increase.
Alongside China, the U.S. dominates the top 10 with three cities.
In the case of the U.S., however, all three cities are also in the top five. Austin, the state capital of Texas, took second place as its millionaire population grew by 102% between 2012 and 2022, while Florida’s West Palm Beach came fourth with a 90% increase, followed by Arizona’s Scottsdale with an 88% rise.
These are the 10 cities that saw the largest increases of ultra-wealthy individuals between 2012 and 2022 — and how big the jumps are, according to Henley & Partners’ report.
- Hangzhou, China (105%)
- Austin, U.S. (102%)
- Shenzhen, China (98%)
- West Palm Beach, U.S. (90%)
- Scottsdale, U.S. (88%)
- Bengaluru, India (88%)
- Guangzhou, China (86%)
- Sharjah, United Arab Emirates (84%)
- Ho Chi Minh City, Vietnam (82%)
- Hyderabad, India (78%)
According to CNBC
