Bengaluru may double super-rich population in 15 years

Mumbai and Delhi together host 359 centi-millionaires—individuals with liquid investable assets of $100 million or more—while Bengaluru is expected to see its population of the “super-wealthy” more than double over the next 16 years, a study said.

The benchmark for “super-wealthy” status has risen from $30 million in the late 1990s to $100 million today, wealth and investment migration advisor Henley and Partners said in its Centi-Millionaire Report 2024, adding that the “exclusive club” has grown by more than 50% in the past decade to 29,350 individuals worldwide.

While Mumbai hosts 236 centi-millionaires and occupies the 14th place overall, Delhi has 123 centi-millionaires and is ranked 28th, while fast-growing Bengaluru hosts 42 of the “super-wealthy”, according to the report featuring data from global wealth intelligence firm New World Wealth.

The US and China have seen a centi-millionaire boom, with the latter’s ascent being the most dramatic as its population of the “super-wealthy” doubled in the past 10 years, outpacing the US where the ranks of the so-called super-rich swelled by 81% in the same period.

While one-third of the world’s centi-millionaires reside in 50 key cities across the world, the US continues to dominate the landscape. New York City hosts 744 resident centi-millionaires, followed closely by the Bay Area (including San Francisco and Silicon Valley) with 675, and Los Angeles with 496 super-rich residents.

David Young, president of the committee for economic development at leading US think tank The Conference Board said the “existing centi-millionaire growth and migration trends will depend largely on the coming US presidential elections, where we anticipate drastic differences in fiscal, monetary, economic, and social policies. The results may cause a shift from North America being so attractive, as centi-millionaires turn to countries that provide greater economic and political security”.

When compared with the US and China, Europe’s centi-millionaire growth has been anemic, increasing by only 26% over the past decade.

The lethargic performance in Europe can be attributed to the slow growth of major markets such as the UK, Germany, and France, Juerg Steffen, chief executive officer of Henley and Partners, said.

“Pockets of dynamism exist, with smaller European markets such as Monaco, Malta, Montenegro, and Poland seeing their centi-millionaire populations surge by 75% or more. The geography of extreme affluence is shifting. As this elite group continues to grow and migrate, its influence on global economics, politics, and society is likely to be profound and far-reaching,” Steffen said.

New World Wealth’s Head of Research, Andrew Amoils, points out that over 60% of centi-millionaires are entrepreneurs and company founders, which makes them especially important when it comes to wealth creation.

“The businesses started by centi-millionaires have a significant positive spillover effect on the middle-class as they create large numbers of well-paying jobs in their base country. It is also worth noting that most of the companies on the Fortune 500, the S&P 500, the CAC 40, the FTSE 100 and the Nikkei 225 were started by individuals who went on to become centi-millionaires,” Amoils said.