In a recent report by wealth and investment advisors Henley & Partners, Shenzhen, China, has been identified as the city with the fastest growth in millionaires globally over the past decade. The report, which highlights the world's wealthiest cities, places Shenzhen at the forefront of this economic phenomenon, with a staggering 140% growth in its millionaire population from 2013 to 2023.
Shenzhen's rapid ascent to millionaire hotspot status can be attributed to a combination of factors, including new business and organic income growth within the city. According to Andrew Amoils, head of research at New World Wealth, about 30% of the city's millionaire growth can be attributed to an influx of high-net-worth individuals from other major Chinese cities such as Beijing, Shanghai, and Hong Kong.
The report also highlights the exodus of millionaires from Beijing and Shanghai in 2023, with both cities experiencing a decline of around 5% in their millionaire populations. In contrast, Shenzhen saw a 10% growth in millionaires in the same year, further cementing its status as a magnet for wealth.
Shenzhen's transformation into a millionaire hub is not a recent development. The city has been steadily growing its wealth since it was designated as one of China's first special economic zones in 1980, opening the door to foreign investment, technology, and market-oriented reforms. This has led to a significant increase in the number of high-net-worth individuals calling the city home.
With 50,300 resident millionaires, Shenzhen is currently ranked as the 27th wealthiest city in the world. At its current growth rate, it is projected to break into the ranks of the top 10 wealthiest cities by 2040. This rapid growth has been a boon for the local economy, with the city's GDP reaching $475.3 billion in 2021, making it the wealthiest city in the Greater Bay Area.
The report also notes that Shenzhen is not the only Chinese city experiencing a millionaire boom. Hangzhou, another city in the Greater Bay Area, has seen a 125% growth in millionaires over the past decade, making it the second-fastest-growing city for millionaires globally. India's Bengaluru and the U.S. city of Austin also made the list, ranking third and fourth, respectively.
The rise of Shenzhen as a millionaire magnet underscores the city's role as a major player in the global economy. As the city continues to attract high-net-worth individuals and businesses, it is poised to further solidify its position as a leading wealth hub in the coming years.
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