Two Indian cities — Mumbai (#24) and Delhi (#37) — made it to the top-50 of the world wealthiest cities in 2024, according to the latest rankings in this respect by the Henley & Partners and New World Health.
While the US still dominated the list with 11 of its cities securing slots among top 50, an imminent slowdown in growth of the west’s wealth hubs was evident. The report which tracks millionnaires and the richer, reported a rise of the Asia Pacific, with 5 out of the top 10 wealthiest cities being in this region.
The Europe still led among regions with 16 cities followed by Asia with 13 cities, and Australia & New Zealand with 5 cities. Within Asia, China had 5 cities in the list, including Beijing which stood at the #10 spot and Shenzhen (#27) which has registered the biggest growth of 140% in the number of millionaires between 2013 and 2023 among all the cities featured. Despite Mumbai having nearly twice as many millionaires as Delhi (30,700), the national capital has witnessed the number of millionaires growing at a faster pace than Mumbai in 10 years to 2023.
“This dynamic reflects broader changes in the global economy, with the US maintaining its traditional strongholds while China’s rapid urbanization and growing technological prowess play an increasingly important role in its wealth creation,” Juerg Steffen, chief executive officer at Henley & Partners wrote.
“As the wealthy become more mobile and discerning in their choice of residence, cities must adapt and innovate to stay ahead of the curve. Investment migration programs, such as those offered by 7 of the world’s Top 10 Wealthiest Cities, are becoming an essential tool in the increasing competitive fight for global talent and capital,” he added.
