Our Bureau
Bengaluru
Bengaluru, often hailed as India’s Silicon Valley, has witnessed a staggering 120% increase in its millionaire population over the last decade, according to the latest Henley & Partners’ Centi-Millionaire Report 2024. This report highlights that the city is now home to approximately 13,200 millionaires, collectively holding an impressive ₹800 crore in investable wealth. As Bengaluru continues to thrive as a major economic hub, it is poised for even more significant growth in its ultra-wealthy demographic.
The report forecasts that Bengaluru’s centi-millionaire population—individuals with liquid investable assets exceeding $100 million—is expected to grow by over 150% in the next 16 years. This projection aligns with broader global trends, where the centi-millionaire population has surged by 54% worldwide over the last decade. The United States and China lead this growth, with increases of 81% and 108%, respectively, while Europe has seen a modest rise of only 26%.
Globally, there are currently about 29,350 centi-millionaires, with more than 60% of them being entrepreneurs or company founders. These individuals play a crucial role in wealth creation and job generation, often founding companies that contribute significantly to their economies. Notably, many of the world’s largest corporations have been established by centi-millionaires, indicating their substantial impact on global markets.
Bengaluru’s rise as a center for wealth creation can be attributed to several factors. The city is home to a thriving technology sector, attracting both domestic and international investments. Its vibrant startup ecosystem has produced numerous unicorns—startups valued at over $1 billion—further fueling the growth of wealth among its residents. The presence of prestigious educational institutions and research centers also contributes to a highly skilled workforce, which is attractive to investors.
Moreover, Bengaluru’s strategic location and favorable business environment have made it a preferred destination for global companies looking to establish operations in India. This influx of businesses not only creates jobs but also leads to increased disposable income among residents, contributing to the growing number of millionaires.
While Bengaluru is rapidly climbing the ranks of cities with high concentrations of wealth, it still faces competition from established global cities. New York City continues to lead with 744 centi-millionaires, followed by the Bay Area with 675 and Los Angeles with 496. However, Asian cities are quickly gaining ground; Beijing and Singapore are now among the top ten hotspots for centi-millionaires.
The report indicates that one-third of the world’s centi-millionaires reside in just 50 key cities, predominantly in countries with favorable investment migration programs. As more individuals seek opportunities for wealth accumulation in these urban centers, Bengaluru’s potential for growth remains strong.
Despite its promising outlook, Bengaluru must navigate several challenges as it seeks to sustain this growth trajectory. Infrastructure development is critical; traffic congestion and inadequate public transport can hinder economic activity and quality of life. Additionally, rising real estate prices may pose barriers for new entrants into the millionaire club.
Furthermore, as competition intensifies among cities vying for wealthy residents, Bengaluru must continue to innovate and enhance its business environment to retain its appeal.
