Explained: Centi-millionaire Boom In Mumbai, Delhi; Bengaluru's Potential

Henlely's Centi-millionaire Report 2024 ranks Delhi and Mumbai with a growth trajectory of over 150 per cent in their centi-millionaire populations. Who are these centi-millionaires and what are the chances of growth for Bengaluru, read on to find out more.

Hyderabad:Delhi and Mumbai will enjoy growth of over 150 per cent in their centi-populations over the next 16 years, as per the Henlely and Partners' Centi-millionaire Report 2024 released today. There are currently 29,350 individuals worldwide with liquid investable assets of USD 100 million or more, the report stated.

Mumbai with 236 centi-millionnaires holds the 15th position in the list while Delhi with 123 centi-millionnaires holds the 25th position. America and China are on top, outperforming their European counterparts, with 3503 centi-millionnaires and 995 centi-millionnaires respectively. Before we move on, it is important to understand on what basis are wealthy people classified:

As per Forbes, there are three categories of wealth financial professionals which are used to classify wealthy people:

• High-net-worth individuals (HNWI) have between $1,000,000 and $5,000,000 in liquid assets.
• Very-high-net-worth individuals (VHNWI) have between $5,000,000 and $30,000,000 in liquid assets.
• Ultra-high-net-worth individuals (UHNWI) have more than $30,000,000 in liquid assets.

Who are Centi-millionaires?A centimillionaire belongs to the larger class of ultra-high-net-worth individuals or those with liquid assets greater than $30,000,000. One important point is that while all centi-millionaires are ultra-high-net-worth individuals, not all ultra-high-net-worth individuals are centi-millionaires.

The Asian Drive: Asia contributes significantly to this number with as many as 16 of the 50 top cities for the super-wealthy residing from Asia. They include Beijing, Shanghai, Singapore, Hong Kong (SAR China), Tokyo, and Mumbai. In all, Asian cities account for a whopping 10.84 per cent of the global centimillionaire population.

The Indian Perspective: As per the report, India has two cities Mumbai and Delhi in the elite list, Mumbai is in 15th Position with 236 Centi-millionnaires and Delhi is in 28th Position which has 123-centi millionnaires.

Bengaluru On The Cards:Not lagging behind far is Bengaluru, the garden city of India, which is becoming the hub of the richest of the richest. Since the tech boom in the 90s, the city has been expanding not only geographically but has also upped its number of the rich population.

Boost Percentage: Mumbai and Delhi's financial environments have shown notable increases in the number of millionaires over the last 10 years, placing them among the top cities in the world for the accumulation of wealth. Bengaluru's promotion to the list of "cities to watch" highlights the city's potential as a growing economic center.

Mumbai, which came in at number 24 on the list of 50, is home to 58,800 millionaires, 236 centi-millionaires, and 29 billionaires, making it a remarkably wealthy city. The number of millionaires in the city increased by an astounding 82 per cent between 2013 and 2023.

At number 37, Delhi is home to 30,700 millionaires, 123 centi-millionaires, and 16 billionaires. Over the same time period, the number of millionaires in Delhi has increased by an astounding 95%, suggesting that the city has generated and accumulated significant wealth.

This rise in millionaires in India could help boom entrepreneurial spirit, rapid technological advancements, and overall economic power.

Leading Nations:At the top of the charts is the United States, with 11 cities making it to the top 50. With an astounding 349,500 millionaires, 744 centimillionaires, and 60 billionaires—a total of almost $3 trillion in resident wealth—New York City tops the global leaderboard. The Bay Area, which includes Silicon Valley and San Francisco, is the second wealthiest region in the world, with 305,700 millionaires and significant wealth growth rates over the last ten years.

Bull vs. Bear:Reputed as a business-friendly location, Singapore has surged to the fourth rank, drawing a substantial number of billionaires and centi-millionaires. Previously leading Tokyo has lost high-net-worth-individual (HNWI) residents, dropping to third position with 298,300 millionaires.