Mumbai And Delhi Among the World’s Top 50 Wealthiest Cities: The Wealthiest Cities Report 2024 by Henley & Partners and New World Wealth underscores India’s economic prowess, with Mumbai and Delhi making their debut among the world’s top 50 wealthiest cities. Mumbai secured the 24th position, while Delhi claimed the 37th spot.
Wealthiest Cities Report 2024
Compiled by Henley & Partners in collaboration with New World Wealth, this report ranks cities based on the presence of High Net Worth Individuals (HNWIs), centi-millionaires, and billionaires. Leading the list is New York City, boasting 349,500 millionaires with a combined wealth exceeding $3 trillion.
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Indian Cities of Mumbai and New Delhi
Mumbai, India’s financial hub, hosts 58,800 millionaires, 236 centi-millionaires, and 29 billionaires, ranking it 24th globally. Meanwhile, Delhi, with 30,700 millionaires, 123 centi-millionaires, and 16 billionaires, secured the 37th position.
Rise of the Asia Pacific
The report highlights the growing influence of the Asia Pacific region, with five cities from this area making it to the top 10 wealthiest cities. Tokyo leads the pack in third place, followed by Singapore, Sydney, Hong Kong, and Beijing. Dubai represents West Asia, ranked 21st globally.
Fastest Growing Millionaire Cities
Seven of the ten fastest-growing millionaire cities are located in the Asia-Pacific region. Shenzhen, China, leads with a remarkable 140% growth in its millionaire population over the last decade. Following closely are Hangzhou, Guangzhou, Delhi, Beijing, Shanghai, and Mumbai.
Top 10 Wealthiest Cities
The top 10 wealthiest cities worldwide include New York City, The Bay Area, Tokyo City, Singapore, London, Los Angeles, Paris, Sydney, Hong Kong, and Beijing, showcasing the global distribution of wealth concentration.
Attractiveness to High-Net-Worth Individuals
In today’s dynamic global economy, certain cities magnetize success and attract wealthy investors seeking opportunities. Henley and Partners’ report identifies these hubs, highlighting cities that allure High-Net-Worth Individuals (HNWIs) with liquid investable wealth exceeding USD 1 million.
Mumbai and Delhi: India’s Economic Rise
The inclusion of Mumbai and Delhi among the world’s wealthiest cities reflects India’s sustained economic growth trajectory. Mumbai, known as India’s financial capital, hosts a significant number of millionaires, centi-millionaires, and billionaires, cementing its position as a global economic powerhouse. Meanwhile, Delhi, the political and cultural hub, also boasts substantial wealth, showcasing India’s multifaceted economic development.
Wealthiest Cities Report 2024: Methodology
Henley & Partners, in collaboration with New World Wealth, analyzed cities based on the presence of individuals with liquid investable wealth. High Net Worth Individuals (HNWIs) were defined as those with assets exceeding USD 1 million, while centi-millionaires and billionaires were those with assets exceeding USD 100 million and USD 1 billion, respectively.
Dominance of New York City
New York City remains the world’s wealthiest city, with an astounding 349,500 millionaires collectively holding over $3 trillion in wealth. Its dominance underscores the enduring economic power of the United States.
Asian Pacific Ascendancy
The report highlights the ascendancy of Asia Pacific cities, with Tokyo leading the pack followed by Singapore, Sydney, Hong Kong, and Beijing. This region’s remarkable economic growth has positioned it as a key player in the global wealth landscape.
Conclusion
As the world economy evolves, cities like Mumbai and Delhi emerge as beacons of prosperity, attracting investors and entrepreneurs from around the globe. The Wealthiest Cities Report 2024 by Henley & Partners provides valuable insights into the shifting dynamics of global wealth distribution, underscoring the rise of emerging economic powerhouses like India alongside established financial centers.
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