Shanghai and Dubai are the top three wealthiest cities in the recently expanded BRICS bloc, determined by the number of millionaires, centi-millionaires, and billionaires in each city.
Following the expansion earlier this month, the group now comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
The world’s wealthiest are increasingly focusing on emerging stars in the global economy. Henley & Partners’ BRICS Wealth Report reveals the surprising cities leading the charts for super-wealthy residents, providing a glimpse into the changing landscape of wealth creation.
- Beijing, China
As expected, the Chinese capital claims the top spot, boasting a 90 percent growth rate between 2013 and 2023. Its tech giants and flourishing entrepreneurial scene continue to generate substantial fortunes.
125,600 millionaires
347 centi-millionaires
42 billionaires
- Shanghai, China
Following closely is Shanghai, another Chinese powerhouse with 123,400 millionaires. Its financial strength and vibrant luxury market have made it a magnet for high-net-worth individuals in recent years, according to Arabian Business.
123,400 millionaires
322 centi-millionaires
39 billionaires
- Dubai, UAE
Dubai secured the third position with 72,500 millionaires, driven by its business-friendly environment and status as a global travel hub.
72,500 millionaires
212 centi-millionaires
15 billionaires
- Mumbai, India
India’s financial capital occupies the fourth position with 58,800 millionaires, witnessing an impressive 82 percent growth in just a decade. Its burgeoning tech sector and entrepreneurial spirit are propelling this surge in wealth.
58,800 millionaires
236 centi-millionaires
29 billionaires
- Shenzhen, China
This tech titan has witnessed a 140 percent increase in its millionaire population since 2013, now boasting 50,300. Home to tech giants like Huawei and Tencent, Shenzhen is a fertile ground for new fortunes.
50,300 millionaires
154 centi-millionaires
22 billionaires
- Hangzhou, China
In the sixth position is Hangzhou, with 31,600 millionaires and a 125 percent growth rate. Nicknamed “China’s Silicon Valley,” the city thrives on a potent mix of e-commerce giants like Alibaba, booming tech startups, and a thriving tourism industry fueled by its scenic West Lake.
31,600 millionaires
102 centi-millionaires
12 billionaires
- Delhi, India
As one of India’s major economies, Delhi ranks seventh among other BRICS cities, with 31,000 millionaires and a growth rate of 95 percent.
31,000 millionaires
123 centi-millionaires
16 billionaires
- Moscow, Russia
Moscow occupies the eighth position, with 30,300 millionaires, and is the only city on this list that experienced a 24 percent decline in growth.
30,300 millionaires
207 centi-millionaires
23 billionaires
- Guangzhou, China
China’s Guangzhou is home to 24,500 millionaires and registers a 110 percent growth rate.
24,500 millionaires
70 centi-millionaires
9 billionaires