Mumbai and Delhi among the top 50 cities for centi-millionaires

New York City home to the highest number, four US cities among top 10, says the Henley & Partners' 2023 Centi-Millionaire Report

By Samidha Jain Forbes India Staff

Published: Oct 11, 2023 11:40:30 AM IST

Updated: Oct 27, 2023 03:37:48 PM IST

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Mumbai ranks 15 on the list of cities with the highest number of centi-millioanaires, with 224 individuals with a wealth of $100 million or more. Image: Getty Images

According to the 2023 Centi-Millionaire Report, which was released on Monday by wealth and investment migration advisory firm Henley & Partners, in collaboration with global wealth intelligence firm New World Wealth, there are currently 28,420 individuals in the world classified as centi-millionaires, possessing investable wealth totalling $100 million or more. This number has more than doubled in the past two decades and has seen a 12 percent increase from the previous year.

As reported in last year's inaugural edition of the report, a significant portion of these centi-millionaires, commonly known as 'centis,' are predominantly situated in the United States (38 percent), with the largest emerging markets of China and India following closely.

Approximately one-third of the world's centi-millionaire population is concentrated in 50 prominent cities. New York City leads the way with 775. San Francisco’s Bay Area is home to 692 resident centi-millionaires, followed by Los Angeles with 504. Chicago also finds its place in the Top 10, ranking 9th with 286 centi-millionaires. Overall, the US is home to 12 cities within the Top 50, collectively accommodating 3,311 centi-millionaires. This constitutes approximately 11.7 percent of the global centi-millionaire population as of June 2023.

In contrast, the United Kingdom has just one city—London—featuring in the Top 50. The English capital occupies the 4th position with 388 centi-millionaires, making up 1.4 percent of the worldwide centi-millionaire population. Just a year ago, there were 406 centi-millionaires in the UK's capital city, marking a 4.4 percent reduction in just 12 months.

Asia and Global South on the path of growth

Asia is strongly represented in the top rankings, with four cities and territories securing positions in the world's Top 10 centi-millionaire hubs. Mainland China contributes two cities to the Top 10: Beijing, ranking 5th with 365 centi-millionaires, and Shanghai, at 6th place with 332. Singapore follows closely in 7th place with 330 centi-millionaires, while Hong Kong (SAR China), holding the 8th position, is home to 305 centi-millionaires.

Among the Top 50 cities, Hangzhou in China, known for its ecommerce activities, is expected to experience the most significant growth in its centi-millionaire population over the next decade, with a projected increase of 95 percent, closely followed by the prominent tech hub, Shenzhen, with an 88 percent growth projection.

Riyadh in Saudi Arabia, emerging as a global business centre, and Delhi, India's largest commercial hub, are expected to see the third-highest growth, with an 85 percent increase each between now and 2033. Mumbai, the financial capital of India, is forecasted to witness an 80 percent growth in its centi-millionaire community. Dubai, with its dynamic and diversified economy, is not far behind Mumbai, as it anticipates a 78 percent growth in its centi-millionaire population over the next decade. Australia is also poised for a significant increase, with Melbourne expecting a 67 percent growth, Sydney projecting a 60 percent increase, and Perth estimating a 57 percent rise.