Wealth is Health: Bengaluru, at global third, puts India in the Big League

Bengaluru: According to a recent report, there is an exponential rise in global wealth and during the last 10 years or so, the number of millionaires has skyrocket world over.

The report, which can be accessed here, cites a few commonalities in the fastest growing cities which are contributing to the fast-growing global wealth, namely great infrastructure, advantageous location, enabling government policies, capital and talent.

Key drivers: Technology and Tax

The report highlights two major factors driving these global wealth changes. It credits technology with being the foremost creator of wealth, with big cities hosting substantial tech communities, which drive the steepest growth curves.

Cities such as Shenzhen, Hangzhou, and the Bay Area demonstrate this phenomenon clearly, the report says, with their environments – political, social and physical — supporting both industry and innovation.

The report also credits favourable taxation policies as enablers of this growth burst, with examples such as Dubai, Miami, and Singapore being cited.

The report describes each city and region as follows:

1. Shenzhen (China): +142 percent millionaire growth (2014 to 2024)

This Asian technology giant has redefined urban evolution, from being a simple coastal fishing community to an international innovation centre within a single generation. It serves as headquarters for industry leaders such as Huawei, Tencent, BYD, DJI, and ZTE, to name a few. This hub drives business across several sectors such as electric transportation, portable electronics, unmanned aircraft, 5G networks, and electronic production facilities.

2. Scottsdale (USA): +125 percent growth in millionaires

Scottsdale has seen extraordinary financial growth over 10 years, propelled mainly by its booming tech industry. Firms such as GoDaddy, Microchip Technology, Avnet, Insight Enterprises, and Onsemi are key players in this area. Intel and Taiwan Semiconductor Manufacturing Company (TSMC) also have facilities nearby, accelerating regional prosperity.

Scottsdale also has the title of “luxury golf estate capital of the world” featuring premier golf miniverses such as Estancia Club, Silverleaf, Desert Mountain and Whisper Rock.  

3. Bengaluru (India): +120 percent rise in millionaires

Recognized widely as the “Garden City” of India and “India’s Silicon Valley,” Bengaluru represents India’s most rapidly expanding wealth hub. Its thriving tech industry, established around international biggies such as Infosys and Wipro, fosters a business environment that is generating millionaires consistently and impressively. The city, the report says, boasts of a unique blend of skilled professionals, a congenial entrepreneurial atmosphere, and reasonable living expenses, as compared to Western technology centres.

4. West Palm Beach (USA): +112 percent rise

This coastal city is now a favoured location for HNWIs leaving established commerce hubs such as New York and California. Covid-19 intensified this movement away, as many prosperous individuals in the fields of investment, media and entertainment established home here. Florida’s low state taxes, the report says, incentivises economic growth by attracting new mercantile communities.

5. Hangzhou (China): +108 percent

Frequently praised as one of China’s most visually striking urban centres, Hangzhou is a combination of environmental splendour with cutting-edge technological drive.

The suave buildings and landscaping attract many an affluent Chinese seeking premium residence.

The big guns the city boasts of are commerce powerhouse Alibaba Group, Ant Group and NetEase. Emerging AI firm DeepSeek recently established base locally, reinforcing the city’s reputation for technological excellence.

6. Dubai (UAE): +102 percent

After calculated planning and execution, Dubai is now firm in the Middle East as a premier wealth destination. The city draws a constantly growing number of wealthy individuals from various regions such as Russia, India, Britain, Africa and China. In 2024, around 6,700 millionaires chose Dubai as their new home, reinforcing the city as a global attractor for wealth.

7. The Bay Area (USA): +98 percent rise

The Bay Area, which includes San Francisco city and Silicon Valley, remains the world’s technology capital. Home to the likes of Apple, NVIDIA, Alphabet, Meta, Intel, OpenAI, and Netflix, the Bay Area faces very little competition as of now. To complement this industrial brilliance are Ivy League universities such as Stanford and UC Berkeley, forming an exceptionally productive environment for wealth generation.

8. Miami (USA): +94 percent rise

This coastal Florida city quickly became preferred by wealthy Americans, with its low tax policies as a major force of attraction. The city has seen a brisk rise in the number of centimillionaires, particularly from technology, investment management, media and entertainment businesses.

9. Washington DC (USA): +92 percent rise

The US capital and seat of government houses some of America’s richest, with the quality of housing being the envy of many. The suburb of Georgetown is particularly sought after as a large number of HNWIs have moved to the city over the past decade, especially those from the fields of media, finance, law and investment.

10. Austin (USA): +90 percent rise

Austin has gained recognition as the “Silicon Hills,” thanks to its expanding technological innovation. Many businesses have transferred operations to Austin in recent years, with Tesla’s headquarters representing one striking example.

Austin benefits from favourable taxation policies, with its 10-year growth pattern demonstrating remarkable strength.

Other cities which are also in the league of the fastest growing wealth centres are Warsaw (Poland), Abu Dhabi (UAE), Riyadh (Saudi Arabia), Singapore, Taipei City (Taiwan), Monaco, Calgary (Canada), Bangkok (Thailand), Jeddah (Saudi Arabia), and Vancouver (Canada), according to the report.