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  1. Wealth
January 30, 2024

India’s Silicon Valley tops list of emerging millionaire hotspots

The inaugural BRICS Wealth Report, published today, assesses the wealth of 10 BRICS nations

By Stephanie Bridger-Linning

The ‘Silicon Valley of India’ is expected to be one of the world’s fastest-growing millionaire hubs over the next 10 years, according to a new report. 

The inaugural BRICS Wealth Report, published today by Henley & Partners in partnership with New World Wealth, assessed the wealth of residents living in the 10 BRICS nations: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. 

[See also: Millionaires call to be taxed more in open letter to Davos leaders]

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There are currently 1.6 million BRICS residents with investable assets of at least $1 million, according to the report, including 4,716 centi-millionaires and 549 billionaires. This number is expected to jump by 85 per cent to 2.96 million by 2034. 

The BRICS Wealth Report identifies the 10 wealthiest BRICS cities based on millionaire population, five of which are located in China (Beijing, Shanghai, Shenzhen, Hangzhou and Guangzhou), reflecting the nation’s dominance in global wealth. The UAE and India have two entries each (Dubai and Abu Dhabi; Mumbai and Delhi), while Moscow is the only ‘wealthy city’ to have witnessed a decline in the number of HNW residents over the last 10 years (24 per cent). 

The next decade will see the emergence of new wealth hubs across the BRICS blocs, according to the report. With its booming tech sector, Bengaluru (Bangalore) is expected to see the most rapid growth, with its millionaire population projected to increase from 13,200 in 2023 to 30,000 by 2033. Bengaluru is the base city for global tech giants including Infosys and Wipro and is expected to attract more major multinationals over the coming years.

Wealth hubs to know

Andrew Amoils, head of research at New World Wealth, says Sharjah, in the UAE, is also a HNW hotspot to watch. ‘Despite accounting for far less private wealth than Dubai and Abu Dhabi, Sharjah’s millionaire population is growing at a slightly faster rate than both these cities in percentage growth terms,’ he explains.

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‘There are currently 4,100 HNWs living in the emirate and this number is projected to reach over 9,000 by 2033; or a rise of 120 per cent.’

There will also be significant growth in the Saudi Arabian city of Jeddah and capital of Riyadh, both of which play important roles in Crown Prince Mohammed Bin Salman’s Vision 2030 programme

[From the magazine: The new face of Saudi Arabia]

‘They both look set to enjoy a millionaire boom with growth rates of 100 per cent (Jeddah) and 90 per cent (Riyadh) forecast over the next decade,’ Amoils adds. 

The BRICS Wealth Report notes that Cape Town, South Africa, is also tipped to witness an increase in HNW residents. The 7,400-strong millionaire population is set to swell by 85 per cent to 13,500 by 2033. This will counteract a slope in numbers witnessed by the country overall: South Africa’s millionaire population has dropped by 20 per cent since 2013. 

Dominic Volek, group head of private clients at Henley & Partners, says the extended BRICS community will create new opportunities in the investment migration sector, ‘both for investors seeking greater access to BRICS member states and for those within BRICS countries looking to improve their global access and passport power. Residence and/or citizenship by investment programs can play a transformative role in attracting debt-free capital and talent and fostering a more interconnected and powerful ecosystem.’

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