Dubai, Abu Dhabi Rank Among Wealthiest Cities In BRICS Bloc
Beijing, Shanghai and Dubai are the top three richest cities in the newly expanded BRICS bloc based on the number of millionaires, centi-millionaires and billionaires in each city.
Following the expansion earlier this month, the group now includes: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE.
The world’s wealthiest are increasingly setting their sights on rising stars in the global economy. Henley & Partners’ BRICS Wealth Report reveals the surprising cities topping the charts for super-wealthy residents, offering a glimpse into the shifting landscape of wealth creation.
1. Beijing, China
Unsurprisingly, the Chinese capital takes the crown, boasting a 90 percent growth rate between 2013 and 2023. Its tech giants and booming entrepreneurial scene continue to mint fortunes.
- 125,600 millionaires
- 347 centi-millionaires
- 42 billionaires
2. Shanghai, China
Close behind is Shanghai, another Chinese powerhouse with 123,400 millionaires. Its financial muscle and vibrant luxury market have made it a magnet for high-net-worth individuals in recent years.
- 123,400 millionaires
- 322 centi-millionaires
- 39 billionaires
3. Dubai, UAE
Dubai came in third place with 72,500 millionaires, fueled by its business-friendly environment and status as a global travel hub.
- 72,500 millionaires
- 212 centi-millionaires
- 15 billionaires
4. Mumbai, India
India’s financial capital claims the fourth spot with 58,800 millionaires, witnessing impressive 82 percent growth in just a decade. Its burgeoning tech sector and entrepreneurial spirit are driving this wealth surge.
- 58,800 millionaires
- 236 centi-millionaires
- 29 billionaires
5. Shenzhen, China
This tech titan has seen its millionaire population explode by 140 percent since 2013, now boasting 50,300. Home to tech giants like Huawei and Tencent, Shenzhen is a breeding ground for new fortunes.
- 50,300 millionaires
- 154 centi-millionaires
- 22 billionaires
6. Hangzhou, China
In sixth place 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
7. 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
8. Moscow, Russia
Moscow ranks eighth, with 30,300 millionaires and it is the only city on this list that saw a 24 percent decline in growth.
- 30,300 millionaires
- 207 centi-millionaires
- 23 billionaires
9. 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
10. Abu Dhabi, UAE
In tenth place is Abu Dhabi with 22,700 millionaires and a 75 percent growth rate.
- 22,700 millionaires
- 68 centi-millionaires
- 5 billionaires
