While American cities like New York or the Bay Area still boast the most dollar millionaires in real numbers, a few destinations have emerged as new hubs for the wealthy.
These cities have seen the biggest increase in dollar millionaires over the past decade. They’re mostly fast-growing centres of technology and innovation. Meanwhile, a few also offer tax incentives to attract the wealthy.
That’s according to the World’s Wealthiest Cities Report 2025, which is published by Henley & Partners, a firm that advises the wealthy on where to move to look after their assets.
1. Biggest increase in millionaires: Shenzhen, China
Between 2014 and 2024, Shenzhen saw a 142% increase in dollar millionaires. The Chinese city is a major technology hub, with companies like Huawei and Tencent based there.
Once a rustic fishing village, Shenzhen is now the fastest-growing destination for dollar millionaires. The technology scene continues to attract entrepreneurs and financiers.
2. Scottsdale, USA
Most South Africans may not hear much about Scottsdale, but tech entrepreneurs and those with six-figure account balances will know all about it. The American city’s millionaire population grew by 125% over the past decade.
Like Shenzhen, Scottsdale’s attraction is its booming tech industry. It also offers a luxurious lifestyle, especially in golf estates, and favourable state tax conditions.
3. Bengaluru: Popular with millionaires in India
It could be a surprise, but this Indian city is popular with the very wealthy. Bengaluru, also known as Bangalore, saw a 120% increase in dollar millionaires. That took place in just ten years, between 2014 and 2024.
The city’s flourishing tech industry, affordable living costs, and growing infrastructure have made it a hotspot for the wealthy.
4. West Palm Beach, USA
Over the past decade, West Palm Beach gained 112% more dollar millionaires. This American city offers the wealthy a laid-back lifestyle, thanks to its coastal location. Because the state of Florida has low taxes, businesspeople and rich professionals also flock to West Palm Beach.
5. Hangzhou, China
108% more millionaires now live in Hangzhou, compared to ten years ago. That growth coincided with the rise of tech companies in the city, including Alibaba. Hangzhou is a historic city with pretty scenery, making it even more attractive to the affluent.
If you were a dollar millionaire, which city would you live in?
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