City surges as world's fastest-growing wealth hub

Shenzhen has emerged as the world’s fastest-growing wealthy city between 2014 and 2024, according to the latest report by global investment immigration consultancy Henley & Partners and wealth intelligence firm New World Wealth.

The Ping An Finance Center — Shenzhen’s tallest building — stands against the early dawn skyline. Photos from Xinhua

The southern Chinese metropolis, long recognized as the heart of China’s technology industry, recorded an extraordinary 142% increase in its millionaire population, climbing to 28th place globally with 50,800 millionaires, according to the World's Wealthiest Cities Report 2025. 

Top 10 cities in the World's Fastest-Growing Wealth Hubs, as ranked in the World's Wealthiest Cities Report 2025 by Henley & Partners. www.henleyglobal.com

Close behind is Hangzhou in eastern China — home to e-commerce giant Alibaba Group Holding and innovative startups such as DeepSeek and Unitree Robotics — which saw an impressive 108% growth, reaching 32,300 millionaires and ranking 35th worldwide.

Meanwhile, two other major Chinese cities have slipped in their rankings: Beijing dropped from 10th to 12th, and Shanghai fell from 11th to 14th, compared with a year earlier.

Shenzhen’s remarkable rise is closely linked to its status as Asia’s premier technology and innovation hub. The city hosts global tech giants such as Huawei, Tencent, BYD, DJI, and ZTE, leading the world in key sectors such as computer hardware, electric vehicles, drones, 5G infrastructure, and consumer electronics, Forbes quoted Andrew Amoils, head of research at New World Wealth, as saying in a report last week.

Hundreds of synchronized drones light up the night sky over Shenzhen Bay, forming the shape of a runner and a soaring roc (Dapeng) during a light show on September 26. 

Amoils said that Shenzhen’s rapid wealth growth reflects its transformation from a manufacturing base into a global innovation powerhouse.

This surge in wealth results from Shenzhen’s vibrant tech ecosystem and dynamic entrepreneurial environment. The city’s strategic focus on advanced technology, combined with a supportive business climate, has attracted significant investment and talent, fueling sustained growth among high-net-worth individuals.

The commercial humanoid robot Walker C waves to visitors at the UBTECH Robotics showroom in Shenzhen.

The report shows that the United States continues to dominate the Top 50 Cities for Millionaires list, with 11 U.S. cities among the global top 50 millionaire hubs. New York leads with 384,500 millionaires, followed by the San Francisco Bay Area, including Silicon Valley, with 342,400 resident millionaires.

Of the top 50 cities worldwide, only Shenzhen, Hangzhou, and Dubai (ranked 18th with 81,200 millionaires and 102% growth) outpaced the San Francisco Bay Area in millionaire growth between 2014 and 2024. 

Tokyo ranks third globally with 292,300 millionaires, followed by Singapore in fourth place with 242,400 resident millionaires.

In contrast, London and Moscow are the only two cities in the top 50 to experience a decline in resident millionaire numbers over the past decade, falling by 12% and 25%, respectively. Moscow, ranked 40th, has 30,000 millionaires. Meanwhile, Los Angeles has surged ahead of London to claim fifth place with 220,600 millionaires, pushing London down to sixth place with 215,700.

Cyclists ride along the greenway in the coastal Shenzhen Bay park, a popular leisure destination in Shenzhen. 

Both the San Francisco Bay Area and Shenzhen illustrate a clear pattern identified by Henley & Partners’ CEO Juerg Steffen: the most successful wealthy cities combine investment freedom with attractive lifestyle offerings. These urban centers provide robust legal frameworks, sophisticated financial infrastructure, and welcoming investment migration programs that attract international entrepreneurs and investors.

Despite significant cultural and regulatory differences between the United States and China, both regions have cultivated ecosystems that stimulate innovation, support capital growth, and offer quality-of-life amenities that appeal to high-net-worth individuals.