Shenzhen, China, Is the Fastest-Growing Wealth Hub in the World

Henley & Partners, a company helping people understand their options for residence and citizenship by investment released its World Wealthiest Cities Report. The report is published in partnership with global wealth intelligence firm New World Wealth, which tracks global wealth migration,

With all of its combined data, the two companies created several lists, including the most expensive cities in the world and the wealthiest cities in the world. It also identified which destination is the fastest-growing wealth hub on the planet—and that honor went to Shenzhen, China.

“Asia's top tech hub, Shenzhen, is the base city for global tech giants Huawei, Tencent, BYD, DJI, and ZTE and has experienced especially strong wealth growth over the past 20 years,” Andrew Amoils, head of research at New World Wealth, explained. “It is now arguably the world's leading city in a number of key tech sub-sectors including computer hardware, electric vehicles, Wi-Fi dongles, mobile phones, flying drones, 5G, energy units, and electronics.”

The report indicates that the southeastern Chinese city has over 17 million residents, including 22 billionaires, 156 centimillionaires, and over 50,000 millionaires.

However, Shenzhen is not the only city making waves. According to the findings, Scottsdale, Arizona, is the No. 2 fastest-growing hub in the world. It experienced a 125 percent growth in millionaires over the last decade. The city now boasts 14,800 millionaires, 64 centimillionaires, and five billionaires. Last year, Scottsdale was recognized as the best golf city in America, featuring an impressive 53 golf courses.

Rounding out the top five global wealth hubs are Bengaluru, India, in third, followed by West Palm Beach, Florida, and Hangzhou, China.

“Three other American cities—Miami, whose residents enjoy Florida's low state taxes, Washington D.C., and Austin, Texas, dubbed ‘Silicon Hills' have also seen notably high growth between 2014 and 2024,” the findings showed, showcasing that the U.S. still has what it takes to be on the global wealth stage.

See the complete findings at henleyglobal.com.