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Top 10 wealthiest cities unveiled

By Winnie Onyando February 12th, 2024 2 min read

China dominates the rankings with five cities securing coveted spots, while Dubai and Mumbai make impressive strides in the global wealth landscape.

In the ever-evolving landscape of global wealth, the BRICS nations continue to stand out, showcasing their economic prowess through their most affluent cities.

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.

According to the inaugural BRICS Wealth Report released on January 30, 2024, here are the top 10 wealthiest cities within the BRICS grouping:

1. Beijing, China – Topping the charts as the wealthiest BRICS city, Beijing boasts a staggering 125,600 millionaires, including 347 centi-millionaires and 42 billionaires. It solidifies China’s dominance in the realm of wealth accumulation.

2. Shanghai, China – Following closely behind is Shanghai, with 123,400 high net worth individuals (HNWIs), comprising 322 centi-millionaires and 39 billionaires. The city’s dynamic economic landscape continues to attract and nurture wealth.

3. Dubai, United Arab Emirates (UAE) – Earning its moniker as the ‘City of Gold,’ Dubai secures the third spot with 72,500 millionaires calling it home. Among them are 212 centi-millionaires and 15 billionaires, highlighting the city’s allure for affluent individuals worldwide.

4. Mumbai, India – India’s financial hub, Mumbai, claims the fourth position with 58,800 resident millionaires, including 236 centi-millionaires and 29 billionaires. Its status as a key player in the global economy is further solidified by these impressive figures.

5. Shenzhen, China – Another Chinese powerhouse, Shenzhen, ranks fifth with 50,300 millionaires contributing to its thriving economy. The city’s remarkable growth, marked by a 140% increase in millionaires since 2013, underscores its significance on the global stage.

6. Hangzhou, China – Securing the sixth spot is Hangzhou, with 31,600 millionaires adding to China’s impressive wealth portfolio. The city’s vibrant business environment continues to attract entrepreneurs and investors alike.

7. Delhi, India – India’s national capital, Delhi, clinches the seventh position with 31,000 millionaires, including 123 centi-millionaires and 16 billionaires. Its strategic location and burgeoning economy make it a hotspot for wealth accumulation.

8. Moscow, Russian Federation – The sole representative from Russia, Moscow, ranks eighth despite experiencing a 24% decline in its millionaire population over the past decade. Nonetheless, with 30,300 millionaires, including 207 centi-millionaires and 23 billionaires, Moscow remains a key player in the BRICS wealth landscape.

9. Guangzhou, China – Adding to China’s dominance, Guangzhou secures the ninth spot with 24,500 millionaires contributing to its economic vitality. The city’s strategic location and robust infrastructure continue to attract investment and foster wealth creation.

10. Abu Dhabi, United Arab Emirates (UAE) – Rounding up the top 10 is Abu Dhabi, with 22,700 resident millionaires. Despite its relatively smaller millionaire population, Abu Dhabi’s remarkable growth of 75% over the past decade underscores its emergence as a global wealth hub.