These surprising cities saw the biggest increase in millionaires
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.
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.
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.
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.
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.
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.
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