Bengaluru sees 120% rise in centi-millionaire population over last decade: Report

Currently home to 13,200 millionaires, Bengaluru’s wealth is expected to grow significantly over the next decade and beyond.

Bengaluru is set to experience a significant rise in its ultra-wealthy population over the next 16 years, with a projected increase of more than 150 per cent in the number of centi-millionaires, the Business Standard reported, citing the Henley & Partners’ Centi-Millionaire Report 2024.

Bengaluru is projected to witness a sharp increase in its ultra-wealthy residents, driven by the city’s booming tech industry. (Shutterstock/Representative image)

Currently home to around 13,200 millionaires, the city has an estimated investable wealth of ₹800 crore. Known as India’s Silicon Valley, Bengaluru's wealth expansion reflects its growing status as a key hub for the country's ultra-rich.

This forecast builds on previous data, such as the World’s Wealthiest Cities Report 2024, which highlighted a remarkable 120 percent growth in the city's millionaire population over the past decade, the report said. As Bengaluru continues to attract top-tier talent and investment, its trajectory mirrors the global surge in ultra-wealthy individuals.

Globally, the number of centi-millionaires— those with liquid assets of 100 million dollars or more — has increased by 54 per cent in the past decade. Leading this growth are countries like the United States and China, with Asia, in particular, rapidly closing in on traditional strongholds of wealth, the publication noted. Bengaluru, along with Mumbai and Delhi, is emerging as one of the top cities in Asia for centi-millionaire residents, joining the ranks of Beijing, Singapore, and Shanghai.

The report further notes that over 60 per cent of these ultra-wealthy individuals are entrepreneurs and business founders, underscoring the role of innovation and enterprise in wealth creation. With Bengaluru’s vibrant tech scene and growing entrepreneurial ecosystem, the city is poised to remain a key player in the global landscape of wealth accumulation, as it competes with major financial hubs around the world.