Great graphic from the Visual Capitalist ranking cities with the fastest-growing millionaire populations from 2014 to 2024.

Shenzhen Tech Boom

Shenzhen, home to industry leaders such as Huawei, Tencent, and DJI, has rapidly emerged as a global hub for technology and innovation. Its vibrant startup culture and expanding tech sector have produced thousands of new millionaires, driven by stock options, IPOs, and private equity investments. Reinforcing its strategic importance, the Chinese government has designated Shenzhen as a showcase city for forward-looking reforms and cutting-edge development.

Pheonix Scottsdale Rising

Taking second place on the list is Scottsdale, Arizona. Once primarily known as a resort destination, the city has reinvented itself as an emerging tech center. Scottsdale now hosts the headquarters of GoDaddy and offices for major companies such as PayPal, Yelp, and Turo.

Ranked third is Bengaluru, widely recognized as the “Silicon Valley of India.” Its economy is driven by strong performance in IT, biotechnology, aerospace, telecommunications, electronics, and manufacturing.

San Francisco Still Wealth Capital

While the San Francisco Bay Area has seen some major companies relocate in recent years, it still holds the top spot for overall millionaire population, boasting 342,400. The region is also home to 82 billionaires—more than the combined total of billionaires in the next six wealth hubs.

Outside the dominant markets of the U.S., China, and India, Dubai also claims a place in the top 10. Thanks to generous tax policies, a flourishing tech industry, and large-scale real estate projects, the city continues to draw affluent entrepreneurs and global investors.

On a country-by-country basis, the United States leads with eight wealth hubs, followed by China with five, and India with three.