According to a newly released report, Shenzhen, China is the fastest-growing city for USD millionaires in the world over the past decade and is forecasted to continue its strong growth in the coming years.
According to the report from New World Wealth and Henley & Partners, the growth rate of millionaires in Shenzhen reached 140%, significantly higher than Beijing and Shanghai, which saw increases of 90% and 84% respectively over the past decade. In 2023 alone, Shenzhen recorded a 10% increase in millionaires, while Beijing and Shanghai reported a decrease of 5%.
Shenzhen is considered the Silicon Valley of China. Originating from a fishing village surrounded by wetlands, Shenzhen became a Special Economic Zone of China in 1979, driving unprecedented growth. Located not far from Hong Kong, Shenzhen was set on the path to becoming a global powerhouse by attracting investment and talent from this financial hub.
The rapid transformation of Shenzhen over 30 years.
Experts predict that the growth rate of millionaires in Shenzhen will continue to be strong until 2040, far surpassing Beijing and Shanghai. While the world’s second-largest economy grapples with real estate-related challenges, Shenzhen continues to thrive. In 2023 alone, the region’s economy grew by 6%, outpacing other major cities in China.
Erica Tay, the macro research director at Maybank, stated: “Over the past three decades, what sets Shenzhen apart from other tier-1 cities is its relatively relaxed management and welcoming attitude towards migrant workers. In addition to being a hotspot for startups, Shenzhen is also home to global giants such as Tencent, Huawei, and BYD.”
As a Special Economic Zone, Shenzhen’s legal environment is very conducive to business and innovation. This has attracted many people seeking to build their own careers.
Zhiwei Zhang, chief economist at Pinpoint Asset Management, believes: “Shenzhen will be the most promising city in China in terms of economic potential.”
With 50,300 millionaire residents, Shenzhen ranks as the 27th richest city globally. At its current growth rate, the city is expected to break into the top 10 by 2040.
