In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China.
Shenzhen recorded 140% growth in millionaire count over the past decade, according to the report from New World Wealth and investment migration advisors Henley & Partners.
In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5%"On aggregate, millionaire numbers in China were down 3% in 2023, so Shenzhen significantly outperformed the overall country in 2023," Andrew Amoils, an analyst at New World Wealth, told CNBC.
This comes against the backdrop of China's stalling economy in the last few years, dragged down by an embattled property sector.China's Hangzhou city was second in terms of millionaire growth at 125%, while India's Bengaluru and Austin city in the U.S. placed third and fourth, respectively; China's Guangzhou ranked fifth, Amoils told CNBC.
Shenzhen's ability to mint more millionaires will depend on whether it can maintain a conducive environment for its biggest resource: entrepreneurs.The metropolis was designated as one of China's first special economic zones in 1980, which opened the city to foreign investment, technology and market-oriented reforms.
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