Shenzhen, China, has seen an unprecedented growth in millionaires over the past decade, making it the fastest growing city in terms of wealthy individuals. According to a recent report by New World Wealth and Henley & Partners, Shenzhen recorded a whopping 140% increase in its millionaire count. This growth far surpasses that of other major cities in China such as Beijing and Shanghai, which saw increases of 90% and 84% respectively. The city’s millionaire population continued to rise in 2023, with a 10% surge, while Beijing and Shanghai experienced a decline of around 5%.
The surge in millionaires in Shenzhen can be attributed to a combination of factors. A significant portion of this growth is due to new businesses and organic income growth within the city itself. However, approximately 30% of the increase is a result of an influx from other major cities like Beijing, Shanghai, and Hong Kong. Shenzhen’s reputation as China’s Silicon Valley has attracted a wave of entrepreneurs and tech giants, contributing to its economic prosperity.
Comparative Economic Landscape
Shenzhen’s robust economy outperformed that of Beijing and Shanghai in 2023, with a 6% expansion rate. The city’s light-touch governance and favorable attitude towards migrants have set it apart from other Tier-1 cities in China. Unlike Shanghai, which relies heavily on state-owned enterprises, Shenzhen boasts a corporate landscape dominated by private-sector entrepreneurs. The city’s pro-business and pro-innovation environment has paved the way for self-made fortunes, attracting global tech giants such as Tencent, Huawei, and BYD.
Despite China’s overall economic slowdown in recent years, Shenzhen’s trajectory remains promising. With its designation as one of China’s first special economic zones in 1980, the city has embraced foreign investment, technology, and market-oriented reforms. Its strategic proximity to Hong Kong, known for its business-friendly atmosphere, has also played a crucial role in Shenzhen’s economic development. As of now, Shenzhen ranks as the 27th wealthiest city in the world, with 50,300 resident millionaires. Experts predict that at its current growth rate, Shenzhen is set to break into the Top 10 wealthiest cities globally by 2040.
Shenzhen’s remarkable growth in millionaire count underscores its emergence as a powerhouse in the global economy. The city’s ability to foster innovation, attract talent, and maintain a conducive environment for entrepreneurs will be critical in sustaining its wealth creation momentum. As Shenzhen continues to thrive as a hub for startups and tech companies, it solidifies its position as a leading financial center in China and beyond. With its bright future ahead, Shenzhen is set to redefine the landscape of millionaire cities worldwide.