China’s Shenzhen metropolis sees fastest growth in millionaires globally

China's Shenzhen has recorded the fastest growth in millionaires over the past decade, and is poised to see a further influx in the coming years, according to a recent report.

Shenzhen recorded 140% growth in millionaire count, according to the report from New World Wealth and investment migration advisors Henley & Partners.

The growth is far more than in the other first-tier cities in China, including Beijing and Shanghai whose millionaire population rose 90% and 84%, respectively.

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. 

"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.

The bulk of this surge in millionaires in Shenzhen is due to new business and organic income growth within the city, while about 30% of the growth is owed to influx from cities such as Beijing, Shanghai and Hong Kong, Amoils said.

Shenzhen, also known as China's Silicon Valley, is expected to continue growing "very strongly" all through to 2040, compared with Beijing and Shanghai, which are likely to see moderate growth, Amoils added.

This comes against the backdrop of China's stalling economy in the last few years, dragged down by an embattled property sector.

Shenzhen's economy expanded 6% in 2023, surpassing growth in Beijing and Shanghai.

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.

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