The study is focused on the so-called ultra-high net worth individuals, which means people with $30 million or more. The study shows that Beijing has 1,318 high net worth individuals, while Shanghai has 1,028. On the other hand, Los Angeles has 950 people with at least $30 million. New York city, however, remains the place with the most ultra-high net worth individuals: 2,929.
While Beijing is the largest BRICS’ city for multimillionaires, São Paulo, in Brazil, occupies second place, with 1,310 high net worth individuals, which means that there are more multimillionaires in São Paulo than in San Francisco, Washington and Miami together. In the third place is Shanghai (see the table above).
According to the report, Moscow has 821 high net worth individuals, which means the Russian capital has even more multimillionaires than Chicago, while Mumbai (with 577 individuals) surpasses Dallas.
And the growth rate will continue to increase fast in the BRICS countries. According to WealthInsight, in India, the multimillionaire population will more than double by 2014, reaching 511,000. China is in the second place: the number of high net worth individuals might grow 82%, while in Brazil the number will increase by 40%.
The report covered 30 cities in total. On the list, China has 12 cities within the 30 largest, while Brazil has nine. India, by its turn, has five cities and Russia, two. South Africa has also two cities. According to the report, at the end of last year, there were 1.9 million high net worth individuals in the BRICS countries, with combined wealth of $7.5 trillion.