WealthInsight has finally stepped into the data void and provided a list of the cities with the most UHNWs
Capgemini’s World Wealth Report has long been a fixture in the wealth management calendar. The width of its client analysis is staggering as is the depth of its industry assessment.
One thing I’ve always wanted to see, though, is a breakdown of which cities contain the most UHNWs. And happily, WealthInsight, a Holborn-based consultancy, has stepped into the void to provide the answer.
In the BRICS Wealth Book 2012, senior analyst Andrew Amolis says that at year end 2011, Beijing was the largest BRICS city with 1,318 UHNWs, followed by São Paulo with 1,310, Shanghai with 1,028, Moscow with 821 and Mumbai with 577.
He then gives a list of the top 20:
These findings will confirm many people’s prior beliefs, for most UHNWs live in China (45%), then Brazil at 24%, India at 9%, Russia at 7% and South Africa at 3%. More surprising is the prevalence of Chinese cities not on many Westerners radars’ – Hangzhou, Shenzhen, Guangzhou, Nanjing, Tianjin – which all have more UHNWs than Delhi.
‘The number of UHNWs in the BRICS overall increased by 31% from 2007 to 2011,’ says Amolis. ‘China was the top performer with 59% growth, with UHNWs in India also performing well at 46%.