A small fishing village surrounded by swamps has become the fastest millionaire-producing place on the planet

According to a newly published report, Shenzhen, China is the fastest place to produce USD millionaires in the world in the past decade and is forecast to continue to increase strongly in the coming years.

According to reports from New World Wealth and Henley & Partners, the growth in the number of millionaires in Shenzhen reached 140% , much higher than Beijing and Shanghai where the number of millionaires increased by 90% and 84% respectively. In the century. In 2023 alone, Shenzhen recorded a 10% increase in the number of millionaires while Beijing and Shanghai recorded a 5% decrease.

Shenzhen is considered China's Silicon Valley. Originally a fishing village surrounded by wetlands, in 1979, Shenzhen became a Special Economic Zone of China, thereby spurring record growth. Located not far from Hong Kong, Shenzhen is facilitated to become a dragon when attracting investment capital and experts from this financial center.

Shenzhen's dizzying changes in 30 years.

Experts predict millionaire growth in Shenzhen will continue strong until 2040 , outpacing Beijing and Shanghai. When the world's second largest economy struggled with difficulties related to real estate, Shenzhen still grew strongly. In 2023 alone, this region's economy will grow by 6%, surpassing other large cities in China.

Erica Tay, director of macro research at Maybank, said: 'Over the past three decades, what has made Shenzhen stand out from other tier 1 cities is its relatively lenient governance and welcoming of labor. immigration. In addition to being a hot spot for startups, Shenzhen is also where global giants such as Tencent, Huawei and BYD are headquartered."

Because it is a special economic zone, the legal environment in Shenzhen is also very favorable for business and innovation. This is why many people come to Shenzhen with the desire to build their own careers.

Zhiwei Zhang, chief economist at Pinpoint Asset Management, believes: 'Shenzhen will be the most promising metropolis in China in terms of economic potential.'

With 50,300 millionaire residents, Shenzhen is the 27th wealthiest city globally. With the current growth rate, this city will soon enter the top 10 by 2040.