New York is ranked as the world's wealthiest city with 340,000 millionaires. Photo Credit: Adobe Stock/losonsky
In the latest report published by Henley & Partners in
partnership with New World Wealth, cities in the US and China dominate
the world’s top 10 wealthiest cities. Only one European city, London,
makes it onto the list.
New York City comes in top as the wealthiest in the world with
340,000 millionaires, followed by Tokyo with 290,300 millionaires. The
San Francisco Bay Area and Los Angeles also made it onto the list,
taking 3rd and 6th places, with 285,000 and 205,400 resident
high-net-worth individuals (HNWIs), respectively.
London, once the wealthiest city in the world, drops down to 4th
place with 258,000 resident HNWIs. Meanwhile, Singapore sits in 5th
place with 240,100 resident millionaires. Sydney, home to some of the
world’s most exclusive residential suburbs, comes in 10th place with
126,900 millionaires. It is projected to break into the global top five
wealthiest cities by 2040.
China has three cities in the top 10, with Hong Kong, Beijing, and
Shanghai ranking 7th, 8th, and 9th places, respectively. Beijing and
Shanghai have both climbed the rankings over the past decade, but Hong
Kong has taken a tumble, dropping from 4th place in 2012 down to 7th
place currently.
The report shows that seven of the world's top 10 wealthiest cities
are in countries that host formal investment migration programmes and
actively encourage foreign direct investment in return for residence or
citizenship rights.
Top 10 wealthiest cities in the world:
1. New York City, US
2. Tokyo, Japan
3. The Bay Area, US
4. London, UK
5. Singapore, 240,100
6. Los Angeles, US
7. Hong Kong
8. Beijing, China
9. Shanghai, China
10. Sydney, Australia
The US and China continue to dominate the top 10 list of fastest
growing cities when it comes to resident millionaires over the past
decade. One of China's most enduringly popular holiday spots, Hangzhou,
tops the charts in this respect with millionaire growth of 105% between
2012 and 2022.
The three fastest growing millionaire hotspots in the US are Austin,
West Palm Beach, and Scottsdale. India has two cities in the Top 10,
while Sharjah in the UAE and Ho Chi Minh City in Vietnam take the final
two places.
The report also highlights that traditional wealth magnets such as
Monaco and Dubai have experienced especially strong millionaire growth
over the past decade. The average wealth of a person living in Monaco
exceeds US$10 million, making it the top-ranked city on a wealth per
capita basis. Dubai is another established international wealth centre,
with its low tax rates making it a magnet for migrating millionaires
from all over the world.