According to data from the Henley Global Citizens Report, the world’s richest cities have been listed, with New York City topping the list.
What is the number of millionaires, centimillionaires, and billionaires among the world’s wealthiest cities?
Even while these criteria are not comprehensive, they do help put the financial stability and economic activity of some of the richest cities in the world into perspective.
The infographic below, produced by Raul Amoros and Nick Routley of Visual Capitalist in collaboration with New World Wealth, ranks the world’s wealthiest cities based on data from the Henley Global Citizens Report. It makes use of a large data set that monitors the movements and spending patterns of high-net-worth individuals in more than 150 cities worldwide.
What regions and cities in the world have the highest concentrations of millionaires, defined as those with a net worth of at least $1 million (USD) each?
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Millionaires and Billionaires in the Wealthiest Cities
In the most recent ranking, seven of the richest cities in terms of millionaires are located in North America.
Particularly, the United States is home to five of the top ten cities, including New York City at the very top.
With six cities included, Asia has the second-highest concentration of millionaires. Three of these cities, including Hong Kong, are located in China, which is not surprising (SAR).
Europe comes in third with five cities, but only one of them, London, makes it into the top ten. Two cities from Oceania round out the list, both of which are in Australia.
How Top Cities Stack Up
Let’s examine some of the top-ranking cities that made the list in more detail.
#1: New York
New York is the wealthiest city in the world—home to 345,600 millionaires with a total private wealth that exceeds $3 trillion.
New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. Additionally, the city’s real estate market is known for being expensive, with sky-high property values and rents.
Tokyo is the economic hub of Japan and is one of the most important cities in the world for business and finance. It is home to 304,900 resident millionaires, making it the city with the second most millionaires in the world.
Japan’s largest city is home to the Tokyo Stock Exchange, which is one of the largest stock exchanges in Asia by market capitalization. Tokyo is also a major center for banking and insurance, and is home to many multinational companies like Honda and Sony.
#3: San Francisco Bay Area
The San Francisco Bay Area boasts 276,400 millionaires. It’s known as the mecca of tech innovation, and as a result, the region has a high concentration of wealthy individuals. San Francisco also has the highest median household income in the country.
The number of millionaires has been growing steadily over the last 10 years, and if the trends of recent years hold, San Francisco could become the number one millionaire hub by 2040.
London has been the world’s wealthiest city for years, but over the past decade there has been an outflow of millionaires.
Today, with 272,400 millionaires, the city holds a more humble position. London is known for its financial and business sectors, and it attracts a significant number of high-earning professionals who contribute to its reputation as a hub of wealth and luxury.
Singapore is home to 249,800 millionaires making it the second richest city in Asia after Tokyo.
Singapore has one of the highest densities of millionaire households in Asia, with over 5% of households having at least $1 million USD in net financial assets. This is due in part to the country’s strong economic growth and favorable business environment, which has attracted many wealthy individuals and families to the country. In addition, Singapore’s political stability, low crime rate, and high standard of living have also contributed to its appeal as a place to live and work.
Fastest Growing Cities for the Rich
The cities displayed in this visualisation are already popular destinations for rich individuals. While some of them have consistently topped the charts for years, others are less well-known. But which cities for the wealthy are rising the fastest?
Cities with robust oil and gas sectors, such as Riyadh, Sharjah, Dubai, Luanda, Abu Dhabi, Doha, and Lagos, experienced outstanding growth in 2022. Over 4,000 millionaires were drawn to cities in the UAE in 2022, which became millionaire magnets. A few tax-friendly jurisdictions in the US, notably Texas and Florida, saw an increase in the number of American businesses relocating their headquarters there.
Companies and wealthy people will inevitably relocate where they are treated best in the future. Tax-friendly laws must be implemented in addition to other criteria like quality of life, safety, education, and access to amenities that ultra-rich inhabitants value in order for nations to attract wealthy people.