The world’s wealthiest cities were analyzed using data from Henley & Partners, focusing on the growth of millionaire populations over the last decade. Many of these cities offer easier immigration options for large investments, benefiting millionaires and billionaires.
The study, conducted by New World Wealth, examined 97 cities across nine regions, ranking them based on the spending habits of over 150,000 high-net-worth individuals, particularly those with over $10 million in investable assets. The top 10 wealthiest cities include three in the US and three in China, with representation from other major countries. Check if your city is among them.
Sydney has 126,900 millionaires, 184 centi-millionaires and 15 billionaires among its residents and claims some of the most exclusive residential areas in the world, including Bellevue Hill, Darling Point, Mosman, Point Piper and Vaucluse, to name a few. The city’s real estate market reflects this exclusivity. The average price of a home is $1.3 million.
Shanghai, China, ranks ninth on the list and has seen the fastest growth in wealthy individuals of any city, increasing 72% between 2012 and 2022. The city is home to 40 billionaires, 332 centi-millionaires and 127,200 millionaires. Shanghai is also known as China’s financial center, highlighting its role in the country’s economic structure.
Beijing, the second Chinese city on this list, has an astounding 43 billionaires, 128,200 millionaires and 354 centi-millionaires. According to the study, Beijing’s wealthy individuals are multiplying exponentially at a rate of 70%, indicating an increase in the number of new residents. Beijing is the headquarters of many global juggernauts such as ByteDance, the parent company of TikTok, and Bank of China, one of the largest banks in the world.
7. Hong Kong
The Henley & Partners study puts Hong Kong seventh on the list, largely because it is home to many of Asia’s wealthiest people. There are 32 billionaires, 290 cent millionaires and 129,500 millionaires in Hong Kong. In addition, according to the British real estate company Savills, Hong Kong has the second-most expensive real estate market in the world, with an average price of 40,000 euros per square meter.
6. Los Angeles
Los Angeles considered the center of the global entertainment industry, is home to an astounding 480 millionaires and 42 billionaires. The number of high-net-worth individuals in the city has increased significantly over the past decade, with an astounding 35 percent increase since 2012, and prestigious neighborhoods like Beverly Hills and Malibu are benefiting from this wealth. Malibu is even home to one of the most opulent homes in the world — a magnificent beachfront home with 2.5 acres of immaculate land that is selling for an astounding $115 million.
The Republic of Singapore, which has a sizeable population of 240,100 millionaires, 329 centimillionaires, and 27 billionaires, holds the fifth spot on the list. Similar to New York, Singapore has seen an impressive 40% growth in the number of high-net-worth individuals since 2012. Notably, the Henley Private Wealth Migration Dashboard shows that in 2022, approximately 2,900 high-net-worth people made the decision to move there. Singapore’s beneficial characteristics, such as low tax rates, a low crime rate, and a nice tropical climate, further increase its attraction to wealthy migrants.
The capital of the United Kingdom, London, is fourth on this list with a population of 258,000 millionaires, 384 centimillionaires and 36 billionaires. The area is known for having some of the most prestigious postal codes in the world, such as Kensington. There, home prices start at a minimum of $14 million. London’s advantageous location provides easy access to most European countries, making it a desirable base for weekend getaways to Paris, Brussels, Ibiza, and more. London also offers some of the best shopping experiences in the world, which adds to the city’s appeal.
3. The Bay Area
According to the Henley & Partners study, the Bay Area in California, which includes San Francisco and Silicon Valley and is home to 285,000 millionaires as well as 629 centimillionaires and 63 billionaires, is a hub for technology. Between 2012 and 2022, the number of high-net-worth individuals in the Bay Area increased by an astounding 68 percent. Notable in particular is Los Altos, the second wealthiest city in the U.S., located on the western border of Silicon Valley. The typical household income is $235,278.
Second on the list is Tokyo, Japan, primarily because the city accounts for a remarkable 21 percent of the country’s total millionaire population. According to the report, Tokyo boasts an impressive 250 centi-millionaires and 14 billionaires. In addition, the city serves as the economic center of Japan and is home to globally recognized companies such as Honda and Sony, which have their headquarters in the city.
1. New York City
The fact that the city of New York is the richest metropolis on the planet may come as no surprise. The city is home to 58 billionaires, 724 centimillionaires and 340,000 people with assets of more than $1 million, the study found. In addition to extravagant real estate, which includes an $85 million penthouse in midtown Manhattan, New York City is also known for some of the most expensive restaurants in the world, so millionaires and billionaires have plenty of opportunity to indulge. The survey shows that the number of high-net-worth individuals has increased by 40% since 2012, which has helped the city take the top spot on this list.