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Global Ranking of Wealthiest Cities: New York has claimed the top spot in the new list of the world’s 10 wealthiest cities released by immigration consultancy firm Henley & Partners, boasting around 3.5 lakh millionaires. America’s Bay Area follows closely behind in second place with 3.05 lakh millionaires. The list continues with Tokyo (Japan), Singapore, London (UK), Los Angeles (USA), Paris and Île-de-France, Sydney (Australia), Hong Kong, and Beijing (China). New York’s millionaire population has surged by 48% over the past decade.
Meanwhile, San Francisco and the Bay Area have experienced significant growth, with the millionaire population soaring by 82% to 305,700 in the last ten years. The Gulf region leads in billionaire population, boasting 68 billionaires as of December.
The US continues to solidify its status as the world’s largest creator of millionaires and billionaires, with 11 of the top 50 richest cities located within its borders. Singapore ranks fourth and has become a prime destination for migrating millionaires, with nearly 3,400 high net worth individuals relocating there in 2023 alone.
However, London has witnessed a 10% decline in its millionaire population over the past decade, partly attributed to Brexit. Similarly, Hong Kong has seen a 4% decrease in millionaires as affluent individuals seek refuge in Singapore following China’s pandemic crackdown.
Cities such as Shenzhen (China), Bengaluru (India), Ho Chi Minh City (Vietnam), and Scottsdale, Arizona (USA), have all seen their millionaire populations more than double in the last decade. Beijing enters the top 10 for the first time, with its millionaire population surging by 90% to 125,600. However, China’s slowing economy and capital flight have led to a 4% decline in its millionaire population last year.
Tokyo, once the world’s wealthiest city, has slipped to third place, with its millionaire population falling by 5% to 298,300.
