New York City has been ranked as the world's wealthiest city in 2023. Image credit: ShutterstockA
new report by Henley & Partners reveals the world’s wealthiest cities based on the fastest-growing millionaire populations. The spending habits of over 150,000 high-net-worth individuals (HNWIs) from 97 cities across the globe were tracked to compile the list. Wealthy individuals with the work titles founder, chairperson, CEO, and director were the primary focus for the firm to uncover which cities would make the cut. Here are the top 10 wealthiest cities based on the report.
1. New York City
New York City, aka The Big Apple, is at the top of the chain. 340,000 millionaires, 724 centi-millionaires, and 58 billionaires live in the United States’ financial hub. Some of the top exclusive residential streets, like 5th Avenue in Manhattan, are in the city that comprises the boroughs of Manhattan, Staten Island Bronx, Brooklyn, and Queens. Image credit: Shutterstock
Fourteen billionaires, 290,300 resident millionaires, and 250 centi-millionaires live in the city of Tokyo. Multinational corporations like Hitachi, Honda, Mitsubishi, Softbank, and Sony are based in the city. While the Japanese capital has fewer billionaires compared to other cities on the list, it shows the wealth is distributed evenly across the city as much of the capital is controlled by the low-tier millionaires and middle-class. Image credit: ShutterstockAlso read: More people are buying ultra luxury homes in India. Here's why
3. The Bay Area
The Bay Area includes the City of San Francisco and Silicon Valley. 285,000 millionaires, 629 centi-millionaires and 63 billionaires live in the area. This is because it is home to some of the globe’s top tech companies like Apple, Cisco, Facebook (Meta), Google (Alphabet), HP, Intel, and LinkedIn. Image credit: Shutterstock
London was at the top of the list when it came to most millionaires in the world in 2000. However, in the last 20 years, it has slipped to the fourth place. Currently, the city has 258,000 resident millionaires, 384 centi-millionaires, and 36 billionaires. While times have changed, it is still home to some of the most high-concentrated exclusive residential suburbs of Belgravia, Chelsea, Hampstead, Knightsbridge, Mayfair, Regents Park, and St. Johns Wood.Image credit: ShutterstockAlso read: No longer a mere possession: Rich millennials are overhauling the luxury yacht industry
Singapore is popularly known as a business-friendly city and is a top destination for migrating millionaires. According to the latest Henley Wealth Migration Dashboard, close to 2,800 high-net-worth individuals moved to this city in 2022. As of now, it is home to 240,100 millionaires, 329 centi-millionaires, and 27 billionaires. Image credit: Shutterstock
6. Los Angeles
Los Angeles is a major city for the entertainment, media, real estate, retail, and tech industries. The City of Los Angeles, which includes wealth held in Beverly Hills and Malibu, has 480 centi-millionaires and 42 billionaires. Image credit: ShutterstockAlso read: 6 stunning vacation destinations of the uber rich
7. Hong Kong
Hong Kong is one of the top financial hubs on the planet as many of Asia’s wealthiest are based there. 129,500 millionaires, 290 centi-millionaires, and 32 billionaires reside in Hong Kong. Hong Kong's most expensive street is Mount Nicholson Road. Image credit: Shutterstock
Beijing has 43 billionaires. This is a particularly high number compared to other Asian cities that made the list. 354 centi-millionaires, and 43 billionaires also live in the city. China’s capital is also the base for some of the world’s largest companies. Chaoyang Park is considered to be the richest district in Beijing.Image credit: ShutterstockAlso read: Road less travelled: Why Indians are embracing the allure of luxury road trips
Shanghai is home to 127,200 millionaires, 332 centi-millionaires, and 40 billionaires. The city has experienced the highest growth of HNWIs than any other city on the list at 72 percent from 2012 to 2022. The city, widely regarded as China’s financial capital, has the third-largest stock market in the world—the Shanghai Stock Exchange. Image credit: Shutterstock
Sydney is the only Australian city that made it to the top 10. 126,900 resident millionaires, 184 centi-millionaires, and 15 billionaires live in it. Bellevue Hill, Darling Point, Mosman, Point Piper, and Vaucluse are some of the world’s most exclusive residential suburbs, all belonging to Sydney. The city is fast becoming one the wealthiest cities in the Asia Pacific region and is expected to make it to the top five wealthiest cities by 2040.