30 Under 30 2024

Top 10 wealthiest cities in the world: From New York to Sydney

Find out which cities in the United States and China dominates these positions

Published: Jun 7, 2023 03:06:37 PM IST
Updated: Jun 7, 2023 04:10:54 PM IST

Top 10 wealthiest cities in the world: From New York to SydneyNew York City has been ranked as the world's wealthiest city in 2023. Image credit: Shutterstock

A 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.

Top 10 wealthiest cities in the world: From New York to SydneyImage credit: Shutterstock

2. Tokyo

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.

Top 10 wealthiest cities in the world: From New York to SydneyImage credit: Shutterstock

Also 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.

Top 10 wealthiest cities in the world: From New York to SydneyImage credit: Shutterstock

4. London

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.

Top 10 wealthiest cities in the world: From New York to SydneyImage credit: Shutterstock

Also read: No longer a mere possession: Rich millennials are overhauling the luxury yacht industry

5. Singapore

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.

Top 10 wealthiest cities in the world: From New York to SydneyImage 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.

Top 10 wealthiest cities in the world: From New York to SydneyImage credit: Shutterstock

Also 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.

Top 10 wealthiest cities in the world: From New York to SydneyImage credit: Shutterstock

8. Beijing

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.

Top 10 wealthiest cities in the world: From New York to SydneyImage credit: Shutterstock

Also read: Road less travelled: Why Indians are embracing the allure of luxury road trips

9. Shanghai

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.

Top 10 wealthiest cities in the world: From New York to SydneyImage credit: Shutterstock

10. Sydney

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.

Post Your Comment
Required
Required, will not be published
All comments are moderated