The world’s wealthiest cities are dominated by the United States and
China, according to the latest findings published by Henley &
Partners in partnership with New World Wealth.
According to the report, New York City tops the list as the
wealthiest city in the world with 340,000 millionaires. Tokyo, which
held the top spot a decade ago, falls to second place with 290,300
millionaires. San Francisco Bay Area and Los Angeles, both in the US,
come in third and sixth place, respectively, with 285,000 and 205,400
resident high-net-worth individuals.
London, once the wealthiest city in the world for many years, has
dropped to fourth place with 258,000 resident HNWIs. Singapore comes in
fifth place with 240,100 resident millionaires, while Sydney takes the
tenth spot with 126,900 millionaires.
The Asia Pacific region has gained ground over the past decade, with
China having three cities in the top ten. Hong Kong, Beijing, and
Shanghai take seventh, eighth, and ninth places, respectively. Beijing
and Shanghai have both climbed the rankings over the past decade, but
Hong Kong has taken a tumble, dropping from fourth place in 2012 to
seventh place currently.
The report notes that seven of the top 10 wealthiest cities in the
world are in countries that host formal investment migration programmes
and actively encourage foreign direct investment in return for residence
or citizenship rights.
Henley & Partners CEO Dr. Juerg Steffen says that being able to
relocate yourself, your family, or your business to a more favourable
city or have the option to choose between multiple different residences
across the world is an increasingly important aspect of international
wealth and legacy planning for private clients.
The report also shows that the US and China dominate the top ten list
of fastest-growing cities when it comes to resident millionaires over
the past decade. Hangzhou, in China, tops the charts in this respect
with millionaire growth of 105% between 2012 and 2022, followed by
Austin, in the US, with 102% growth in resident HNWIs.
Traditional wealth magnets such as Monaco and Dubai have also
experienced especially strong millionaire growth over the past decade.
Monaco has an average wealth of a person living there exceeding US$10
million, making it the top-ranked city on a wealth per capita basis.
Dubai, on the other hand, has low tax rates, making it a magnet for
migrating millionaires from all over the world.
The world's wealthiest cities in 2023:
1. New York City, US
2. Tokyo, Japan
3. The Bay Area, US
4. London, UK
6. Los Angeles, US
7. Hong Kong
8. Beijing, China
9. Shanghai, China
10. Sydney, Australia
11. Chicago, US
12. Toronto, Canada
13. Frankfurt, Germany
14. Zurich, Switzerland
15. Houston, US
16. Seoul, South Korea
17. Melbourne, Australia
18. Paris, France
19. Geneva, Switzerland
20. Dubai, UAE