A recent study by Henley & Partners has identified the world’s wealthiest cities by analyzing the growth of millionaire populations. They looked at the spending habits of over 150,000 high-net-worth individuals (HNWIs) from 97 cities globally, focusing on individuals holding titles like chairperson, founder, CEO, and director.
The report is pretty important for those keeping an eye on trends in private wealth and wealth migration. It shines a light on the world’s most affluent and rapidly advancing cities, showcasing significant numbers of millionaires, centi-millionaires, and billionaires.
Let’s take a look at some of these impressive wealthiest cities:
1. New York City: Topping the list is the Big Apple, with a whopping 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. Think 5th Avenue in Manhattan and financial hubs like Manhattan, Bronx, Staten Island, Brooklyn, and Queens.
2. Tokyo: Japan’s capital is home to 14 billionaires, 290,300 millionaires, and 250 centi-millionaires. Major corporations like Hitachi, Mitsubishi, and Honda have their headquarters here, and wealth is more evenly distributed compared to some other cities.
3. The Bay Area: Comprising San Francisco and Silicon Valley, this area boasts around 285,000 millionaires, 629 centi-millionaires, and 63 billionaires. Tech giants like Cisco, Apple, Facebook (Meta), Google (Alphabet), and Intel call this place home.
4. **London: Leading the global millionaire count, London has 258,000 millionaires, 384 centi-millionaires, and 36 billionaires. Exclusive residential suburbs include Belgravia, Hampstead, Chelsea, Knightsbridge, Mayfair, and more.
5. Singapore: Known for its business-friendly environment, Singapore attracted nearly 2,800 high-net-worth individuals in 2022. Currently, it boasts 240,100 millionaires, 329 centi-millionaires, and 27 billionaires.
6. Los Angeles: A major hub for media, entertainment, retail, real estate, and tech, LA is home to 480 centi-millionaires and 42 billionaires. Think Beverly Hills and Malibu.
7. Hong Kong: A global financial hub, Hong Kong is home to 129,500 millionaires, 290 centi-millionaires, and 32 billionaires. It’s renowned for its affluence.
8. Beijing: With around 43 billionaires and 354 centi-millionaires, Beijing stands out among Asian cities. It’s also a base for some of the world’s largest companies, driving its economic prosperity.
9. Shanghai: China’s financial hub boasts 127,200 millionaires, 332 centi-millionaires, and 40 billionaires. It experienced a remarkable 72% growth in high-net-worth individuals from 2012 to 2022 and hosts the world’s third-largest stock market—the Shanghai Stock Exchange.
10. Sydney: Australia’s iconic metropolis secures a spot in the top 10 with 126,900 millionaires, 184 centi-millionaires, and 15 billionaires.
These cities not only showcase wealth but also represent economic powerhouses, each with its unique charm and contributions to the global economy.