A new report by wealth management firm Henley & Partners sheds light on the world's top 10 wealthiest cities, based on the fastest-growing populations of millionaires. To compile this ranking, the firm tracked the spending habits of over 150,000 high-net-worth individuals (HNWIs) – individuals with significant investable assets – from 97 cities across the globe. Their primary focus was on wealthy individuals holding titles like founder, chairperson, CEO, and director. So, which cities boast the most millionaires and billionaires? Let's delve into the top 10:
New York City, USA
The Big Apple reigns supreme! This iconic financial hub is home to a staggering 340,000 millionaires, 724 centi-millionaires (individuals with a net worth of $100 million to $300 million), and a whopping 58 billionaires. New York City comprises five boroughs – Manhattan, Staten Island, Queens, Brooklyn, and the Bronx – and boasts some of the world's most exclusive residential streets, like 5th Avenue in Manhattan.
Tokyo, Japan
While Tokyo boasts fewer billionaires (14) compared to other entries on this list, it exhibits a more even distribution of wealth. This bustling metropolis is home to 290,300 millionaires and 250 centi-millionaires. Major multinational corporations like Honda, Hitachi, Sony, Mitsubishi, and Softbank all have their headquarters here.
The Bay Area, USA
Encompassing the City of San Francisco and the world-renowned Silicon Valley, the Bay Area is a haven for tech giants like Apple, Google (Alphabet), Facebook (Meta), HP, Cisco, Intel, and LinkedIn. Unsurprisingly, it attracts a wealth of high-net-worth individuals. The Bay Area boasts a population of 285,000 millionaires, 629 centi-millionaires, and a significant 63 billionaires.
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London, UK
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Once holding the top spot for the most millionaires globally in the year 2000, London has slipped to fourth place. Today, the city is still home to a substantial number of affluent residents, with an estimated 258,000 millionaires, 384 centi-millionaires, and 36 billionaires. London remains a magnet for wealth, with exclusive residential areas like Belgravia, Mayfair, Knightsbridge, and Chelsea continuing to attract high-earners.
Singapore
Renowned for its business-friendly environment, Singapore has become a preferred destination for millionaires seeking relocation. According to a recent Henley report, nearly 2,800 high-net-worth individuals moved to Singapore in 2022 alone. Currently, the city boasts 240,100 millionaires, 329 centi-millionaires, and 27 billionaires.
Remaining Wealthy Cities (presented in order of ranking):
Los Angeles, USA: A hub for entertainment, media, real estate, tech, and retail, Los Angeles attracts a diverse group of wealthy individuals.
Hong Kong, China: As a major financial centre in Asia, Hong Kong is home to many of the continent's wealthiest residents. 129,500 millionaires, 290 centi-millionaires, and 32 billionaires call this city home.
Beijing, China: China's capital city, Beijing, boasts a surprisingly high number of billionaires (43) compared to other Asian entries. Additionally, 354 centi-millionaires and 128,200 millionaires reside here.
Shanghai, China: Shanghai has witnessed the most significant growth in HNWIs on this list, experiencing a remarkable 72% surge from 2012 to 2022. This financial powerhouse is home to 127,200 millionaires, 332 centi-millionaires, and 40 billionaires.
Sydney, Australia: The only Australian city to make the top 10, Sydney boasts a thriving population of 126,900 millionaires, 184 centi-millionaires, and 15 billionaires. Several of its suburbs, like Bellevue Hill and Point Piper, are considered some of the most exclusive residential areas globally.
This report by Henley & Partners offers a fascinating glimpse into the world's wealthiest cities.
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