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A recent report by Henley & Partners, in partnership with New World Wealth, highlights that while cities such as New York and the Bay Area remain at the forefront, places like Singapore and Sydney are quickly climbing the global rankings.
New York City continues to top the global wealth charts, home to around 384,500 millionaires, 818 centi-millionaires (those with assets exceeding $100 million), and 66 billionaires. Despite facing issues like high living expenses and safety concerns, its strong financial sector, thriving luxury real estate market, and cultural influence keep it a magnet for the ultra-wealthy.
The Bay Area, which includes San Francisco and Silicon Valley, has seen a remarkable rise in wealth, now home to approximately 305,700 millionaires—a 98% increase over the past decade. This growth has been fueled by the booming tech sector and a strong culture of innovation.
Tokyo remains the wealthiest city in Asia, with 298,300 millionaires. Its continued wealth accumulation is supported by economic stability, a robust corporate sector, and ongoing technological innovation.
Singapore is rapidly becoming a top choice for high-net-worth individuals, now home to 244,800 millionaires and 30 billionaires. Its appeal lies in pro-business policies, a high level of safety, and the absence of capital gains tax, making it a favored destination for the wealthy.
Los Angeles blends entertainment with commerce, boasting 212,100 millionaires, 516 centi-millionaires, and 43 billionaires. While known for its Hollywood glamour, the city also serves as a major hub for technology, real estate, and a wide range of industries.
London is home to 227,000 millionaires, though it has experienced a 15% decline in its wealthy population over the past decade. This shift has been influenced by factors like Brexit, higher taxes, and changes to domicile regulations. Despite these challenges, the city's rich cultural heritage and historical importance continue to attract interest.
Paris remains the wealthiest city in mainland Europe, with 165,000 resident millionaires. Its unique combination of culture, fashion, and business continues to draw affluent individuals from around the world.
Despite a slight decline, Hong Kong continues to be a key financial center, with 154,900 millionaires. Its strategic location and strong financial services industry remain major attractions for wealth.
Sydney has climbed the rankings, now hosting 152,900 high-net-worth individuals. The city’s strong economic growth and high quality of life are key factors driving its growing attractiveness to the wealthy.
Chicago completes the top ten, with 127,100 millionaires. Its diverse economy and strategic location establish it as an important hub of wealth in the United States.
Mumbai holds the 27th spot, home to 51,200 millionaires. Its unique mix of culture, fashion, and commerce continues to draw wealthy individuals.
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