The richest cities in the world were analyzed using data Henley & Partners , focusing on the rise in the number of millionaires over the past decade. Many of these cities offer easier immigration options for large investments, benefiting millionaires and billionaires.
Research conducted by the company New World Wealth , studied 97 cities in nine regions, ranking them based on the spending habits of more than 150 wealthy individuals, particularly those with more than $000 million in investable assets. The top ten richest cities include three in the USA and three in China, as well as representatives of other large countries.
10. Sydney
Sydney has 126 millionaires, 900 centi-millionaires and 184 billionaires among its residents and boasts some of the most exclusive residential areas in the world, including Bellevue Hill, Darling Point, Mosman, Point Piper and Vaucluse to name a few. The city's real estate market reflects this exclusivity. The median home price is $15 million.
9. Shanghai
Shanghai, China, ranks ninth on the list and has seen the fastest growth in the number of wealthy people of any city, increasing by 72% between 2012 and 2022. The city is home to 40 billionaires, 332 centi-millionaires and 127 millionaires. Shanghai is also known as the financial center of China, which emphasizes its role in the economic structure of the country.
8. Beijing
Beijing, the second Chinese city on this list, is home to 43 billionaires, 128 millionaires and 200 centi-millionaires. According to the study, Beijing's rich people are multiplying exponentially by 354%, indicating an increase in the number of new residents. Beijing is home to the headquarters of many global giants, such as ByteDance, the parent company of TikTok, and Bank of China, one of the largest banks in the world.
7. Hong Kong
Henley & Partners research puts Hong Kong at number seven on the list, mainly because it is home to many of Asia's wealthiest people. Hong Kong has 32 billionaires, 290 cent millionaires and 129 millionaires. In addition, according to the British real estate company Savills, Hong Kong is the second most expensive property in the world with an average price of 500 euros per square meter.
6. Los Angeles
Considered the center of the global entertainment industry, Los Angeles is home to an impressive 480 millionaires and 42 billionaires. The number of wealthy people in the city has grown significantly over the past decade, with a staggering 35 percent increase since 2012, and prestigious neighborhoods like Beverly Hills and Malibu are benefiting from this wealth. Malibu is even home to one of the most luxurious homes in the world, a gorgeous beachfront home with 2,5 acres of pristine land that is on the market for a whopping $115 million.
5. Singapore
The Republic of Singapore, whose population is 240 millionaires, 100 centi-millionaires and 329 billionaires, ranks fifth on the list. Like New York, Singapore has seen an impressive 27% increase in the number of high net worth individuals since 40. Notably, the Henley Private Wealth Migration Dashboard shows that in 2012, approximately 2022 high net worth individuals have made the decision to move there. Singapore's advantages, such as low tax rates, low crime rates and a beautiful tropical climate, further increase its appeal to wealthy migrants.
4. London
The capital of the United Kingdom, London, is fourth on this list with a population of 258 millionaires, 000 centi-millionaires and 384 billionaires. The area is known for having some of the most prestigious postcodes in the world, such as Kensington. Home prices there start at a minimum of $36 million. London's convenient location provides easy access to most European countries, making it a desirable base for weekend trips to Paris, Brussels, Ibiza and more. London also offers some of the best shopping in the world, adding to the city's appeal.
3. Bay area
California's Bay Area, which includes San Francisco and Silicon Valley and is home to 285 millionaires, along with 000 centi-millionaires and 629 billionaires, is a tech hub, according to Henley & Partners research. Between 63 and 2012, the number of wealthy people in the Bay Area grew by an impressive 2022 percent. In particular, it is worth noting Los Altos, the second richest city in the USA, located on the western border of Silicon Valley. The typical household income is $68.
2. Tokyo
Second on the list is Tokyo, Japan, primarily because the city accounts for 21 percent of the country's millionaire population. According to the report, Tokyo boasts an impressive 250 centi-millionaires and 14 billionaires. In addition, the city is the economic center of Japan and is home to world-renowned companies such as Honda and Sony, which have their headquarters in the city.
1. New York
The fact that New York City is the richest metropolis on the planet may come as no surprise. According to the study, the city is home to 58 billionaires, 724 centi-millionaires and 340 people with assets of more than $000 million. In addition to extravagant real estate, which includes an $1 million penthouse in midtown Manhattan, New York is also known for some of the most expensive restaurants in the world, so millionaires and billionaires have plenty to enjoy. The survey shows that the number of wealthy people has increased by 85% since 2012, helping the city to top the list.
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