According to a recent Henley & Partners study, the globe’s most prosperous cities have been pinpointed through an examination of the expansion of millionaire populations. The research delved into the expenditure habits of over 150,000 high-net-worth individuals (HNWIs) hailing from 97 cities worldwide, with a particular focus on individuals carrying titles such as chairperson, founder, CEO, and director. In terms of the wealthiest cities globally in 2023, New York City leads the rankings, followed by Tokyo and the Bay Area.
This report is crucial for those monitoring trends in private wealth and wealth migration, as it sheds light on the world’s most affluent and swiftly progressing cities with substantial numbers of millionaires, centi-millionaires, and billionaires.
Here is a compilation of the world’s wealthiest cities for the year 2023, featuring the top 10.
New York City
At the pinnacle of the rankings is New York City, boasting 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. The list extends to prominent areas such as 5th Avenue in Manhattan and encompasses key financial hubs like Manhattan, Bronx, Staten Island, Brooklyn, and Queens.
Tokyo
Tokyo hosts 14 billionaires, along with 290,300 millionaires and 250 centi-millionaires. It serves as the headquarters for major corporations such as Hitachi, Mitsubishi, and Honda. Despite having a lower count of billionaires compared to certain cities, Tokyo demonstrates a more evenly distributed wealth.
The Bay Area
This region, accompanied by San Francisco and Silicon Valley, accommodates approximately 285,000 millionaires, 629 centi-millionaires, and 63 billionaires. Additionally, it is the headquarters for technology giants such as Cisco, Apple, Facebook (Meta), Google (Alphabet), Intel, and others.
London
This city also takes the lead in the worldwide tally of millionaires, boasting 258,000 millionaires, 384 centi-millionaires, and 36 billionaires. It is also the residence of upscale suburban areas like Belgravia, Hampstead, Chelsea, Knightsbridge, Mayfair, and others.
Singapore
Renowned for its business-friendly atmosphere, Singapore draws migrating millionaires, with almost 2,800 high-net-worth individuals relocating in 2022. Currently, the city is home to 240,100 millionaires, 329 centi-millionaires, and 27 billionaires.
Los Angeles
Los Angeles stands as a significant center for the media, entertainment, retail, real estate, and tech industries. The city includes affluent neighborhoods such as Beverly Hills and Malibu and is the residence of 480 centi-millionaires and 42 billionaires.
Hong Kong
Hong Kong functions as a worldwide financial hub and is the residence of 129,500 millionaires, 290 centi-millionaires, and 32 billionaires. Renowned for its prosperity, this city holds a prominent place in the global financial landscape.
Beijing
Beijing boasts approximately 43 billionaires, a noteworthy figure among Asian cities on the list, in addition to 354 centi-millionaires. The city also functions as a base for some of the world’s largest companies, contributing to its thriving economic status.
Shanghai
With approximately 127,200 millionaires, 332 centi-millionaires, and 40 billionaires, this city has witnessed a remarkable 72% growth in high-net-worth individuals from 2012 to 2022. Serving as China’s financial hub, it also proudly hosts the world’s third-largest stock market—the Shanghai Stock Exchange.
Sydney
This Australian city secured a spot in the top 10 list with 126,900 millionaires, 184 centi-millionaires, and 15 billionaires. Exclusive suburbs like the Hill play a role in contributing to the increasing wealth of Sydney.