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Tuesday, February 7, 2023
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Top 20 Wealthiest Cities in 2023 by Number of Millionaires

How many millionaires, hundred-millionaires, and billionaires live in the wealthiest cities in the world?

Even though these measurements of private wealth are not all-inclusive, they do help put the financial health and economic activity of some of the world’s wealthiest cities into perspective.

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This infographic ranks the world’s wealthiest cities by using data from the Henley Global Citizens Report and New World Wealth. It uses a large set of data that tracks the movements and spending habits of high-net-worth people in over 150 cities around the world.

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Which cities and regions around the world have the most millionaires, each with a net worth of more than $1 million USD?

Millionaires and Billionaires Live in the Wealthiest Cities

In the most recent version of the ranking, seven of the cities with the most millionaires are all in North America.

In particular, the United States has five of the top ten cities, including New York City, which is number one.

Rank City Country Millionaires Billionaires
1 New York 🇺🇸 United States 345,600 59
2 Tokyo 🇯🇵
 Japan
304,900 12
3 San Francisco 🇺🇸 United States 276,400 62
4 London 🇬🇧 United Kingdom 272,400 38
5 Singapore 🇸🇬 Singapore 249,800 26
6 Los Angeles 🇺🇸 United States 192,400 34
7 Chicago 🇺🇸 United States 160,100 28
8 Houston 🇺🇸 United States 132,600 25
9 Beijing 🇨🇳 China 131,500 44
10 Shanghai 🇨🇳 China 130,100 42
11 Sydney 🇦🇺 Australia 129,500 16
12 Hong Kong 🇭🇰 China (SAR) 125,100 28
13 Frankfurt 🇩🇪 Germany 117,400 14
14 Toronto 🇨🇦 Canada 116,100 17
15 Zurich 🇨🇭 Switzerland 105,100 12
16 Seoul 🇰🇷 South Korea 102,100 25
17 Melbourne 🇦🇺 Australia 97,300 12
18 Dallas 🇺🇸 United States 92,300 18
19 Geneva 🇨🇭 Switzerland 90,300 16
20 Paris 🇫🇷 France 88,600 15
Top 20 Cities 3,259,600 543

 

With six cities, Asia has the second most millionaires of any region. Unsurprisingly, three of these cities are in China, including Hong Kong (SAR).

Europe is in third place with five cities, but only London is in the top 10 of the list. Lastly, there are two cities on the list that are in Oceania. Both are in Australia.

How the Top Cities Compare?

Let’s look more closely at some of the cities at the top of the list.

1. New York

New York is the world’s wealthiest metropolis, with 345,600 millionaires and a total private wealth of more than $3 trillion.

New York is home to several Fortune 500 firms and is the financial center of the United States, with the New York Stock Exchange and the NASDAQ being headquartered there. Furthermore, the city’s real estate sector is notorious for being overpriced, with sky-high property values and rents.

2. Tokyo

Tokyo is Japan’s economic center and one of the world’s most important cities for commerce and finance. It has 304,900 millionaires as residents, making it the city with the second most millionaires in the world.

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The Tokyo Stock Exchange is located in Japan’s largest metropolis and is one of the largest stock exchanges in Asia in terms of market capitalization. Tokyo is also a significant finance and insurance hub, and it is home to several global corporations including Honda and Sony.

3. San Francisco Bay Area

There are 276,400 millionaires in the San Francisco Bay Area. It is recognized as the mecca of technological innovation, and as a result, the area has a large concentration of wealthy people. In addition, San Francisco has the highest median household income in the country.

The number of millionaires has steadily increased over the previous decade, and if present trends continue, San Francisco might become the number one millionaire hub by 2040.

4. London

For years, London has been the world’s wealthiest metropolis, yet there has been an outflow of millionaires in the last decade.

With 272,400 millionaires today, the city is in a more modest position. London is well-known for its financial and business sectors, and it attracts a large number of high-earning professionals, contributing to its reputation as a wealth and luxury hotspot.

5. Singapore

Singapore has 249,800 millionaires, making it Asia’s second richest city behind Tokyo.

Singapore boasts one of Asia’s highest densities of millionaire households, with more than 5% of households owning at least $1 million USD in net financial assets. This is due, in part, to the country’s robust economic growth and friendly business environment, which has attracted a large number of wealthy individuals and families. Furthermore, Singapore’s political stability, low crime rate, and high standard of life have all contributed to the city-attractiveness state as a destination to live and work.

Fastest Growing Cities for the Rich

The cities depicted in our image are already well-established destinations for wealthy individuals. Some have dominated the rankings for decades, while others are less well-known. But which cities are the fastest expanding for the wealthy?

Cities with substantial oil and gas sectors, such as Riyadh, Sharjah, Dubai, Luanda, Abu Dhabi, Doha, and Lagos, increased significantly in 2022. Cities in the UAE have become millionaire magnets, with over 4,000 millionaires expected to arrive by 2022. In the United Jurisdictions, a few tax-friendly states, such as Texas and Florida, became home to American corporations that relocated their headquarters there.

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Companies and high-net-worth individuals will eventually relocate to where they are best treated in the future. Countries that seek to attract wealthy inhabitants must implement tax-friendly laws as well as other elements such as quality of life, safety, education, and access to amenities that ultra-wealthy residents appreciate.

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