London-based consulting firm Henley and Partners has just released its 2023 ranking of the world’s 10 wealthiest cities, using data from New World Wealth to investigate the number of millionaires residing in each city.
- New York City
It is home to 340,000 millionaires, including 724 centi millionaires (individuals with total assets of $100 million or more) and 58 billionaires.
According to the report, New York City (USA) topped the list of the wealthiest cities because of its strong financial industry and diversified economy. This is known as the city of the largest banks, stock exchanges, financial service providers, startups,… It is also home to two of the world’s largest stock exchanges. by market capitalization (NYSE and Nasdaq). New York serves as the financial capital of the world with several major tech companies using the city as their headquarters.
The city covers five boroughs: the Bronx, Brooklyn, Manhattan, Queens and Staten Island, and has some of the most expensive streets in the world, including Manhattan’s Fifth Avenue, where luxury apartment prices can exceed 27,000 USD/m2.
Tokyo has 290,300 resident millionaires, including 250 centi millionaires and 14 billionaires. The city is home to a relatively low number of billionaires compared to other cities on the Top 10 list – which shows that wealth is relatively evenly distributed in Tokyo with its middle class and middle class millionaires. Low controlled much of the capital. Major companies based in Tokyo include Hitachi, Honda, Mitsubishi, Softbank and Sony.
- The Bay Area
The Bay Area, which includes San Francisco City and Silicon Valley, is home to 285,000 millionaires, including 629 centi millionaires and a large number of billionaires aged 63. Most of the top tech companies in the world are headquartered in the Bay Area including Adobe, Apple, Cisco, Facebook (Meta), Google (Alphabet), HP, Intel, LinkedIn, Lyft, Netflix, OpenAI, PayPal, Twitter, Uber, Yahoo and Zoom.
In 2000, London was the top city in the world for the number of millionaires, but it has been falling for over 20 years. Even so, London still has some of the world’s most exclusive residential suburbs, including the likes of Belgravia, Chelsea, Hampstead, Knightsbridge, Mayfair, Regents Park and St. Johns Wood. London has 258,000 resident millionaires, 384 centi millionaires and 36 billionaires.
According to the latest Henley Migration Survey, Singapore is considered by many to be the most business-friendly city in the world and one of the top destinations for immigrant millionaires – around 2,800 earning individuals. High income earners moved there in 2022. Singapore is currently home to 240,100 millionaires, including 329 centi millionaires and 27 billionaires.
- Los Angeles
It is home to 205,400 millionaires, including 480 centi millionaires and 42 billionaires. Key industries include entertainment, media, real estate, retail, technology and transportation.
- Hong Kong
Hong Kong is home to 129,500 millionaires, including 290 centi millionaires and 32 billionaires. Despite poor growth over the past decade, Hong Kong continues to be one of the world’s leading financial centers, with many of Asia’s wealthiest entrepreneurs based here. The Hong Kong stock exchange remains one of the world’s most important stock markets.
Beijing has 128,200 resident millionaires, including 354 centi millionaires and 43 billionaires. The official capital city of China, Beijing is home to many of the world’s largest companies. Its billionaire population is exceptionally high — only New York City and the Bay Area rank higher on this measure.
Considered the financial capital of China, Shanghai is home to 127,200 millionaires, including 332 centi millionaires and 40 billionaires. The Shanghai Stock Exchange is the third largest stock exchange in the world by market capitalization (after the NYSE and Nasdaq).
With 126,900 resident millionaires, including 184 centi millionaires and 15 billionaires, Sydney is home to some of the world’s most luxurious suburban neighborhoods including Bellevue Hill, Darling Point, Mosman, Point Piper and Vaucluse . The city has experienced particularly strong property growth over the past 20 years and is fast becoming one of the wealthiest cities in the Asia Pacific region. It is forecasted that with this growth, Sydney will enter the Top 5 richest cities globally by 2040.