When it comes to the number of resident millionaires with liquid
investable wealth of USD 1 million or more, the US leads
the pack, with 11 cities in the Top 50, including New York City,
which holds firmly onto 1st place in the 2024 World’s Wealthiest
Cities Report, published annually by international wealth migration
specialists Henley & Partners. The total wealth held by the Big
Apple’s residents now exceeds USD 3 trillion — higher than the
total wealth held in most major G20 countries — and a staggering
349,500 millionaires, 744 centi-millionaires and 60 billionaires
live in the city.
Hot on its heels in 2nd place is Northern
California’s Bay Area (encompassing the city of San Francisco and
Silicon Valley), which has increased its millionaire population by
a whopping 82% over the past decade, and is now home to 305,700
millionaires, 675 centi-millionaires, and 68 billionaires.
Tokyo, which led the pack a decade ago, has
suffered a 5% decline in its resident HNWI population, and now sits
in 3rd place with just 298,300 millionaires. Singapore climbs two
places to 4th on the global ranking following an impressive 64%
increase in millionaires over the last ten years — approximately
3,400 HNWIs moved there in 2023 alone and the city state now boasts
244,800 resident millionaires, 336 centi-millionaires, and 30
billionaires.
London’s falling
London, the wealthiest city in the world for
many years, continues to tumble down the ranking, and now sits in
5th place with just 227,000 millionaires, 370 centi-millionaires,
and 35 billionaires — a decline of 10% over the past decade. By
contrast, Los Angeles, home to 212,100 millionaires, 496
centi-millionaires, and 43 billionaires, has jumped up two places
over the 10-year period to 6th place, enjoying a notable 45% growth
in its wealthy population. Paris, the wealthiest city in mainland
Europe, retains its 7th place with 165,000 resident millionaires,
while Sydney ascends to 8th position with 147,000 HNWIs after
exceptionally strong wealth growth over the past 20 years.
Dr. Juerg Steffen, CEO of Henley & Partners,
says a key factor driving growth in the world’s wealthiest cities
has been the strong performance of financial markets. “The S&P
500’s 24% gain last year, along with the Nasdaq’s 43% surge and
Bitcoin’s staggering 155% rally, has buoyed the fortunes of wealthy
investors. Additionally, rapid advancements in artificial
intelligence, robotics, and blockchain technology have provided new
opportunities for wealth creation and accumulation. Yet, even as
new opportunities emerge, old risks persist. The war in Ukraine,
which has seen Moscow’s millionaire population plummet by 24% to
30,300, is a stark reminder of the fragility of wealth in an
uncertain and unstable world.”
China’s millionaire boom
China has established a notable presence on the
latest Top 50 Wealthiest Cities ranking, with 5 cities in mainland
China making the list, and 7 cities when counting Hong Kong (with
143,400 millionaires) and Taipei (30,200). Beijing (125,600
millionaires) makes it into the Top 10 for the first time following
a 90% growth in its millionaire population over the past decade,
and although Hong Kong has fallen four places to 9th, Shanghai
(123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou
(31,600) have all recorded significant increases in their
millionaire populations.
Andrew Amoils, Head of Research at New World
Wealth, says Shenzhen is the world’s fastest-growing city for the
wealthy, with its millionaire population exploding by 140% in the
last ten years. “Hangzhou has also experienced a massive 125%
increase and Guangzhou’s millionaires have grown by 110% over the
past decade. When it comes to wealth growth potential over the
coming decade, cities to watch include Bengaluru (India),
Scottsdale (USA), and Ho Chi Minh City (Vietnam). All three have
enjoyed exceptional growth rates of over 100% in their resident
millionaire populations over the past ten years.”
Turning to the Middle East, Dubai easily takes
the crown as the wealthiest city in the region, with impressive
growth of 78% in its millionaire population over the past 10 years.
Currently ranked as the 21st-wealthiest city in the world, the
millionaire magnate is highly likely to break into the Top 20 soon,
and although the UAE’s oil-rich capital Abu Dhabi hasn’t yet
cracked a spot in the Top 50, growth rates of over 75% make it a
likely contender in future.
While no African or South American cities make
it into the Top 50, the report identifies several rising stars
including Nairobi (4,400 millionaires) and Cape Town (7,400), both
of whom have enjoyed an increase in resident HNWIs of 25% and 20%,
respectively, over the past decade.
Most expensive cities in the
world
Monaco, arguably the world’s top safe-haven for
the super-rich, where the average wealth exceeds USD 20 million, is
also the top-ranked city on a wealth per capita basis. Over 40% of
its residents are millionaires — the highest ratio of any city
globally. It is also top of the World’s Most Expensive Cities list,
with apartment prices regularly exceeding USD 35,000 per m2.
New York City ranks 2nd with the average price
of prime real estate being USD 28,400 per m2, followed by London
(USD 26,500 per m2), Hong Kong (USD 25,800 per m2),
Saint-Jean-Cap-Ferrat in France (USD 25,000 per m2), and Sydney
(USD 22,700 per m2).
Read the full press release
Sarah Nicklin
Head of PR
sarah.nicklin@henleyglobal.com
Mobile: +27 72 464 8965