Find out which cities are home to the most millionaires in the world

When it comes to the number of millionaire residents, cities in the United States and China dominate the ranking of the 10 richest cities in the world, while only one European city, London, makes the 2023 list published Tuesday by the international investment migration firm, Henley & Partners, in association with New World Wealth, the global wealth intelligence firm.

NY it again topped the list of the world’s richest cities and had around 340,000 millionaires last year, according to Henley & Partners. That helped the United States surpass all countries with 10 of the world’s 50 richest cities: New York ranks first, followed by Tokyo, the California Bay Area, London and Singapore. The annual survey looked at 97 cities in nine regions around the world.

The Big Apple held onto the top spot after the number of high net worth individuals rose 40% in the 2012-2022 period. This increase was similar to that of Singapore, but lagged behind that of cities such as Shanghai, Houston, Dubai and Mumbai. High net worth individuals are defined as those with investable wealth of more than $1 million and all figures are rounded to the nearest hundred.

China trailed the United States with five cities in the top 50, putting it just ahead of Australia with four.

In an even more elite category, California’s Bay Area won when it came to the total number of billionaires: 63 call the region surrounding Silicon Valley and San Francisco home, according to the report. New York, Beijing, Los Angeles and Shanghai followed.

“Seven of the 10 richest cities in the world are located in countries that run formal investment migration programs, actively incentivizing foreign direct investment in exchange for residency or citizenship rights.”said Juerg Steffen, CEO of Henley & Partners.

The ten-year rise in the number of high net worth individuals was led by the Chinese city of Hangzhou, which saw a 105% increase, while Austin, Texas, came in second with a 102% increase.

Miami and West Palm Beach, Florida—both of which benefited from the fact that a number of high-profile business leaders and financial firms moved to South Florida during the pandemic—saw the number of high net worth individuals increase by 75%. % and 90%, respectively.

At the other end of the spectrum, Russia’s war in the Ukraine, and the combination of sanctions and the exodus of citizens that this has caused seems to have hit Moscow hard. The number of millionaires living in the Russian capital plummeted 44% from the previous decade, while Saint Petersburg saw a 38% drop.

New World Wealth research director Andrew Amoils notes that traditional wealth magnets have also seen particularly strong growth over the past decade.

“Arguably the world’s best safe haven for the super-rich is Monaco, whose average wealth per resident is over $10 million, making it the highest-ranked city on a per capita wealth basis. It is also the most expensive in the world, since the prices of its apartments exceed US$ 35,000 per square meter.”, he explained.

“Dubai is another major international heritage center, and its low tax rates make it a magnet for migrant millionaires from around the world. Approximately 3,500 high net worth individuals moved to the city in 2022 alone″, he concluded.

With information from Bloomberg