New York City
When it comes to the number of resident millionaires, cities in the US and China dominate the Top 10 Wealthiest Cities in the World, while only one European city, namely London, makes it on to the 2023 list.
While New York City has been ranked as the wealthiest in the world in 2023, it is followed by Tokyo, The Bay Area in San Francisco, London, Singapore, Los Angeles, Hong Kong, Beijing, Shanghai, and Sydney respectively.
In a report published by Henley & Partners, Andrew Amoils, Head of Research at wealth intelligence firm New World Wealth, said that New York city, which is home to 340,000 millionaires, 724 centi-millionaires, and 58 billionaires, is not only the financial centre of the US but the wealthiest city in the world by several measures.
It is also home to the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq). The city comprises the five boroughs of the Bronx, Brooklyn, Manhattan, Queens, and Staten Island, and features some of the world’s most exclusive residential streets, including 5th Avenue in Manhattan where prime apartment prices can exceed $27,000 per square meter.
Tokyo is ranked second with 290,300 resident millionaires, 250 centi-millionaires, and 14 billionaires. The city is home to a relatively low number of billionaires when compared to the other cities in the Top 10 list.
The Bay Area
The Bay Area, which includes the City of San Francisco and Silicon Valley, is home to 285,000 millionaires, as well as 629 centi-millionaires and a high number of billionaires at 63. Most of the world’s top tech companies are based 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 millionaires, but it has slipped down the list over the past 20 years. Notwithstanding this, London still contains 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.
Singapore is widely regarded as the most business-friendly city in the world and is one of the top destinations for migrating millionaires — approximately 2,800 high-net-worth individuals moved there in 2022 according to the latest Henley Wealth Migration Dashboard. Singapore is currently home to 240,100 millionaires, 329 centi-millionaires, and 27 billionaires.
Los Angeles is home to 205,400 millionaires, as well as 480 centi-millionaires and 42 billionaires.
“Our figures for this area include wealth held in the City of Los Angeles, as well as nearby Beverly Hills and Malibu. Major industries include entertainment, media, real estate, retail, tech, and transport, the report said.
Hong Kong is home to 129,500 millionaires, 290 centi-millionaires, and 32 billionaires. Despite poor growth over the past decade, the city-state continues to be one of the world’s top financial hubs, with many of Asia’s wealthiest businesspeople still basing themselves there. The Hong Kong Stock Market remains one of the world’s most important stock exchanges.
Beijing has 128,200 resident millionaires, 354 centi-millionaires, and 43 billionaires. The official capital city of China, Beijing is the base for many of the world’s largest companies. Its billionaire population is particularly high — only New York City and the Bay Area rank higher based on this measure.
Widely regarded as the financial capital of China, Shanghai is home to 127,200 millionaires, 332 centi-millionaires, and 40 billionaires. The Shanghai Stock Exchange is the third-largest stock market in the world by market cap (after the NYSE and the Nasdaq).
With 126,900 resident millionaires, 184 centi-millionaires, and 15 billionaires, Sydney is home to some of the world’s most exclusive residential suburbs including Bellevue Hill, Darling Point, Mosman, Point Piper, and Vaucluse.
The city has experienced especially strong wealth growth over the past 20 years and is quickly becoming one of the wealthiest cities in the Asia Pacific region. We expect this growth to continue, with Sydney projected to break into the global Top 5 wealthiest cities by 2040.