In April, Henley & Partners released its annual report on the world’s wealthiest cities. The report’s findings are based on just how fast the millionaire population has grown in the past 10 years in major cities across the globe.
New World Wealth, a global intelligence firm, collected data from 97 cities across nine regions worldwide. The report ranked the cities based on the spending habits of over 150,000 high-net-worth individuals, emphasizing those with over $10 million in investable assets.
It’s important to note that Henley & Partners’ report primarily focused on wealthy individuals who have titles at work that include founder, chairperson, CEO, and director.
All data used to create the report was collected on December 31, 2022.
The top 10 wealthiest cities in the world
- New York City, New York
- Tokyo, Japan
- The Bay Area, California
- London, United Kingdom
- Singapore, Singapore
- Los Angeles, California
- Hong Kong
- Beijing, China
- Shanghai, China
- Sydney, Australia
New York City came in at no. 1 on the list. The report found that from 2012 to 2022, the city had a 40% growth in its population of high-net-worth individuals.
According to Henley & Partner’s report, NYC is home to 340,000 individuals worth over $1 million, 724 centi-millionaires, and 58 billionaires.
The Big Apple is home to the highest number of individual homeowners with an ultra-high net worth of over $30 million, according to a 2021 report from financial information and insight firm WealthX and real estate platform REALM.
Tokyo, Japan ranked as the second wealthiest city in the world, according to Henley & Partners’ 2023 report.
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The second wealthiest city on the list is Tokyo, Japan.
The Japanese city has a population of 290,300 high-net-worth individuals. Tokyo is home to 250 centi-millionaires and 14 billionaires.
The city did see a 5% decline in its high-net-worth individual population growth from 2012 to 2022. Despite that, Tokyo accounts for 21% of Japan’s millionaires.
California’s Bay Area, which includes San Francisco and Silicon Valley, rounded out the top three. The Bay Area is home to 285,000 high-net-worth individuals — there are 629 centi-millionaires and 63 billionaires.
The California area saw a growth of 68% in its population of high-net-worth individuals from 2012 to 2022.
According to a March study from Wealth-X and REALM, there’s one homeowner worth more than $30 million for every 372 residents in metro San Jose and one ultra-wealthy homeowner for every 505 residents just north in San Francisco.
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Source: CNBC