Money

Millionaire Hubs: Mapping the World’s Wealthiest Cities

Published

3 weeks ago

June 24, 2025

Jenna Ross

Graphics & Design

A world map with city spikes sized according to the millionaire population showing that New York City has the most millionaires.

Millionaire Hubs: Mapping the World’s Wealthiest Cities

Key Takeaways

At nearly 400,000, New York City has the biggest millionaire population thanks to its status as a global financial hub.
The Bay Area comes in second place, and is one of the fastest-growing wealth regions globally.
Tokyo takes the third spot, attracting millionaires given it has a high quality of living and is home to giant companies like Sony.

Where do the world’s wealthiest live? Globally, the millionaire population is clustered in urban centers that offer business-friendly environments and attractive lifestyles.

In this Markets in a Minute graphic created in partnership with Terzo, we highlight the cities with the most millionaires.

Tracking the Millionaire Hotspots

Henley & Partners, the source of our data, defines a millionaire as someone with liquid investable assets exceeding $1 million, excluding real estate.

The U.S. dominates the list, taking up seven slots or nearly 30% of the top 25 cities.

Rank	City/Area	Country/Region	Number of Millionaires
1	New York City	🇺🇸 U.S.	384,500
2	The Bay Area	🇺🇸 U.S.	342,400
3	Tokyo	🇯🇵 Japan	292,300
4	Singapore	🇸🇬 Singapore	242,400
5	Los Angeles	🇺🇸 U.S.	220,600
6	London	🇬🇧 UK	215,700
7	Paris	🇫🇷 France	160,100
8	Hong Kong	🇭🇰 Hong Kong	154,900
9	Sydney	🇦🇺 Australia	152,900
10	Chicago	🇺🇸 U.S.	127,100
11	Milan	🇮🇹 Italy	115,000
12	Beijing	🇨🇳 China	114,300
13	Osaka–Kyoto–Kobe	🇯🇵 Japan	112,200
14	Shanghai	🇨🇳 China	110,500
15	Toronto	🇨🇦 Canada	108,400
16	Melbourne	🇦🇺 Australia	94,000
17	Houston	🇺🇸 U.S.	81,800
18	Dubai	🇦🇪 UAE	81,200
19	Frankfurt	🇩🇪 Germany	80,300
20	Zurich	🇨🇭 Switzerland	77,800
21	Dallas	🇺🇸 U.S.	72,400
22	Geneva	🇨🇭 Switzerland	70,200
23	Munich	🇩🇪 Germany	69,800
24	Seoul	🇰🇷 South Korea	66,000
25	Seattle	🇺🇸 U.S.	53,100

Data as of December 2024 and figures rounded to the nearest 100.

America’s three most populous cities—New York City, Los Angeles, and Chicago—are all within the top 10 spots. In New York City, one in every 22 residents is a millionaire.

The Bay Area, which includes San Francisco and Silicon Valley, comes in at second place. In the last 10 years, the number of millionaires has nearly doubled. The Bay Area is fertile ground for wealth given its status as the world’s top startup capital, commanding nearly two-thirds of global venture funding.

Wealth Hubs in Asia and Europe

Tokyo has the most millionaires in Asia. Home to companies like Sony, Toyota, and MUFG, the city has a strong mix of technology, manufacturing, and finance.

Singapore follows closely behind in the fourth spot. The island nation offers three options for investors to gain permanent residency in exchange for making a significant financial investment in Singapore. These “residence by investment” programs are a strong attractor for wealthy individuals, and are a feature of seven of the 10 wealthiest cities in this ranking.

In Europe, London has the most millionaires. However, London is the only city in the top 25 to see a decline in millionaires over the last decade. The outflow of wealthy people is due to a number of factors, including high taxes, the growing dominance of the U.S. and Asia in tech, and the declining importance of the London Stock Exchange.