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Ranked: The World’s Wealthiest Cities, by Number of Millionaires

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Infographic showing a ranking of the world's wealthiest cities

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The Top 20 Cities for the World’s Ultra-Wealthy

How many millionaires, centimillionaires, and billionaires live in the world’s wealthiest cities?

While such metrics are not all encompassing, these measurements of private wealth do help put the financial health and economic activity of some of the world’s wealthiest cities in perspective.

This infographic uses information from the Henley Global Citizens Report, in partnership with New World Wealth, to rank the world’s wealthiest cities. It leverages a comprehensive data set that tracks the movements and spending habits of high-net-worth individuals in over 150 cities around the world.

Which cities and regions have the biggest concentrations of millionaires around the world, each with a net worth greater than $1 million (USD)?

Millionaires and Billionaires in the Wealthiest Cities

In the latest edition of the ranking, North America has a strong showing with seven of the wealthiest cities, by number of millionaires.

In particular, the United States claims five of the cities in the top 10, including the very top spot with New York City.

RankCityCountryMillionairesBillionaires
#1New York🇺🇸 United States345,60059
#2Tokyo🇯🇵 Japan304,90012
#3San Francisco🇺🇸 United States276,40062
#4London🇬🇧 United Kingdom272,40038
#5Singapore🇸🇬 Singapore249,80026
#6Los Angeles🇺🇸 United States192,40034
#7Chicago🇺🇸 United States160,10028
#8Houston🇺🇸 United States132,60025
#9Beijing🇨🇳 China131,50044
#10Shanghai🇨🇳 China130,10042
#11Sydney🇦🇺 Australia129,50016
#12Hong Kong🇭🇰 China (SAR)125,10028
#13Frankfurt🇩🇪 Germany117,40014
#14Toronto🇨🇦 Canada116,10017
#15Zurich🇨🇭 Switzerland105,10012
#16Seoul🇰🇷 South Korea102,10025
#17Melbourne🇦🇺 Australia97,30012
#18Dallas🇺🇸 United States92,30018
#19Geneva🇨🇭 Switzerland90,30016
#20Paris🇫🇷 France88,60015
Top 20 Cities3,259,600543

Asia is the region with the second most millionaires with six cities in the mix. Not surprisingly, China is home to three of these cities, including Hong Kong (SAR).

Europe comes in third with five cities, though only London makes into the top 10 portion of the ranking. Finally, Oceania has two cities on the list, both located in Australia.

How Top Cities Stack Up

Let’s take a closer look at some of the top-ranking cities making the list.

#1: New York

New York is the wealthiest city in the world⁠—home to 345,600 millionaires with a total private wealth that exceeds $3 trillion.

New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. Additionally, the city’s real estate market is known for being expensive, with sky-high property values and rents.

#2: Tokyo

Tokyo is the economic hub of Japan and is one of the most important cities in the world for business and finance. It is home to 304,900 resident millionaires, making it the city with the second most millionaires in the world.

Japan’s largest city is home to the Tokyo Stock Exchange, which is one of the largest stock exchanges in Asia by market capitalization. Tokyo is also a major center for banking and insurance, and is home to many multinational companies like Honda and Sony.

#3: San Francisco Bay Area

The San Francisco Bay Area boasts 276,400 millionaires. It’s known as the mecca of tech innovation, and as a result, the region has a high concentration of wealthy individuals. San Francisco also has the highest median household income in the country.

The number of millionaires has been growing steadily over the last 10 years, and if the trends of recent years hold, San Francisco could become the number one millionaire hub by 2040.

#4: London

London has been the world’s wealthiest city for years, but over the past decade there has been an outflow of millionaires.

Today, with 272,400 millionaires, the city holds a more humble position. London is known for its financial and business sectors, and it attracts a significant number of high-earning professionals who contribute to its reputation as a hub of wealth and luxury.

#5: Singapore

Singapore is home to 249,800 millionaires making it the second richest city in Asia after Tokyo.

Singapore has one of the highest densities of millionaire households in Asia, with over 5% of households having at least $1 million USD in net financial assets. This is due in part to the country’s strong economic growth and favorable business environment, which has attracted many wealthy individuals and families to the country. In addition, Singapore’s political stability, low crime rate, and high standard of living have also contributed to its appeal as a place to live and work.

Fastest Growing Cities for the Rich

The cities shown in our visualization are already well-established locations for high-net-worth individuals. Some of them have topped the rankings for decades, while some others are less well-known. But what are the fastest growing cities for the rich?

In 2022, cities with strong oil and gas industries like Riyadh, Sharjah, Dubai, Luanda, Abu Dhabi, Doha, and Lagos grew exceptionally. Cities in the UAE became millionaire magnets, attracting over 4,000 millionaires in 2022. In the U.S., a few tax-friendly states like Texas and Florida became home to American companies moving their head offices there.

Looking to the future, companies and high-net-worth individuals will inevitably move where they are treated best. Countries that want to attract wealthy individuals will have to apply tax-friendly policies along with other factors such as quality of life, safety, education, and access to amenities that ultra-wealthy residents value.

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Money

Mapped: The Income Needed to Live Comfortably in Every U.S. State

A single adult needs to make at least $116k annually to live comfortably in Massachusetts.

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This map illustrates the income necessary for an individual to maintain a comfortable lifestyle in each state.

The Income Needed to Live Comfortably in Every U.S. State

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Individuals in the top 11 most expensive states in the U.S. need an annual income exceeding $100,000 to live comfortably.

This map shows how much income single adults need to live comfortably in each U.S. state. SmartAsset calculated the income needed using the cost of necessities sourced from the MIT Living Wage Calculator, last updated on Feb. 14, 2024.

In this case, “comfortable” was defined as the annual income required to cover a 50/30/20 budget, allocating 50% of earnings to necessities such as housing and utility costs, 30% to discretionary spending, and 20% to savings or investments.

Massachusetts Ranks First

Massachusetts is the most expensive state to live comfortably in. A single adult needs to make at least $116,022 annually or $55.78 per hour.

RankStateSalary needed for a single working adult
1Massachusetts$116,022
2Hawaii$113,693
3California$113,651
4New York$111,738
5Washington$106,496
6Colorado$103,293
7New Jersey$103,002
8Maryland$102,918
9Oregon$101,088
10Rhode Island$100,838
11Connecticut$100,381
12Virginia$99,965
13New Hampshire$98,093
14Arizona$97,344
15Georgia$96,886
16Alaska$96,762
17Vermont$95,763
18Illinois$95,098
19Delaware$94,141
20Utah$93,683
21Nevada$93,434
22Florida$93,309
23Maine$91,686
24Pennsylvania$91,312
25North Carolina$89,690
26Minnesota$89,232
27Idaho$88,733
28South Carolina$88,317
29Wyoming$87,651
30Texas$87,027
31Tennessee$86,403
32Indiana$85,030
33Montana$84,739
34Kansas$84,656
35Michigan$84,365
36Wisconsin$84,115
37Missouri$84,032
38Alabama$83,824
39Nebraska$83,699
40New Mexico$83,616
41Iowa$83,366
42Mississippi$82,742
43Louisiana$82,451
44South Dakota$81,453
45Ohio$80,704
45Kentucky$80,704
47North Dakota$80,538
48Oklahoma$80,413
49Arkansas$79,456
50West Virginia$78,790

West Virginia is the least expensive for a single adult, who only needs to make an estimated $37.88 per hour, or $78,790 annually.

To live comfortably on your own in the top five states, a person would need to earn nearly double the typical income for single earners, as the U.S. median income for single, full-time workers is around $60,000, according to Labor Bureau data.

If you enjoyed this post, be sure to check out this graphic, which ranks the income a family needs to live comfortably in every U.S. state.

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