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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

Visualizing Wealth Distribution in America (1990-2023)

Wealth distribution in America is becoming increasingly unequal, with the wealth held by the top 0.1% reaching its highest level on record.

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Visualizing Wealth Distribution in America

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.

Wealth distribution in America has become increasingly concentrated since 1990.

Today, the share of wealth held by the richest 0.1% is currently at its peak, with households in the highest rung having a minimum of $38 million in wealth. Overall, roughly 131,000 households fall into this elite wealth bracket.

This graphic charts patterns in U.S. household wealth, based on data from the Federal Reserve.

Distribution of U.S. Household Wealth

Below, we show how the share of household wealth breaks down by wealth bracket:

Share of Household Wealth2023 (%)2020 (%)2010 (%)2000 (%)1990 (%)
Top 0.1%141311109
99-99.9%1718181714
90-99%
3638403637
50-90%
3129313436
Bottom 50%
32<134

Figures are as of Q4 for each year aside form 2023 where Q3 data was used based on the most recently available data.

With $20 trillion in wealth, the top 0.1% earn on average $3.3 million in income each year.

The greatest share of their wealth is held in corporate equities and mutual funds, which make up over one-third of their assets. Since 1990, their total share of wealth has grown from from 9% to 14% in 2023—the biggest jump across all wealth brackets.

In fact, the richest 0.1% and 1% were the only two rungs to see their share increase since 1990.

Meanwhile, the greatest decline was seen across the 50-90% bracket—households in the lower-middle and middle classes. Those in this rung have a minimum $165,000 in wealth with the majority of assets in real estate, followed by pension and retirement benefits.

Averaging $51,000 in wealth, the bottom 50% make up the lowest share, accounting for 3% of the wealth distribution in America. Income growth across this bracket has increased by over 10% between 2020 and 2022, higher than all other brackets aside from the top 1%.

Overall, the top 10% richest own more than the bottom 90% combined, with $95 trillion in wealth.

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