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New York, Tokyo, San Francisco and London are the four cities with the most wealthy people in 2023. 6 of the top 10 cities identified by Henley & Partners and New World Wealth are located in China or the United States.
Who around you knows Bengaluru and Hyderabad ?
Yet these two Indian cities are in the top 10 of the latest ranking of fast-growing cities for millionaire residents over the past decade. The latter is compiled by international investment migration consultancy Henley & Partners, in partnership with New World Wealth, the global wealth intelligence company.
Apart from these two discreet metropolises, most of the other favourite locations for HNWIs (High Net Worth Individuals), i.e. people with investable wealth of more than USD 1 million, are well known.
New York takes the cake as the richest city in the world with the highest number of millionaire residents at 340,000.
Tokyo, which topped the list ten years ago, is now in second place with 290,300 millionaires.
A side effect of Brexit ? London, which has been the richest city in the world for many years, has dropped to fourth place, with 258,000 wealthy residents. However, it remains the only European city to appear in the 2023 top 10.
China and the US top the list
Unsurprisingly, the markets with the greatest appetite for luxury, the United States and China, are also the ones with the most cities (or extended conurbations) in the ranking.
On the other side of the Atlantic, with 285,000 and 205,400 wealthy residents respectively, the San Francisco Bay Area and Los Angeles are ranked third and sixth.
Three Chinese cities also feature in the top 10, in seventh, eighth and ninth place, in descending order: Hong Kong (129,500 millionaires), Shanghai (129,200) and Beijing (128,200). But while Beijing and Shanghai have been on the rise over the past decade, Hong Kong has slipped from fourth place in 2012 to seventh place currently.
Also in Asia, the city-state of Singapore is in fifth place with 240,100 millionaire residents. Singapore is “generally regarded as the most business-friendly city in the world and one of the best destinations for migrating millionaires,” the study’s authors point out.
“Seven of the world’s 10 richest cities are in countries that host official investment migration programmes and actively encourage foreign direct investment in return for residency or citizenship rights,” notes Dr Juerg Steffen, CEO of Henley & Partners.
Sydney in tenth place
Australia is also narrowly represented in the richest cities ranking, with Sydney coming in at number ten with 126,900 millionaires. Already home to “some of the world’s most exclusive residential suburbs”, Sydney has “experienced particularly strong wealth growth over the past 20 years”. And it is not likely to stop there. According to Henley & Partners, it is expected to be one of the five richest cities in the world by 2040!
The US and China also dominate another ranking, the top 10 fastest growing cities for millionaire residents over the past decade.
Topping the list is Hangzhou, the lake city favoured by communist dignitaries and now one of China’s most popular holiday destinations, which saw its number of millionaires grow by 105% between 2012 and 2022! In Shenzhen (+98%) and the port city of Guangzhou (+86%), the growth of wealthy residents is also dazzling. In the US, they are attracted to Austin (+102%), West Palm Beach (+90%) and Scottsdale (+88%). In Bengaluru and Hyderabad, mentioned at the beginning of this article, the growth is +88% and +78%.
The next two places are Sharjah (+84%), the “cultural centre of the United Arab Emirates” and Ho Chi Minh City (+82%). The economic capital of Vietnam is “rapidly emerging as the next great wealth centre of Asia”, says Henley & Partners.
Safe havens
According to Andrew Amoils, head of research at New World Wealth, “the places that traditionally attract the wealthy have also seen a sharp increase in the number of millionaire residents over the past decade”.
Monaco remains “arguably the best haven in the world for the super-rich”. Indeed, the city is ranked highest on the basis of average wealth per capita of over US$10 million. Not surprisingly, Monaco is also the most expensive city in the world, with flat prices exceeding US$35,000 per square metre!
With its low tax rates and numerous malls and leisure facilities, Dubai also continues to attract millionaires from around the world. In 2022, approximately 3,500 high net worth individuals chose to move here.
Read also > [Luxus+ Magazine] Why is the city of Miami so hot?
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New York, Tokyo, San Francisco and London are the four cities with the most wealthy people in 2023. 6 of the top 10 cities identified by Henley & Partners and New World Wealth are located in China or the United States.
Who around you knows Bengaluru and Hyderabad ?
Yet these two Indian cities are in the top 10 of the latest ranking of fast-growing cities for millionaire residents over the past decade. The latter is compiled by international investment migration consultancy Henley & Partners, in partnership with New World Wealth, the global wealth intelligence company.
Apart from these two discreet metropolises, most of the other favourite locations for HNWIs (High Net Worth Individuals), i.e. people with investable wealth of more than USD 1 million, are well known.
New York takes the cake as the richest city in the world with the highest number of millionaire residents at 340,000.
Tokyo, which topped the list ten years ago, is now in second place with 290,300 millionaires.
A side effect of Brexit ? London, which has been the richest city in the world for many years, has dropped to fourth place, with 258,000 wealthy residents. However, it remains the only European city to appear in the 2023 top 10.
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New York, Tokyo, San Francisco and London are the four cities with the most wealthy people in 2023. 6 of the top 10 cities identified by Henley & Partners and New World Wealth are located in China or the United States.
Who around you knows Bengaluru and Hyderabad ?
Yet these two Indian cities are in the top 10 of the latest ranking of fast-growing cities for millionaire residents over the past decade. The latter is compiled by international investment migration consultancy Henley & Partners, in partnership with New World Wealth, the global wealth intelligence company.
Apart from these two discreet metropolises, most of the other favourite locations for HNWIs (High Net Worth Individuals), i.e. people with investable wealth of more than USD 1 million, are well known.
New York takes the cake as the richest city in the world with the highest number of millionaire residents at 340,000.
Tokyo, which topped the list ten years ago, is now in second place with 290,300 millionaires.
A side effect of Brexit ? London, which has been the richest city in the world for many years, has dropped to fourth place, with 258,000 wealthy residents. However, it remains the only European city to appear in the 2023 top 10.
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