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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.<\/strong> The latter is compiled by international investment migration consultancy Henley & Partners<\/strong>, in partnership with New World Wealth<\/strong>, the global wealth intelligence company.<\/p>\n <\/p>\n 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<\/strong>, are well known.<\/p>\n <\/p>\n New York<\/strong> takes the cake as the richest city in the world with the highest number of millionaire residents at 340,000.<\/strong><\/p>\n <\/p>\n Tokyo<\/strong>, which topped the list ten years ago, is now in second place<\/strong> with 290,300 millionaires.<\/p>\n <\/p>\n A side effect of Brexit ? London, which has been the richest city in the world for many years, has dropped to fourth place<\/strong>, with 258,000 wealthy residents. However, it remains the only European city<\/strong> to appear in the 2023 top 10.<\/p>\n <\/p>\n <\/p>\n Unsurprisingly, the markets with the greatest appetite for luxury, the United States and China<\/strong>, are also the ones with the most cities (or extended conurbations) in the ranking.<\/strong><\/p>\n <\/p>\n On the other side of the Atlantic, with 285,000 and 205,400 wealthy residents respectively, the San Francisco Bay Area and Los Angeles<\/strong> are ranked third and sixth<\/strong>.<\/p>\n <\/p>\n Three Chinese cities<\/strong> also feature in the top 10,<\/strong> in seventh, eighth and ninth place, in descending order: Hong Kong (129,500 millionaires), Shanghai (129,200)<\/strong> and Beijing (128,200). But while Beijing and Shanghai have been on the rise over the past decade, Hong Kong has slipped f<\/strong>rom fourth place in 2012 to seventh place currently.<\/strong><\/p>\n <\/p>\n Also in Asia, the city-state of Singapore is in fifth place<\/strong> with 240,100 millionaire residents. Singapore is “generally regarded as the most business-friendly city in the world<\/strong> and one of the best destinations for migrating millionaires,” the study’s authors point out.<\/p>\n <\/p>\n “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,”<\/strong> <\/em>notes Dr Juerg Steffen, CEO of Henley & Partners.<\/p>\n <\/p>\n <\/p>\n Australia is also narrowly represented in the richest cities ranking, with Sydney coming in at number ten<\/strong> 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”.<\/em> 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!<\/strong><\/p>\n <\/p>\n The US and China also dominate another ranking<\/strong>, the top 10 fastest growing cities for millionaire<\/strong> residents over the past decade.<\/p>\n <\/p>\n Topping the list is Hangzhou<\/strong>, 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%<\/strong> between 2012 and 2022! In Shenzhen (+98%)<\/strong> and the port city of Guangzhou (+86%)<\/strong>, the growth of wealthy residents is also dazzling. In the US, they are attracted to Austin (+102%), West Palm Beach (+90%)<\/strong> and Scottsdale (+88%)<\/strong>. In Bengaluru and Hyderabad, mentioned at the beginning of this article, the growth is +88% and +78%.<\/p>\n <\/p>\n The next two places are Sharjah (+84%)<\/strong>, 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”<\/strong><\/em>, says Henley & Partners.<\/p>\n <\/p>\n <\/p>\n According to Andrew Amoils<\/strong>, 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”.<\/em><\/p>\n <\/p>\n Monaco remains “arguably the best haven in the world for the super-rich”<\/em>. 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!<\/p>\n <\/p>\n With its low tax rates and numerous malls and leisure facilities, Dubai<\/strong> also continues to attract millionaires from around the world. In 2022, approximately 3,500 high net worth individuals chose to move here.<\/p>\n <\/p>\n <\/p>\n Read also >\u00a0[Luxus+ Magazine] Why is the city of Miami so hot?<\/a><\/p>\nChina and the US top the list<\/h2>\n
Sydney in tenth place<\/h2>\n
Safe havens<\/h2>\n