Ever considered which cities are the wealthiest or have the highest concentration of wealth?
Well, Henley & Partners, which tracks private wealth and investment migration trends worldwide, released the Q3 Henley Global Citizens Report.
The Global Citizen Report features exclusive data from the global wealth intelligence firm New World Wealth, and reveals the world’s 20 wealthiest cities with the most resident millionaires, the five wealthiest cities in each major region and the 25 fastest-growing cities in the world in terms of millionaire growth in the six months to June 30, 2022.
Henley & Partners CEO Dr Juerg Steffen revealed that 14 of the Top 20 wealthiest cities in the world are in countries that host formal investment migration programmes and actively encourage foreign direct investment in return for residence or citizenship rights.
Here is a list of the top 10 cities which are among the wealthiest in the world for 2022, according to Henley & Partners.
New York
The Big Apple is the wealthiest city on Earth. It has 345 600 millionaires, including 737 centi-millionaires (with wealth of USD 100 million or more) and 59 dollar billionaires. New York is the financial centre of the US and the wealthiest city in the world by several measures.
It is also home to the world’s two largest stock exchanges by market cap, the Dow Jones and NASDAQ.
Tokyo
Japan’s mega metropolis, Tokyo comes in second place, with 304 900 resident millionaires, including 263 centi-millionaires and 12 billionaires. Major companies in Tokyo include Honda, Hitachi, Mitsubishi, Softbank, and Sony.
San Francisco Bay
San Francisco is steadily climbing, with the San Francisco Bay area, encompassing the city of San Francisco and Silicon Valley, being home to 276 400 millionaires, including 623 centi-millionaires and 62 billionaires.
Silicon Valley, home to a large number of tech billionaires, includes affluent towns such as Atherton and Los Altos Hills.
London
London has been one of the wealthiest cities in the world for many years. Today, 272 400 millionaires call London their home, a figure that includes 406 centi-millionaires and 38 billionaires.
The homes and apartments that overlook London’s parks such as Hyde Park and Regents Park, and green spaces such as Hampstead Heath are especially affluent.
Singapore
Singapore is known as the business-friendly city state. It ranks fifth globally and is Asia’s second-biggest millionaire oasis after Tokyo.
Home to 249 800 millionaires, including 336 centi-millionaires and 26 billionaires and is one of the top destinations for migrating millionaires.
A net inflow of approximately 2 800 high-net-worth individuals is projected for 2022 alone according to the latest Henley Private Wealth Migration Dashboard.
Los Angeles
The city of the angels and the world’s entertainment hub is home to 192 400 resident millionaires, with 393 centi-millionaires and 34 billionaires.
Figures for this area include wealth held in the city of Los Angeles, as well as nearby Malibu, Beverly Hills, Laguna Beach, Newport Beach, and Santa Monica. Key industries include entertainment, IT, retail and transport.
Chicago
Chicago has a highly diversified economy that is strong in many key sectors. It’s the largest inland city in the US and home to 160 100 millionaires, including 340 centi-millionaires and 28 billionaires.
Chicago is the base city for 35 Fortune 500 companies, including the likes of McDonalds and Boeing.
Houston
One of the world’s fastest-growing cities, the city of Houston has 132 600 millionaires, with 314 centi-millionaires and 25 billionaires.
It is also the leading US city in a number of key sectors including aeronautics, basic materials (oil and gas), biotech, and engineering.
Beijing
China’s capital Beijing has 131 500 resident millionaires, including 363 centi-millionaires and a particularly high number of billionaires, 44, only New York City and the San Francisco Bay area rank higher based on this measure. Beijing also houses the head offices of most of China’s largest companies.
Shanghai
China’s financial centre and largest city, Shanghai, is home to 130 100 millionaires, with 350 centi-millionaires and 42 billionaires. The Shanghai Stock Exchange is the third largest in the world by market cap after the Dow Jones and NASDAQ.
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