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Thursday 9 May 2024

Big Apple has more millionaires than any city on the planet

Where would expect to find more millionaires per square kilometre than anywhere else on the planet?

The city with the highest number of resident millionaires with liquid investable wealth of $1 million US or more is New York.

In fact, the US leads the pack, with 11 cities in the top 50 of the 2024 World’s Wealthiest Cities Report, published annually by international wealth migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth.

A stunning 349,500 millionaires, 744 centi-millionaires (with investable wealth of over $100 million), and 60 billionaires live in the city.

Hot on its heels in second place is Northern California’s Bay Area, encompassing the city of San Francisco and Silicon Valley.

The Bay Area has enjoyed one of the world’s highest wealth growth rates, increasing its millionaire population by 82% over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.

Tokyo, on the other hand, which led the pack as the world's wealthiest city a decade ago, has suffered a 5% decline in its resident high-net-worth-individual (HNWI) population over the past 10 years, and now sits in third place with 298,300 millionaires.

City-state Singapore has climbed two places to fourth with 244,800 resident millionaires, 336 centi-millionaires, and 30 billionaires.

London, the wealthiest city in the world for many years, continues to tumble down the rankings (thanks Brexit), and now sits in fifth place with just 227,000 millionaires, 370 centi-millionaires, and 35 billionaires - a decline of 10% over the past decade.

By contrast, Los Angeles, home to 212,100 millionaires, 496 centi-millionaires, and 43 billionaires, has jumped up two places over the 10-year period to sixth place and has enjoyed a notable 45% growth in its wealthy population.

Paris, the wealthiest city in mainland Europe, retains its seventh place on the ranking with 165,000 resident millionaires, while Sydney ascends to eighth position with 147,000 HNWIs, after experiencing exceptionally strong wealth growth over the past 20 years.

Dr Juerg Steffen, CEO of Henley & Partners, says a key factor driving growth in the world’s wealthiest cities has been the strong performance of financial markets in recent years.

China has established a notable presence on the latest rankings, with five cities in mainland China making the list.

Andrew Amoils, had of research at New World Wealth, says Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population exploding by 140% in the last 10 years.

In the Middle East, Dubai takes the crown as the wealthiest city in the region, with impressive growth of 78% in its millionaire population over the past 10 years.

Read the full 2024 World’s Wealthiest Cities Report..

Image: Darya Mead, Scop,io

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