International investment migration firm Henley & Partners, in partnership with global wealth intelligence firm New World Wealth, recently published the list of top ten richest cities in the world, based on the number of resident millionaires.
Cities were ranked based on the spending habits of more than 150,000 individuals with a net worth of over $10 million in investments.
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Greater concentration of wealth
According to the list, three of the ten richest cities in the world are in the US. The ranking is led by New York, which is the richest city in the world, with 340,000 millionaires.
Tokyo, which topped the pack ten years ago, has slipped to second place with 290,300 millionaires. London, which was considered the richest city in the world for many years, has slipped to fourth place with 258,000 residents with a net worth of over $1 million.
Singapore is in fifth place with 240,100 resident millionaires, while Sydney is in tenth place with 126,900 millionaires.
1. New York
New York City is the richest city in the world. From 2012 to 2022, the city has seen a 40% growth in its population of individuals with a net worth greater than $1 million. According to the Henley & Partners report, the city is home to 724 centimillionaires and 58 billionaires.
New York also has the highest number of ultra-high net worth homeowners in more than $30 million, according to a 2021 report by WealthX and the real estate platform REALM.
2. Tokyo
Tokyo is the second richest city in the world, with a population of 290,300 individuals with a net worth of over US$1 million. The city has 250 centimillionaires and 14 billionaires. Tokyo accounts for 21% of Japan's millionaires.
3. San Francisco Bay Area
The San Francisco Bay Area, which includes cities such as San Francisco and Silicon Valley, is the third wealthiest city in the world, with 285,000 wealthy individuals residing there. There are 629 centimillionaires and 63 billionaires in the region. The California area saw a 68% growth in its population of individuals with a net worth greater than $1 million from 2012 to 2022.
4. London
London is the fourth wealthiest city in the world, with 258,000 residents with a net worth of over $1 million. The city is home to 215 centimillionaires and 89 billionaires. London is considered a major global financial centre, with many world-renowned banks, investment firms and law firms headquartered there.
5. singapore
Singapore is ranked fifth on the list of the richest cities in the world, with 240,100 millionaire residents. The city-state also has 35 centimillionaires and 26 billionaires. Singapore is known to be a major financial and commercial center in Asia, with many international companies choosing the city as their regional base.
6. Los Angeles
Los Angeles ranks sixth on the list of the richest cities in the world, with 205,400 millionaire residents. The city also has 163 centimillionaires and 33 billionaires. Los Angeles is known for being a major center of entertainment in the United States, with many film and television companies having their headquarters there.
Other cities that appear on the list are Chicago, Paris, Osaka and Hong Kong. It is interesting to note that most of the cities on the list are important financial and commercial centers, with many investment and business opportunities.
In addition, these cities are also known for having a high quality of life, with advanced infrastructure, efficient public services and a wide variety of cultural and leisure options.
