No surprises in 2024; New York City remains the premier hotspot for millionaires.
Residents of the Big Apple now boast a combined wealth exceeding USD 3 trillion—surpassing the total wealth of most major G20 nations. The city is home to an impressive 349,500 millionaires, 744 centi-millionaires (individuals with investable assets over USD 100 million), and 60 billionaires.
With the popularity of NYC, the United States tops the chart for the number of residents with liquid investable wealth of USD 1 million or more, boasting 11 cities among the Top 50 worldwide, according to the 2024 World’s Wealthiest Cities Report, published annually by international wealth migration specialists Henley & Partners.
Top 10 Cities for Millionaires
1. New York City – NYC
349,500 millionaires, 744 centi-millionaires (with investable wealth of over USD 100 million), and 60 billionaires live in New York City. According to the Zillow, the Penthouse at Central Park Tower (top image) is the most expensive apartment in NYC. The asking price is just USD195 million.
2. Northern California’s Bay Area
Northern California’s Bay Area, encompassing the city of San Francisco and Silicon Valley has enjoyed one of the world’s highest wealth growth rates, increasing its millionaire population by a whopping 82% over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.
3. Tokyo
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 ten years, and now sits in 3rd place with just 298,300 millionaires.
4. Singapore
City-state Singapore has climbed two places to 4thon the global ranking following an impressive 64% increase in millionaires over the past 10 years and looks set to unseat Tokyo as Asia’s wealthiest city very soon. Widely regarded as the most business-friendly city on earth, Singapore is also one of the world’s top destinations for migrating millionaires — approximately 3,400 HNWIs moved there in 2023 alone and the city now boasts 244,800 resident millionaires, 336 centi-millionaires, and 30 billionaires.
5. London
London, the wealthiest city in the world for many years, continues to tumble down the ranking, and now sits in 5th place with just 227,000 millionaires, 370 centi-millionaires, and 35 billionaires — a decline of 10% over the past decade.
6. Los Angeles – LA
Los Angeles, home to 212,100 millionaires, 496 centi-millionaires, and 43 billionaires, has jumped up two places over the 10-year period to 6th place and has enjoyed a notable 45% growth in its wealthy population.
7. Paris
Paris, the wealthiest city in mainland Europe, retains its 7th place on the ranking with 165,000 resident millionaires.
8. Sydney
Sydney ascends to 8th position with 147,000 HNWIs, after experiencing exceptionally strong wealth growth over the past 20 years.
9. Hong Kong
Hong Kong, home to 143,400 millionaires, 320 centi-millionaires, and 35 billionaires, has fallen four places over the 10-year period to 9th on the ranking.
10. Beijing
Beijing ranked 10th wealthiest city for millionaires in the world, and wealthiest city in mainland China.
China’s millionaire boom
China has established a notable presence on the latest Top 50 Wealthiest Cities ranking, with 5 cities in mainland China making the list and 7 cities when counting Hong Kong (SAR China) (with 143,400 millionaires) and Taipei (30,200). Beijing (125,600 millionaires) makes it into the Top 10 for the first time following an 90% growth in its millionaire population over the past decade, and although Hong Kong has fallen four places over the 10-year period to 9th on the ranking, Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou (31,600) have all recorded significant increases in their millionaire populations.
Dubai named wealthiest in the Middle East
Turning to the Middle East, Dubai easily takes the crown as the wealthiest city in the region, with impressive growth of 78% in its millionaire population over the past 10 years. Currently ranked as the 21st-wealthiest city in the world, the ultra-modern wealth magnate is highly likely to break into the Top 20 in the coming years, and although the UAE’s oil-rich capital Abu Dhabi hasn’t yet cracked a spot in the Top 50 ranking, growth rates of over 75% make it a likely contender in future.
Monaco – world’s top safe-haven for the super-rich
Monaco, arguably the world’s top safe-haven for the super-rich, where the average wealth exceeds USD 20 million, is also the top-ranked city in the world on a wealth per capita basis. Over 40% of the Mediterranean principality’s residents are millionaires — the highest ratio of any city globally.
It is also top of the World’s Most Expensive Cities list, with apartment prices regularly exceeding USD 35,000 per m2.
New York City ranks 2nd, with the average price of prime real estate being USD 28,400 per m2, followed by London (USD 26,500 per m2), Hong Kong (USD 25,800 per m2), Saint-Jean-Cap-Ferrat in France (USD 25,000 per m2), and Sydney (USD 22,700 per m2).
Top 50 Cities for Millionaires
