The world’s wealthiest cities in 2025 are revealing fascinating trends about where today’s millionaires prefer to live, invest, and grow their fortunes. According to the newly released World’s Wealthiest Cities Report 2025 by Henley & Partners and New World Wealth, global wealth is not only booming—it’s shifting.
New York City still holds the crown with 384,500 high-net-worth individuals (HNWIs), including 818 centi-millionaires and 66 billionaires. But it’s the Bay Area, in 2nd place, that’s making headlines. With 342,400 millionaires and 82 billionaires, the San Francisco–Silicon Valley region has seen nearly 100% growth in millionaires over the past decade, solidifying its place as the epicenter of tech-driven wealth creation.
Global Movers and Shakers
Asian cities like Shenzhen and Hangzhou are stealing the spotlight with unprecedented millionaire population booms of 142% and 108%, respectively. Shenzhen, home to tech giants like Huawei and Tencent, now hosts 50,800 millionaires. Hangzhou follows closely with 32,200. Meanwhile, Dubai has surged into 18th place with 81,200 resident millionaires, marking a 102% increase. It’s also this year’s biggest climber, up three spots since 2024.
In contrast, Seoul dropped from 19th to 24th. London, once a global wealth magnet, now sits at 6th with 215,700 millionaires, overtaken by Los Angeles. Moscow fared even worse, dropping to 40th. These two are the only cities in the Top 50 to report negative millionaire growth over the last decade, with London down -12% and Moscow -25%.
Tokyo holds strong in 3rd with 292,300 millionaires, buoyed by a recovery in the Nikkei 225. Singapore claims 4th with 242,400 millionaires, reinforcing its reputation as a financial hub. Paris, Hong Kong, Sydney, and Chicago round out the Top 10, with Chicago making its debut thanks to strong domestic growth.
Other upward movers include Milan, Vancouver, Miami, Taipei City, and Washington DC. Lisbon enters the Top 50 for the first time with 22,200 millionaires, while Auckland drops out.
| City/Area | Country | Millionaires (USD 1m+) | Centi-Millionaires (USD 100m+) | Billionaires (USD 1bn+) |
|---|---|---|---|---|
| New York City | USA | 384,500 | 818 | 66 |
| The Bay Area | USA | 342,400 | 756 | 82 |
| Tokyo | Japan | 292,300 | 262 | 18 |
| Singapore | Singapore | 242,400 | 333 | 30 |
| Los Angeles | USA | 220,600 | 516 | 45 |
| London | UK | 215,700 | 352 | 33 |
| Paris | France | 160,100 | 277 | 22 |
| Hong Kong | Hong Kong (SAR China) | 154,900 | 346 | 40 |
| Sydney | Australia | 152,900 | 224 | 22 |
| Chicago | USA | 127,100 | 295 | 25 |
What’s Behind the Boom?
According to Dr. Juerg Steffen, CEO of Henley & Partners, cities that combine legal security, financial infrastructure, and favorable investment migration policies are attracting mobile capital. Seven of the top ten cities for wealth in 2025 are in countries with residence-by-investment programs, which allow global investors to gain access to these hubs through legal pathways.
In the U.S., Scottsdale and West Palm Beach posted millionaire growth rates of 125% and 112%. Bengaluru in India grew 120%, further strengthening its nickname as the “Silicon Valley of India.” Other fast-growing cities include Austin (+90%), Warsaw (+83%), Abu Dhabi (+80%), and Riyadh (+65%).
Andrew Amoils of New World Wealth explains that some of these cities are emerging tech centers, while others are simply attracting wealthy migrants due to lifestyle, tax, or residency advantages. Shenzhen, for instance, leads in several global tech sectors such as electric vehicles, drones, and mobile phones, making it a hotbed for new millionaires.
Cities of the Future
Looking ahead to 2035, Dubai and Abu Dhabi are expected to double their centi-millionaire populations. India’s Delhi and Bengaluru are also forecast to explode in wealth, signaling the rise of a new generation of entrepreneurs. European cities like Warsaw and Athens are seeing similar trends, thanks to increased inward migration of wealth.
Smaller cities are also on the radar. Places like St. Julian’s and Sliema in Malta, Lugano in Switzerland, and Riga in Latvia are projected to double their centi-millionaire numbers due to targeted investment migration programs. These initiatives offer residency rights in return for substantial investment, drawing affluent individuals seeking global flexibility and opportunity.
Dominic Volek, Group Head of Private Clients at Henley & Partners, notes that centi-millionaires are now approaching their geographic choices like investment portfolios—strategically diversifying across multiple jurisdictions to minimize risk and maximize growth.
Luxury Living: The World’s Most Expensive Cities
When it comes to cost of living, Monaco still reigns supreme. With more than 40% of its population being millionaires and average wealth exceeding USD 20 million, it tops the list for wealth per capita. Prime property prices there often exceed USD 38,800 per square meter.
Other ultra-expensive cities include New York City (USD 27,500/m2), Hong Kong (USD 26,300/m2), and London (USD 24,000/m2). France stands out with six cities or towns featured in the luxury real estate rankings, including Paris, Cannes, and Saint-Jean-Cap-Ferrat. The U.S. has four, and both Switzerland and Italy claim two each.
As global millionaires increasingly seek new homes, it’s clear that lifestyle, legal frameworks, and investment opportunities are reshaping the map of global wealth. Whether it’s Dubai’s tax advantages, Shenzhen’s tech ecosystem, or Monaco’s exclusivity, the world’s richest are choosing their cities with care—and they’re on the move.
Which city would you choose to call home if you were a millionaire? Let us know in the comments below!
