Global citizenship company Henley & Partners has released its list of the top 10 richest cities in the world for 2023. Their report measures the growth of millionaires in these major cities worldwide over the last decade.
The results show that many of these cities have facilitated easier immigration based on larger investments, providing advantages for millionaires and billionaires compared to other foreign citizens.
Out of the top 10 richest cities in the world, 6 of them are located in the United States (US) and China. As reported by henleyglobal.com on Friday (September 22), here is the complete list:
New York
It’s probably not surprising that New York tops the list of the richest cities in the world. The financial hub of the US is home to 340,000 people with wealth exceeding $1 million, 724 centi-millionaires, and 58 billionaires.
New York also hosts two of the world’s largest stock exchanges by market capitalization (NYSE and Nasdaq). The city consists of five boroughs: the Bronx, Brooklyn, Manhattan, Queens, and Staten Island, and boasts some of the most expensive real estate, where prime apartments can exceed $27,000 per square meter.
Tokyo
Tokyo has 290,300 millionaires, 250 centi-millionaires, and 14 billionaires. The city has relatively fewer billionaires compared to other cities in the top 10 richest cities in the world.
This suggests that wealth in Tokyo is relatively evenly distributed, with the middle class and lower-level millionaires making up the majority in Japan’s capital. Major companies based in Tokyo include Hitachi, Honda, Mitsubishi, Softbank, and Sony.
The Bay Area
The Bay Area in California, which includes San Francisco and Silicon Valley, is home to 285,000 millionaires, 629 centi-millionaires, and 63 billionaires. Most of the world’s leading technology companies are based there, including Adobe, Apple, Cisco, Facebook (Meta), Google (Alphabet), HP, Intel, LinkedIn, Lyft, Netflix, OpenAI, PayPal, Twitter, Uber, Yahoo, and Zoom.
London
London in the UK ranks 4th as one of the richest cities in the world, with 258,000 millionaires, 384 centi-millionaires, and 36 billionaires. The number of millionaires in the city has declined over the past 20 years, with the highest number recorded in the 2000s.
Singapore
Singapore is widely regarded as the most business-friendly city in the world and is a prime destination for millionaires to migrate to. Around 2,800 high-net-worth individuals moved there in 2022 according to the latest Henley Wealth Migration Dashboard.
Currently, Singapore is home to 240,100 millionaires, 329 centi-millionaires, and 27 billionaires. The report states that the population of individuals with high net worth increased by 40%.
