According to investment migration firm Henley & Partners, New York once again topped the list of the world’s wealthiest cities, with around 340,000 billionaires last year. The United States has emerged as the leader in the number of wealthy cities, with ten of the world’s top fifty cities, followed by China with five and Australia with four.
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According to the analysis, which assessed 97 cities in nine regions around the world, the number of high-net-worth individuals (HNWIs) in New York increased by 40% between 2012 and 2022, allowing it to keep its top position. The top five richest cities were California’s Bay Area, Tokyo, London, and Singapore.
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The study also discovered that California’s Bay Area has more billionaires than New York, with 63 billionaires residing in the region around Silicon Valley and San Francisco. In terms of overall number of billionaires, Beijing, Los Angeles, and Shanghai came in second and third, respectively.
Hangzhou, China, led the list for the biggest 10-year growth in HNWIs, with a 105% increase, followed by Austin, Texas, with a 102% increase. The pandemic-induced remote work trend is thought to have contributed to the astonishing development seen in areas such as Miami and West Palm Beach, Florida, which saw a 75% and 90% increase in the number of high-net-worth persons, respectively.
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Moscow, on the other hand, looks to have taken a hit as a result of the war in Ukraine and the resulting sanctions and migration of inhabitants, with the number of millionaires in the city falling by 44% over the last decade, while St. Petersburg witnessed a 38% drop.
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The top five richest cities were New York, Tokyo, London, Singapore, and the Bay Area of California. Despite losing 5% and 15% of its wealthy residents over the last decade, Tokyo and London have maintained their places. In contrast, the Bay Area and Singapore saw considerable increases, with the California region’s high-net-worth individuals increasing by 68% and Singapore’s increasing by 40%. The Henley & Partners poll gives unique insights into the evolving dynamics of wealth distribution around the world, revealing the growing influence of the US and China in the world’s wealthiest cities.
