With close to 340,000 millionaires, New York City, US, has topped a list of the wealthiest cities in the world. Investment migration firm Henley & Partners compiled data from various cities, as on 31 December 2022, for its list.
According to Henley & Partners’ report, New York City has 724 centi-millionaires (who have a net worth of over 100 million/ SGD 13,37,95,000). The city is also home to 58 billionaires.
The survey was carried out in 97 cities in nine regions of the world. For the list, high-net-worth individuals (HNWIs) with an investable wealth of over USD 1 million (SGD 13,37,950) were considered, where investable wealth includes property, cash and listed company holdings.
Here are all the details about the wealthiest cities in the world
Cities ranked by the number of millionaires
The list ranks cities on the basis of the number of millionaires. Accordingly, three of the 10 wealthiest cities in the world are in the US. Besides NYC, these include The Bay Area, comprising San Francisco and Silicon Valley, on #3, with 285,000 millionaires, and Los Angeles, with 205,400 millionaires, on #6.
Five of the top 10 cities are in Asia. Tokyo is the wealthiest, with 290,300 millionaires. In fact, the Japanese capital is the second-wealthiest city in the world by millionaire count. Singapore (240,100, 5th place), Hong Kong SAR (129,500, 7th place), Beijing (128,200, 8th place) and Shanghai (127,200, 9th place) are the other Asian cities in the top 10.
London is the only European city in the top 10, securing fourth place with 258,000 millionaires. Australia’s Sydney takes the tenth spot, with 126,900 millionaires.
But when it comes to billionaires, The Bay Area has a higher number than any other city on the list, amounting to 63.
By comparison, NYC has the second-highest billionaires with 58. Beijing (43), LA (42), Shanghai (40), London (36) and Singapore (27) complete the following seven. Tokyo has only 14 billionaires and is behind many other cities on the list by this metric.
The US has richer cities but Chinese cities have a higher growth rate
Based on the numbers, 10 of the 50 wealthiest cities in the world are in the US. Mainland China has the second-highest number of rich cities with five, followed by Australia with four in the top 50.
Yet, Chinese cities surged ahead on the basis of growth rate.
The findings reveal that Hangzhou in China clocked the highest growth rate with a 105 per cent rise in the number of millionaires between 2012 and 2022. It is followed by the US city of Austin at 102 per cent and the Chinese city of Shenzhen at 98 per cent.
The Indian city of Bengaluru recorded the sixth-fastest growth at 88 per cent. The 10th fastest growth rate was of Hyderabad at 78 per cent.
Decline in growth rate
Some of the top 10 richest cities recorded a negative growth rate as well.
The highest fall in the number of millionaires was recorded by Moscow, which saw a decline of 44 per cent. While the second-highest slump was recorded by Johannesburg at 40 per cent, the third-biggest decline was also a Russian city, St. Petersburg, with a negative growth rate of 38 per cent.
Among the top 10 wealthiest cities, Tokyo saw a decline of 5 per cent, whereas London recorded a decline of 15 per cent. Hong Kong SAR had one of the highest fall in growth rate at 27 per cent.
Top 10 wealthiest cities in the world
|City/Area||Country||HNWIs (USD 1m+)||Centi-millionaires (USD 100m+)||Billionaires (USD 1bn+)|
|1||New York City||USA||3,40,000||724||58|
|3||The Bay Area||USA||2,85,000||629||63|
|7||Hong Kong||Hong Kong SAR||1,29,500||290||32|
Here is the complete list.
Feature image: Jan Folwarczny/@janfolwarczny/Unsplash; Hero image: Michael Discenza /UnsplashThis story first appeared here