The international investment migration firm Henley & Partners in association with the global wealth intelligence firm New World Wealth has published the list of the ten cities with the most millionaires in the worldand not surprisingly, the United States and China, the world’s top two economic powers, dominate the list.
New York is the city with the largest number of millionaires in the world., with 340,000 residents with high purchasing power. In addition, two other US cities, the Bay Area of San Francisco and Los Angeles rank third and sixth with 285,000 and 205,400 millionaires, respectively.
Tokyo, which led the pack ten years ago, has slipped to second place with 290,300 millionaires. London, the richest city in the world for many yearshas fallen to fourth place with 258,000 wealthy residents.
However, China has managed to place three of its cities in the top 10. Hong Kong ranks seventh with 129,500 millionaires, while Beijing and Shanghai they rank eighth and ninth, respectively, with 128,200 and 127,200 high-income residents. Beijing and Shanghai have risen in the rankings over the past decade, but Hong Kong has slumped, falling from fourth place in 2012 to seventh place today.
Singaporethe city-state of Southeast Asia, ranks fifth on the list with 240,100 millionaire residents, which is largely due to its being ranked as the most business-friendly city in the world and one of the main destinations for immigrant millionaires.
Sydney, Australia’s largest city, ranks 10th with 126,900 millionaires, many of them residing in some of the world’s most exclusive suburbs. Furthermore, the Australian city has experienced particularly strong wealth growth over the past 20 years and is projected to be among the top five richest cities in the world by 2040.
On the other hand, Henley & Partners and New World Wealth have also published the list of the ten cities with the fastest growth of millionaires during the last decade.
Surprisingly, Hangzhou, one of the most popular vacation spots in China, tops the list with a million-dollar growth of 105% between 2012 and 2022. Shenzhen and the port city of guangzhou they also enjoyed significant expansion, at 98 and 86%, respectively.
In the U.S, Austin is the fastest growing city in terms of resident millionaires, with a growth of 102%. West Palm Beach and Scottsdale rank second and third with growth of 90 and 88%, respectively.
#cities #millionaires #world #Henley #Partners #World #Wealth