More millionaires, billionaires, and centi-millionaires are calling New York City home than anywhere else on Earth as the total private wealth held by residents of the Big Apple now exceeds $3 trillion, according to the latest report from Henley & Partners, an investment migration consultancy firm. U.S. cities dominated the top spots on the list with San Francisco, Los Angeles, Chicago, and Houston also placing in the top ten wealthiest.
An impressive 345,600 millionaires now reside within the five boroughs of the Empire City including a stunning 737 centi-millionaires – those whose assets total $100 million or more – and 59 billionaires. Brooklyn, Queens, Staten Island, and The Bronx feature some of the world’s most luxurious residential streets along with the glittering high-rises and bustling financial hub of Wall Street in Manhattan. Coming in second, Tokyo – with global headquarters of Honda, Hitachi, Mitsubishi, Softbank, and Sony – now has 304,900 resident millionaires, including 263 centi-millionaires and 12 billionaires. The San Francisco Bay area— encompassing the city of San Francisco and tech-laden Silicon Valley — moved up the list to place third with 276,400 millionaires, including 623 centi-millionaires and 62 billionaires, according to the report.
London slipped one spot to place as the fourth wealthiest city – with 272,400 millionaires including 406 centi-millionaires and 38 billionaires living among its storied affluent neighborhoods like Hyde Park and Regents Park. Rounding out the top five globally is Singapore – the city-state and Asia’s second-biggest millionaire oasis after Tokyo – which is now home to 249,800 millionaires, including 336 centi-millionaires and 26 billionaires.
U.S. Metro Areas Take Half of Top Ten Spots
American cities took half of the top ten spots with the entertainment capital of the world—Los Angeles—coming in sixth boasting 192,400 resident millionaires, with 393 centi-millionaires and 34 billionaires. The Greater L.A. area includes celebrity-infested Beverly Hills, the posh canyons of Malibu, and the picturesque coastline of nearby Orange County.
The ‘Windy City’ with Fortune 500 companies like McDonald’s and Boeing came in seventh place. Chicago’s lakeside high-rises and surrounding suburban conclaves are now home to 160,100 millionaires, including 340 centi-millionaires and 28 billionaires. Placing eighth on the list is oil-rich Houston which also has one of the fastest-growing millionaire populations, according to the report. The largest city in Texas, Houston is a leader in the world’s oil and gas industry with more than 5000 energy firms doing business in the region.
Other Cities With Impressive Wealth
The billionaire capital of China – Beijing – with 131,500 resident millionaires, including 363 centi-millionaires and 44 billionaires and Shanghai – China’s financial center – which is now home to 130,100 millionaires, with 350 centi-millionaires and 42 billionaires took the ninth and tenth spots, respectively.
The ‘Harbor City’ Downunder, Sydney, is on the rise at number 11, boasting 129,500 millionaires, including 188 centi-millionaires and 16 billionaires. As the yacht-studded crown jewel of Australia, Sydney has experienced strong wealth growth over the past two decades and is fast becoming one of the world’s top financial centers.
Housing one of the world’s largest stock exchanges, Hong Kong (SAR China), placed 12th on the list with 125,100 millionaires, 280 centi-millionaires, and 28 billionaires. The financial and millionaire hub of the E.U., Frankfurt, came in 13th, with 117,400 millionaires, including 161 centi-millionaires and 14 billionaires. Known for its financial centers, Frankfurt ranks well ahead of other German cities and remains the wealthiest city in mainland Europe.
With its booming technology sphere and leading financial centers, Toronto ranked 14th on the list with 116,100 resident millionaires, including 187 centi-millionaires and 17 billionaires. The world’s private banking hub, Zurich, came in 15th with its 105,100 millionaires, including 258 centi-millionaires and 12 billionaires. Credit Suisse, Julius Baer, and UBS are all headquartered in Zurich, which is also Europe’s most expensive city on the cost of living index.
The Q3 2022 Henley Global Citizens Report released by international residence and citizenship by investment advisory firm Henley & Partners uses data from the global wealth intelligence firm New World Wealth and reveals the world’s 20 wealthiest cities with the most resident millionaires.
The Top 20 Complete List
These are the 20 wealthiest cities in the world – and the number of wealthy individuals who live in each of them – according to Henley & Partners’ report.
- New York, U.S. (345,600)
- Tokyo, Japan (304,900)
- San Francisco Bay Area, U.S. (276,400)
- London, U.K. (272,400)
- Singapore, Singapore (249,800)
- Los Angeles, U.S. (192,400)
- Chicago, U.S. (160,100)
- Houston, U.S. (132,600)
- Beijing, China (131,500)
- Shanghai, China (130,100)
- Sydney, Australia (129,500)
- Hong Kong, (SAR) China (125,100)
- Frankfurt, Germany (117,400)
- Toronto, Canada (116,100)
- Zurich, Switzerland (105,100)
- Seoul, South Korea (102,100)
- Melbourne, Australia (97,300)
- Dallas/Fort Worth, U.S. (92,300)
- Geneva, Switzerland (90,300)
- Paris, France (88,600)
The views expressed in this article are not to be construed as personal advice. You should contact a qualified and ideally regulated adviser in order to obtain up to date personal advice with regard to your own personal circumstances. If you do not then you are acting under your own authority and deemed “execution only”. The author does not accept any liability for people acting without personalised advice, who base a decision on views expressed in this generic article. Where this article is dated then it is based on legislation as of the date. Legislation changes but articles are rarely updated, although sometimes a new article is written; so, please check for later articles or changes in legislation on official government websites, as this article should not be relied on in isolation.
- Retiring in the U.S.? These are the Best Cities of 2022-2023
- Portugal Holds Top Spot for ‘Golden Passport’; Economic Uncertainty Fuels New Demand for Investment Migration
- Retire Abroad for less than $2,000 a Month?
- Real Cost of Living Alone: The New “Singles Tax”
- Europe Offers Expat Investors a Plethora of Second-Home Destinations
Share this story