A new report ranking the world’s wealthiest cities has been published, showing the US is still a powerhouse when it comes to how rich its residents are.
The number of resident high net worth individuals with liquid wealth of at least USD 1 million in cities around the world is compared annually by wealth migration firm Henley and Partners and data intelligence analysts New World Wealth. According to analysis from Dr. Juerg Steffen, CEO of Henley & Partners, the financial markets have been the key driver of growth in cities that have climbed the ranking: “The S&P 500’s 24% gain last year, along with the Nasdaq’s 43% surge and Bitcoin’s staggering 155% rally, has buoyed the fortunes of wealthy investors.”
1. New York City
New York City retains its top spot in 2024, with a total wealth of over $3 trillion – more than the wealth of most other G20 nations. The Big Apple is home to 349,500 millionaires, 744 centi-millionaires (with investable wealth of over $100 million), and 60 billionaires. On the other hand, New York is also the second most expensive city to live in, according to the report, behind Monaco.
2. San Francisco
Another US city takes second place. Northern California’s Bay Area, including San Francisco and Silicon Valley. With a millionaire growth rate of 82% over the last ten years, 305,700 millionaires, 675 centi-millionaires, and 68 billionaires now reside there. Steffen noted that “rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth” in places like Silicon Valley – and could be said to apply to the 100%+ growth seen in Chinese cities such as Shenzen, Hangzhou, and Guangzhou, where there have been significant increases in millionaire populations.
3. Tokyo
Tokyo, which was in number one position a decade ago, has dropped back to the third spot, after a 5% decline in its millionaire and multi-millionaire population to 298,300 millionaires.
4. Singapore
City-state Singapore on the other hand is shooting up the rankings, rising to just behind Tokyo to take fourth place on the global ranking. It has boosted its millionaire population by a 64% increase over 10 years. Part of its success is its reputation as a business-oriented city, attractive to migrant millionaires, with thousands of high net worth individuals choosing to move to Singapore in 2023. It now claims 244,800 millionaires, 336 centi-millionaires, and 30 billionaire residents.
5. London
London’s demise continues. From the wealthiest city in the world for many years it has now fallen to fifth place in the ranking, with just 227,000 millionaires, 370 centi-millionaires, and 35 billionaires — a 10% decline in a decade. Adding to London’s woes? It is the third most expensive city to live in.
6. Other headlines
Other headlines from the report include the lack of any African or South American cities in the top rankings. But, marked as places to watch are Nairobi, Kenya, with 4,400 millionaires, a 25% increase over the past decade, again driven by a healthy tech ecosystem and growing middle class, according to the report’s authors; and Cape Town, which has attracted 20% more millionaires over ten years and now has 7,400 of them.
