International investment migration firm Henley & Partners, in partnership with global wealth intelligence firm New World Wealth, has published the 2023 list of the world’s wealthiest cities. The rankings are based on the number of resident millionaires, with cities in the USA and China dominating the Top 10 list.

New York City takes the top spot with over 340,000 millionaires, followed by Tokyo with 290,300 millionaires. San Francisco Bay Area and Los Angeles in the USA come in at 3rd and 6th places, with 285,000 and 205,400 resident high-net-worth individuals, respectively.

London, which has held the title of the world’s wealthiest city for many years, falls to 4th place with 258,000 resident HNWIs. City-state Singapore is in 5th place with 240,100 resident millionaires, while Sydney is in 10th place with 126,900 millionaires.

China has three cities in the Top 10, with Hong Kong (129,500 millionaires), Beijing (128,200), and Shanghai (127,200) taking 7th, 8th, and 9th places, respectively. Beijing and Shanghai have climbed the rankings over the past decade, but Hong Kong has taken a tumble, dropping from 4th place in 2012 down to 7th place currently.

Dr Juerg Steffen, CEO of Henley & Partners, notes that “7 of the Top 10 wealthiest cities in the world are in countries that host formal investment migration programs and actively encourage foreign direct investment in return for residence or citizenship rights.”

The US and China also dominate the Top 10 list of fastest-growing cities for resident millionaires over the past decade. Hangzhou in China tops the charts with millionaire growth of 105% between 2012 and 2022, while Austin in the US comes in at a close second with 102% growth in resident HNWIs.

Andrew Amoils, Head of Research at New World Wealth, points out that traditional wealth magnets have experienced especially strong growth over the last decade. “Arguably the world’s top haven for the super-rich, the average wealth of a person living in Monaco exceeds USD 10 million, making it the top-ranked city on a wealth per capita basis. Dubai is another leading international wealth centre, with its low tax rates making it a magnet for migrating millionaires worldwide. Approximately 3,500 high-net-worth individuals moved to the city in 2022 alone.”

In conclusion, the rankings reflect the ever-growing wealth gap between cities and countries worldwide. While cities in the USA and China continue to dominate, European cities are slipping down the list. However, with emerging cities like Hangzhou and Ho Chi Minh City on the rise, the landscape of the world’s wealthiest cities may continue to evolve in the coming years.

Written by: Jill Walsh

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