Top 20 world’s wealthiest cities as of January 2023

Top 20 world’s wealthiest cities as of January 2023

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Introduction

The world’s wealthiest cities are centers of opportunity, human innovation, and culture. As an expat, the thought surely must have crossed your mind to visit or live in the most famous cities in the world.

In fact, according to the United Nations, cities today are home to more than half of the world’s population. Seven out of ten individuals are predicted to reside in urban areas by the year 2050. Cities are the main contributors to economic growth, accounting for more than 80% of global GDP.

Leading capitals around the world have always drawn the attention of the affluent for a variety of reasons, including business prospects, opulent real estate, elite educational institutions, top-notch private healthcare facilities, and unique cosmopolitan surroundings.

High-net-worth individuals are also increasingly looking into investment migration options that provide for location flexibility and optionality, allowing them to live and do business in a variety of jurisdictions.

In this article, we will discuss the top 20 world’s wealthiest cities as found by London-based investment migration consultancy Henley & Partners, in partnership with global wealth intelligence firm New World Wealth, in their latest Henley Global Citizens Report.

The Henley Global Citizens provides exclusive statistics identifying the world’s wealthiest cities with the most millionaires, along with global and regional investment migration and private wealth insights.

What are the world’s wealthiest cities?

Six American cities are included in the list of the top 20 world’s wealthiest cities as of January 2023. Along with eight cities from the Asia-Pacific region, two cantons in Switzerland are among the top 20.

14 of the 20 locations on the list are located in nations with official investment migration policies and that aggressively promote foreign direct investment in exchange for residency or citizenship.

New York

There are 345,600 millionaires living in the Big Apple, including 737 centimillionaires (those who have net worth of at least USD $100 million) and 59 billionaires.

According to many other metrics, New York is the world’s wealthiest metropolis and the financial hub of the United States. The two biggest stock exchanges in the world by market cap are also located there (the Dow Jones and NASDAQ).

Most notable is the fact that the city’s people own more private wealth than USD 3 trillion—more than the majority of the major G20 nations.

The city is made up of the five boroughs of Staten Island, the Bronx, Brooklyn, Manhattan, and Queens. It has some of the most upscale residential streets in the world, notably Fifth Avenue in Manhattan, where the cost of a luxury condominium may approach USD 28,000 per square meter.

It should be noted that there are a number of wealthy commuter communities close to New York City that are also home to a significant amount of top-tier wealth. Greenwich, Great Neck, Sands Point, and Old Westbury are notable cities. The number of billionaires in the combined area would reach 120 if these municipalities were factored into the estimates for New York City.

Tokyo

Second place in the list of world’s wealthiest cities is Tokyo. Tokyo has 304,900 resident millionaires, including 263 centimillionaires and 12 billionaires.

There is a relatively low billionaire population in Tokyo compared to most other cities on our top 20 list. This suggests that wealth is relatively evenly distributed in Tokyo, with the middle classes and lower-tier millionaires controlling most of the city’s wealth.

Honda, Hitachi, Mitsubishi, Softbank, and Sony are among the big name companies that call Tokyo their home.

Tokyo’s metropolitan area is considered one of the most populous in the world. Situated at the head of Tokyo Bay, the prefecture is a part of the Kantō region on the central coast of Honshu, Japan’s largest island.

Tokyo is the home of the Japanese government and the Emperor of Japan, as well as being the country’s economic hub.

San Francisco Bay area

There are 276,400 millionaires in the San Francisco Bay area, which encompasses the now-famous Silicon Valley and the city of San Francisco. This number includes 623 centimillionaires and 62 billionaires.

Silicon Valley, where numerous tech millionaires reside, is home to wealthy communities like Atherton and Los Altos Hills. Over the past ten years, this region has been steadily climbing the list of millionaire hubs, and by 2040, is estimated to be at the top of the list of world’s wealthiest cities.

A vast multimodal transportation network links the nine-county Bay Area’s numerous cities, towns, airports, and associated regional, state, and national parks. The Bay Area is renowned for its stunning scenery, liberal politics, top-tier institutions, tech firms, and wealth.

London

For many years considered as the wealthiest city in the world, London now has 272,400 millionaires living there, including 406 centi-millionaires and 38 billionaires.

Particularly wealthy are the houses and apartments that have views of Hampstead Heath, Regents Park, and other parks in London, according to a heat map created by location analytics experts Webster Pacific that shows London’s wealthiest areas.

It should be mentioned that over the past ten years, London has had a continuous exodus of billionaires, with many moving to commuter cities nearby such Ascot, Beaconsfield, Bourne End, Bray, Cookham, Henley, Leatherhead, Maidenhead, Marlow, Taplow, Virginia Water, Weybridge, and Windsor.

The flight could be caused by a variety of factors, including rising city crime rates. Regardless, London still remains as one of the world’s wealthiest cities.

Singapore

Singapore, which is ranked fifth overall, is Asia’s second-largest millionaire haven after Tokyo.

The city-state, which is home to 249,800 millionaires, including 336 centimillionaires and 26 billionaires, is largely recognized as the most business-friendly city in the world and one of the most popular places for millionaires to emigrate.

According to the most recent Henley Private Wealth Migration Dashboard, a net influx of 2,800 high-net-worth individuals is expected to emigrate to Singapore in 2022 alone.

Aside from being one of the world’s wealthiest cities, Singapore ranks third in the world for population density. The city state has four official languages: English, Malay, Mandarin, and Tamil. The country has a heterogeneous population and recognizes the need to protect the cultural identities of the different ethnic groups that make up the country.

The official language is English, and many government services are only offered in English. The constitution explicitly recognizes multiracialism, which continues to influence national policies in housing, politics, and education.

Los Angeles

There are 192,400 millionaires living in Los Angeles, along with 393 centimillionaires and 34 billionaires.

Wealth held in Los Angeles as well as the adjacent communities of Malibu, Beverly Hills, Laguna Beach, Newport Beach, and Santa Monica is included in numbers for this region. Entertainment, IT, retail, and transportation are the city’s most important sectors.

Chicago

Chicago, the largest inland city in the USA, has a highly diversified economy that is strong in many important industries.

As one of the world’s wealthiest cities, Chicago is home to 160,100 millionaires, including 340 centimillionaires and 28 billionaires. 35 Fortune 500 firms, including brands like McDonald’s and Boeing, have their headquarters in Chicago.

Houston

There are 132,600 millionaires in Houston, along with 314 centimillionaires and 25 billionaires.

It should be noted that in terms of wealth growth over the last 20 years, Houston has been one of the fastest rising cities in the world. In addition, it leads the US in a number of important industries, including engineering, biotechnology, basic materials (oil and gas), and aviation.

Beijing

Beijing, the capital of China, is home to 131,500 millionaires, including 363 centimillionaires, and has 44 billionaires, which places it third in the world behind New York City and the San Francisco Bay region. In addition, Beijing is home to the majority of China’s biggest corporations, making it one of the world’s wealthiest cities.

Shanghai

In comparison, Shanghai, the largest city in China, is home to 130,100 millionaires, 350 centi-millionaires, and 42 billionaires. It is regarded as China’s financial hub. According to market cap, the Shanghai Stock Exchange is the third biggest in the world (after the Dow Jones and NASDAQ).

Sydney

Sydney, which has 129,500 millionaires, 188 centimillionaires, and 16 billionaires, has had very high wealth development over the past 20 years and is quickly rising to the top of the list of global financial hubs.

Bellevue Hill, Darling Point, Double Bay, Dover Heights, Longueville, Mosman, Point Piper, and Vaucluse are a few examples of affluent suburbs. These suburbs have remarkably high housing costs.

Hong Kong (SAR China)

Ten years ago, Hong Kong was the second wealthiest city in the Asia-Pacific after Tokyo. Since then, Singapore, Beijing, Shanghai, and Sydney have surpassed Hong Kong, which now has 125,100 millionaires, 280 centi-millionaires, and 28 billionaires.

Despite this, many of Asia’s richest businesspeople continue to reside in the special administrative territory, and the Hong Kong Stock Exchange continues to be one of the most significant stock markets in the world.

Frankfurt

Frankfurt, one of the top financial hubs in the world and the wealthiest city in continental Europe, is home to 117,400 millionaires, including 161 centi-millionaires and 14 billionaires.

Frankfurt stands out from other major German cities (Berlin, Hamburg, and Munich) in terms of its wealthy population despite contributing less to the country’s GDP, making it one of the world’s wealthiest cities.

Toronto

Toronto, one of the top financial hubs in the world, is home to 116,100 millionaires, 187 centi-millionaires, and 17 billionaires.

Brookfield Asset Management, the Four Seasons Hotel Group, George Weston, Onex Corporation, the Royal Bank of Canada, and Scotiabank are just a few of the notable businesses with headquarters in the vibrant metropolis. Toronto also boasts a tech sector that is expanding quickly.

Zurich

The Canton of Zurich, a hub for banking and finance worldwide, is home to 105,100 millionaires, including 258 centimillionaires and 12 billionaires.

Three private banks with long histories of serving some of the richest families in the world have their headquarters in the city: Credit Suisse, Julius Baer, and UBS.

Seoul

There are 102,100 millionaires living in Seoul Special City, including 241 centimillionaires and 25 billionaires, making it one of the world’s wealthiest cities.

Notably, Seoul is home to over 80% of South Korea’s billionaires and a high 75% of the nation’s high-net-worth individuals. Hyundai, Kookmin Bank, LG, and Samsung are some of the well-known businesses with headquarters in the city.

Melbourne

Melbourne, the city with the highest quality of life in Australia, is home to 97,300 millionaires, 149 centimillionaires, and 12 billionaires.

The seaside metropolis, whose affluent neighborhoods include Brighton and Toorak, is home to several of the top firms in the nation, including ANZ, BHP, Rio Tinto, and Telstra. Melbourne is also rapidly increasing in wealth, much like Sydney.

Dallas & Fort Worth

There are 92,300 millionaires in the Dallas–Fort Worth metroplex, including 211 centimillionaires and 18 billionaires.

Dallas has experienced very significant wealth growth over the past 20 years, much like its Texan counterparts Houston and Austin, with numerous corporations moving their corporate headquarters there.

Texas Instruments, American Airlines, AT&T, CBRE, ExxonMobil, Southwest Airlines, and others are significant local Fortune 500 corporations.

Geneva

As the location of United Nations headquarters, the Canton of Geneva is also one of the world’s wealthiest cities, home to 16 billionaires and 345 centimillionaires.

Geneva, located in Romandy, the French-speaking region of Switzerland, is a hub of diplomacy and banking. Private banks, wealth managers, private family offices, and luxury watchmakers make up the majority of Geneva’s economy.

The canton is home to prominent businesses like Rolex, Patek Philippe, Pictet, Lombard Odier, Bordier & Cie, Edmond de Rothschild Group, and Pictet. Only Monaco, with a ratio of 44%, has a higher concentration of millionaires than Geneva, which has about 18% of its population classified as high net worth.

The cost of residential property is in the area is skyrocketing, with the price of a luxury apartment reaching USD 22,000 per square meter (figures only surpassed only by New York City and Monaco).

Paris

Historically one of the world’s wealthiest cities, 88,600 millionaires, 121 centimillionaires, and 15 billionaires all call Paris their home today; these numbers encompass all wealth in both the city of Paris and the adjacent department of Hauts-de-Seine.

Key industries include financial services, luxury products, and hospitality. The region is well known for its art, fashion, culture, and gastronomy (restaurants and hotels). The city is home to many of the biggest businesses in Europe, including BNP Paribas, Credit Agricole, and Mot Hennessy Louis Vuitton.

Dubai, Mumbai, and Shenzhen

As an added note, by 2030, it is anticipated that these three cities, which are expanding significantly, will enter the top 20.

There are now 67,900 millionaires, 202 centimillionaires, and 13 billionaires living in Dubai, which is currently ranked 23rd in the world.

The emirate’s economy is extremely diversified and strong in a number of important industries, such as basic materials, lodging, financial services, oil and gas, real estate, retail, and transportation. Emirates Hills, the Jumeirah Golf Estate, and the Palm Jumeirah are examples of wealthy neighborhoods in Dubai.

Mumbai is home to 60,600 millionaires, 243 centimillionaires, and 30 billionaires.

The National Stock Exchange and the Bombay Stock Exchange, two of the top 10 largest stock exchanges in the world by market cap, are located in the megacity.

Financial services, communications, and real estate are among the industries that are expanding quickly in the area.

There are 43,600 millionaires living in Shenzhen, including 135 centimillionaires and 17 billionaires. The Shenzhen Stock Exchange, the seventh-largest stock exchange in the world by market valuation, is located in Shenzhen, which is often regarded as China’s hi-tech capital.

Huawei, Tencent, and ZTE are three significant corporations with offices in the city.

Statistics on city wealth serve as a gauge of a city’s financial stability, commercial growth, and economic potential.

If you plan on living in or are planning to invest your wealth in these cities, it is advised to seek a financial consultant that can help guide you.

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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.