The 2024 World’s Richest Cities Report, published annually by Henley & Partners in collaboration with New World Wealth, has been announced.
New York City maintains its top spot in the “2024 World’s Richest Cities Report”, published annually by Henley & Partners in collaboration with global data intelligence firm New World Wealth.
When it comes to the number of resident millionaires with liquid investable wealth of $1 million or more, the U.S. leads the way with 11 cities in the top 50, including New York City at No. 1.
The total wealth held by New York City residents now exceeds US$3 trillion, which is higher than the total wealth held in most major G20 countries.
A staggering 349,500 millionaires, 744 centi-millionaires (with investable wealth of over $100 million) and 60 billionaires live in New York.
At No. 2 is Northern California’s Bay Area, which includes the city of San Francisco and Silicon Valley. The Bay Area is home to 305,700 millionaires, 675 centrists and 68 billionaires, with one of the world’s highest wealth growth rates, increasing its millionaire population by 82% over the past decade.
SINGAPORE ON THE RISE
On the other hand, Tokyo, which took the lead as the richest city in the world a decade ago, has experienced a 5% decline in its resident high net worth individual (HNWI) population in the last decade and ranks 3rd with only 298 thousand 300 millionaires.
The city-state of Singapore looks set to soon displace Tokyo as Asia’s richest city as it moves up two places to No. 4 in the global rankings following an impressive 64% increase in millionaires over the past 10 years.
Widely regarded as the most business-friendly city in the world, Singapore is also considered one of the world’s top destinations for migrating millionaires. The city is currently home to 244,800 resident millionaires, 336 centi-millionaires and 30 billionaires.
THE FALL OF LONDON
London, which has been the richest city in the world for many years, continues to fall in the rankings and is now in 5th place with just 227,000 millionaires, 370 centi-millionaires and 35 billionaires. This represents a 10% decline over the last decade.
On the other hand, Los Angeles, which is home to 212 thousand 100 millionaires, 496 centi-millionaires and 43 billionaires, rose two places to rank 6th in the 10-year period and stands out with a significant growth of 45% in its rich population.
Henley & Partners CEO Dr. Juerg Steffen says an important factor driving growth in the world’s richest cities is the strong performance of financial markets in recent years.
“The S&P 500’s 24 percent gain last year, the NASDAQ’s 43 percent gain and Bitcoin’s staggering 155 percent rally have revived the fortunes of wealthy investors. Additionally, rapid advances in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation. Yet even as new opportunities emerge, old risks remain. The war in Ukraine, where Moscow’s millionaire population has fallen by 24 percent to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”
CHINA’S MILLIONAIRE BOOM
China has a notable presence in the latest “50 Richest Cities” rankings, with 5 mainland Chinese cities making the list, with Hong Kong (SAR China) (with 143,400 millionaires) and Taipei (30,200) counting for 7 cities. Beijing (125,600 millionaires) enters the top 10 for the first time after a 90% growth in its millionaire population over the past decade, and Shanghai (123,400), although Hong Kong dropped four places to 9th in the 10-year period. Shenzhen (50 thousand 300), Guangzhou (24 thousand 500) and Hangzhou (31 thousand 600) draw attention with significant increases in their millionaire populations.
While no African or South American cities make it into the “50 Richest Cities in the World,” the report identifies several rising stars that could join the ranks of the leading global wealth centers in the not-too-distant future. Nairobi, Kenya’s bustling capital, now has 4,400 millionaires, a 25% increase over the past decade thanks to its thriving tech ecosystem and growing middle class. Cape Town, South Africa’s stunning coastal jewel, is experiencing a 20% increase in millionaires. The Richest Cities in the World
THE MOST EXPENSIVE CITIES IN THE WORLD
Monaco, arguably the safest haven in the world for the super-rich, whose average wealth exceeds $20 million, also stands out as the top city in the world in terms of wealth per capita. More than 40% of the Mediterranean principality’s residents are millionaires, the highest rate of any city in the world. At the same time, Monaco is at the top of the list of the World’s Most Expensive Cities, with apartment prices exceeding USD 35,000 per square meter.
Henley & Partners Turkey Director Burak Demirel says that 7 of the world’s 10 richest cities are in countries that host investment migration programs that actively encourage foreign direct investment in exchange for residence or citizenship rights.
“Through investment, it is possible to secure the right to live, work, study and invest in leading international wealth centers such as New York, Singapore, Sydney, Vienna and Dubai. “Being able to move yourself, your family or your business to a more convenient city or having the option to choose between multiple different cities around the world is an increasingly important aspect of international wealth and legacy planning for private clients.”
