Relating to the variety of resident millionaires, cities within the USA and China dominate the World’s High 10 Wealthiest Cities, whereas just one European metropolis, specifically London, makes it onto the 2023 listing revealed as we speak by worldwide funding migration agency Henley & Companions in partnership with international wealth intelligence agency New World Wealth.
New York Metropolis wears the crown because the wealthiest on the earth with 340,000 millionaires, whereas two different American wealth hubs — the San Francisco Bay Space and Los Angeles — are available third and sixth locations, with 285,000 and 205,400 resident high-net-worth people, respectively (word: HNWIs are outlined as these with investable wealth of over USD 1 million and all figures are rounded off to the closest 100).
Tokyo, which led the pack ten years in the past, falls to 2nd place with 290,300 millionaires, and London, the wealthiest metropolis on the earth for a few years, drops all the way down to 4th place with 258,000 resident HNWIs. Metropolis-state Singapore, broadly considered essentially the most business-friendly metropolis on the earth and one of many prime locations for migrating millionaires, sits in fifth place with 240,100 resident millionaires, whereas Sydney is available in tenth place with 126,900 millionaires. Residence to a number of the world’s most unique residential suburbs, Sydney has skilled particularly robust wealth development over the previous 20 years and is projected to interrupt into the worldwide High 5 wealthiest cities by 2040.
Asia Pacific cities achieve floor over previous decade
China has three cities within the High 10, with Hong Kong (129,500 millionaires), Beijing (128,200), and Shanghai (127,200) taking seventh, eighth, and ninth locations, respectively. Beijing and Shanghai have each climbed the rankings over the previous decade, however Hong Kong has taken a tumble, dropping from 4th place in 2012 all the way down to seventh place presently.
Dr. Juerg Steffen, CEO of Henley & Companions, says 7 of the High 10 wealthiest cities on the earth are in international locations that host formal funding migration packages and actively encourage overseas direct funding in return for residence or citizenship rights. “The fitting to stay, work, research, and put money into main worldwide wealth hubs akin to New York, London, Singapore, Sydney, and Hong Kong might be secured through residence by funding. With the ability to relocate your self, your loved ones, or your online business to a extra favorable metropolis or have the choice to decide on between a number of totally different residences internationally is an more and more vital side of worldwide wealth and legacy planning for personal purchasers.”
Financial rivals America and China vie for millionaire development
The US and China additionally dominate the High 10 listing of quickest rising cities in terms of resident millionaires over the previous decade. Considered one of China’s most enduringly well-liked vacation spots, Hangzhou, tops the charts on this respect with millionaire development of 105% between 2012 and 2022. Excessive-tech capital, Shenzhen, and the port metropolis of Guangzhou additionally loved important HNWI enlargement over the previous decade, at 98% and 86%, respectively. The three quickest rising millionaire hotspots within the US are Austin (102% development in resident HNWIs), West Palm Seaside (90%), and Scottsdale (88%). India has two cities within the High 10 — Bengaluru (88%) and Hyderabad (78%) — and the ultimate two locations go to the UAE’s cultural hub Sharjah (84%) and Ho Chi Minh Metropolis in Vietnam (82%) which is quick rising as Asia’s subsequent large wealth hub.
Head of Analysis at New World Wealth, Andrew Amoils, says conventional wealth magnets akin to Monaco and Dubai have additionally skilled particularly robust millionaire development over the previous decade. “Arguably the world’s prime protected haven for the super-rich, the typical wealth of an individual residing in Monaco exceeds USD 10 million, making it the top-ranked metropolis on a wealth per capita foundation. Additionally it is the world’s costliest metropolis, with condo costs recurrently exceeding USD 35,000 per sq. meter. Dubai is one other established worldwide wealth centre, with its low tax charges making it a magnet for migrating millionaires from all around the world. Roughly 3,500 high-net-worth people moved to the town in 2022 alone.”
The World’s Wealthiest Cities Report 2023 contains HNWI inhabitants information for 97 cities internationally, in addition to HNWI development stats for the previous decade (2012 to 2022) together with seasonal hotspots for centi-millionaires (these people with investable wealth of USD 100 million or extra).