The United States leads the global wealth concentration, boasting 11 cities among the world’s richest according to the “2024 World’s Wealthiest Cities Report.”
Published by Henley & Partners with New World Wealth, the report identifies New York City as the wealthiest, with total assets exceeding $3 trillion.
The Big Apple claims 349,500 millionaires, 744 centi-millionaires, and 60 billionaires.
In second place, the Bay Area, encompassing San Francisco and Silicon Valley, hosts 305,700 millionaires.
This Northern California region has grown its wealthy population by 82% in the past decade, and now contains 675 centi-millionaires and 68 billionaires.
Tokyo ranks third, despite a 5% decline in wealthy residents over the past decade, with 298,300 millionaires.
Meanwhile, Singapore climbed to fourth after a 64% increase in millionaires. This city-state has 244,800 millionaires, 336 centi-millionaires, and 30 billionaires.
London’s 10% decline in wealthy residents drops it to fifth, now hosting 227,000 millionaires, 370 centi-millionaires, and 35 billionaires.
Zurich and Geneva, despite much smaller populations, hold more wealth than Paris and Île-de-France.
Los Angeles jumped to sixth with a 45% rise, now hosting 212,100 millionaires, 496 centi-millionaires, and 43 billionaires.
China stands out with five mainland cities in the Top 50. Beijing ranks among the top ten for the first time, with its millionaire population increasing by 90% to 125,600.
Shenzhen grew its wealthy residents by 140%, while Hangzhou and Guangzhou also experienced significant growth.
In the Middle East, Dubai reigns as the wealthiest city, enjoying a 78% increase in millionaires over the last decade.
Bay Area, Tokyo, and Singapore Compete Among World’s Richest Cities
No South American or African cities are in the Top 50, but Nairobi (4,400 millionaires) and Cape Town (7,400) show strong growth.
Monaco, home to 40% millionaire residents, remains the priciest city per capita and a top pick for the wealthy.
New York ranks second, with prime real estate at $28,400 per square meter, followed by London, Hong Kong, and Saint-Jean-Cap-Ferrat.
Investment migration programs offered by countries hosting the wealthiest cities attract international investors seeking residency and diverse opportunities.