According to the New World Wealth report by Henley & Partners, the wealthiest cities in the world are mainly from the US, Japan, and China. The Asia region is experiencing the highest growth rate of millionaires in the world.
New York is currently the wealthiest city in the world, with about 340,000 millionaires (HNWIs), 724 super-rich (net worth over $100 million), and 58 billionaires. Tokyo, Japan, takes second place with 290,000 people with assets over 1 million USD, although it has the fewest billionaires in the top 10 wealthiest cities.
The US and China contribute three cities each in the list of 97 cities compiled by Henley & Partners, with Tokyo, London, Singapore, and Sydney rounding out the list. Meanwhile, Ho Chi Minh City is the only representative from Vietnam, ranking 67th, with 7,700 millionaires (HNWI), 15 super rich, and 3 billionaires.
CEO of Henley & Partners Juerg Steffen told reporter, most of the top cities on the list are from countries that have programs supporting capital mobility and encouraging foreign direct investment in exchange for residency rights.
The Bay Area, which includes San Francisco and Silicon Valley in California, has the most billionaires globally, contrary to popular belief that it’s New York. Other financial and economic centers of the world, such as London, Mumbai, Moscow, and Singapore, also make the top 10 cities with the most billionaires, although the statistics of Henley & Partners differ from the Forbes list.
The US contributes 15 representatives to the list of 97 cities, followed by South Africa, China, India, and Australia. However, the total number of millionaires and billionaires in 7 South African cities combined is still not equal to Shanghai or Hong Kong.
The list of Henley & Partners seems to miss many important cities and regions. For example, Thailand has 34 billionaires, and Taiwan island has over 40 billionaires, but the list doesn’t mention any cities in these two regions.
The Asia-Pacific region has the highest growth rate of millionaires globally, with the number of millionaires in Hangzhou and Shenzhen doubling in the past decade. Ho Chi Minh City is also among the fastest-growing cities, with an 82% increase in the number of people with a net worth of over $1 million (HNWI) over the past decade.
However, some areas such as Moscow, St. Petersburg in Russia, Istanbul in Turkey, Hong Kong, and London have seen a decrease in the number of rich people between 2012 and 2022. Hong Kong, for example, dropped from being the 4th richest city in the world in 2012 to 7th place in 2022.