Wealth’s global landscape is ever-shifting, with metropolises vying for the title of Earth’s wealthiest spots. The Henley & Partners 2024 World’s Wealthiest Cities Report paints a picture of urban affluence, spotlighting areas with the highest concentrations of high-net-worth individuals (HNWIs). Let’s explore the top 15 wealthiest global cities for 2024.
New York City, USA
Maintaining its crown as the world’s wealthiest city, this concrete jungle houses 349,500 millionaires and 60 billionaires, collectively worth over $3 trillion. Robust finance, tech, and real estate sectors draw the wealthy from all corners. Its vibrant culture and premier business prospects make it the ultimate destination for the affluent.
Bay Area, USA
In second place, this tech hub has 305,700 millionaires—an impressive 82% surge over a decade. A combination of a tech boom and a thriving innovation economy fuels this growth. Home to tech giants and startups alike, it’s a magnet for high-net-worth individuals. The blend of natural beauty and economic bustle enhances its allure.
Tokyo, Japan
Once the world’s richest city, this Asian metropolis now ranks third with 298,300 millionaires. This represents a 5% decline over ten years due to economic slowdown and demographic shifts. Despite this dip, its dynamic economy and rich cultural heritage continue to attract the wealthy. However, it now faces stiff competition from emerging urban centers.
Singapore
Rising to fourth place, this Southeast Asian gem now hosts 244,800 millionaires, a 64% increase in a decade. Its business-friendly environment, strategic Asian location, robust legal framework, low taxes, and high quality of life make it highly attractive. As a critical global finance and trade hub, it’s now challenging its Asian counterpart for the continent’s wealthiest city title.
London, UK
Once the richest city globally, this European financial center now sits fifth with 227,000 millionaires. Due to political instability and economic challenges, its wealthy population has declined by 10% over a decade. Nevertheless, it remains a cultural and financial hub, drawing the rich to its luxurious properties.
Los Angeles, USA
This West Coast metropolis, which is ranked sixth, now has 212,100 millionaires, a growth of 45% in a decade. It features thriving entertainment spots and tech industries, a glamorous lifestyle, and a booming real estate market. These make it a hotspot for both the domestic and international wealthy.
Paris, France
As mainland Europe’s wealthiest hub, Paris has 165,000 millionaires, ranking seventh globally. Its deep-rooted culture, storied past, and robust economy spanning finance, fashion, and tech sectors lure the affluent. Offering a lavish lifestyle and top-tier amenities, the city’s allure persists despite economic shifts.
Sydney, Australia
With breathtaking landmarks like the Sydney Opera House and Harbour Bridge, Sydney offers both iconic vistas and a vibrant cultural scene. The Australian gem now has 147,000 millionaires. Its thriving economy and enviable quality of life fuel this growth. Over time, Sydne has solidified its status as a key wealth hub in the Southern Hemisphere.
Hong Kong, SAR China
At ninth place with 143,400 millionaires, this Asian financial powerhouse grapples with political unrest and economic instability. Yet, its low tax rates and vibrant business climate maintain its standing as a crucial financial center. While still drawing the wealthy, Hong Kong faces increasing competition from other Asian metropolises.
Beijing, China
A booming tech sector and growing foreign investment bolster its position as a premier wealth center. This Chinese city now houses 125,600 millionaires, a 90% increase in a decade, which has enabled it to enter into the top ten for the first time. Rapid economic growth, urban development, and its status as China’s political and cultural nucleus attract the affluent.
Shanghai, China
Shanghai’s mix of modern skyscrapers, luxury shopping, and historic architecture creates a unique blend of tradition and innovation. The global financial hub has 123,400 millionaires. Its thriving economy and vibrant culture draw wealthy residents seeking finance, tech, and trade opportunities.
Chicago, USA
With its diverse economy, this Midwestern powerhouse stands out as a financial and business hub. Home to over 120,000 millionaires, it lures the wealthy with its burgeoning high-end real estate market in areas like Lincoln Park and the Gold Coast. Its rich history and dynamic culture enhance its appeal.
Toronto, Canada
As Canada’s financial heart, it has a high concentration of millionaires. This city’s economy thrives on finance, tech, and healthcare. Affluent buyers snap up luxury properties in neighborhoods like Yorkville and Forest Hill. The cultural diversity and stable economy make it a top choice for wealthy individuals and corporations.
Milan, Italy
Its thriving luxury market, driven by finance, design, and manufacturing, attracts significant wealth. Sky-high prices for upscale properties in areas like Brera and Porta Nuova reflect its desirability among the affluent. Home to over 104,000 millionaires, this Italian city leads in fashion and finance globally.
Melbourne, Australia
Affluent residents flock to this Australian metropolis, drawn by its vibrant economy and cultural allure. Nearly 98,000 millionaires call it home, thriving in finance, healthcare, and education. Luxury real estate in posh neighborhoods captivates global attention. The city’s dynamic arts scene and exceptional quality of life continue to attract wealthy individuals.
