• Wednesday, October 04, 2023

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New York world’s richest city with highest number of millionaires, study finds

Coming in at a close second was Tokyo, while the San Francisco Bay Area landed in third place

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By: Kimberly Rodrigues

New York has been crowned as the world’s most prosperous city in the world, with 58 billionaires and 340,000 millionaires, followed by Tokyo and the San Francisco Bay Area.

Bangalore, known as the IT capital of India, was recognised as one of the fastest-growing cities for the super-wealthy, thanks to its booming tech sector in a recent study by global wealth tracker Henley & Partners.

Cities in the US and China dominated the list of the top 10 wealthiest cities globally, with London being the only European city to make the cut in 2023.

There are approximately 15 million high-net-worth individuals – those with an investable wealth of $1 million or more – in the world, the survey found.

Tokyo had 14 billionaires and 290,000 millionaires, while the San Francisco Bay Area landed in third place with 63 billionaires and 285,000 millionaires.

Both the number of millionaires and billionaires in cities were considered for the report, as well as the growth rate of high-net-worth individuals from 2012 to 2022.

Among the top 10 cities, three were in the US, including New York City, the Bay Area, and Los Angeles, while three were in China.

London came in fourth with 36 billionaires and 258,000 millionaires.

Singapore was in fifth place with 27 billionaires and 240,100 millionaires, while Los Angeles followed with 42 billionaires and 205,400 millionaires.

China dominated the seventh, eighth, and ninth spots on the global list with Hong Kong’s 129,500 millionaires and 32 billionaires, Beijing’s 128,200 millionaires and 43 billionaires, and Shanghai’s 127,200 millionaires and 40 billionaires.

Sydney took the tenth spot with 126,900 millionaires and 15 billionaires.

Several Indian cities also made it onto the list of fastest-growing millionaire populations, with Mumbai ranking 21st with 59,400 millionaires. Other cities included Delhi with 30,200 millionaires, Bengaluru with 12,600 millionaires, Kolkata with 12,100 millionaires, and Hyderabad with 11,100 millionaires.

Additionally, the report listed the rapidly developing cities for the super-wealthy, such as Scottsdale, Austin, West Palm Beach, and Greenwich & Darien in the United States, Monaco, Warsaw, and Dublin in Europe, Dubai, Marrakech, and Kigali in Middle East and Africa, and Shenzhen, Hangzhou, and Ho Chi Minh City in the Asia Pacific.

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