New York city in the United States has emerged as the biggest millionaire hotspot, with over 340,000 people having a net worth of over $1 million.
The Wealthiest Cities Report 2023 by Henley & Partners noted that the most-populous city in the US has seen a 40 percent rise in High Net Worth Individuals (HNWI) in the last decade.
An person with a total net worth of over $1 million comes under the category of High Net Worth Individuals (HNWIs).
However, it is the San Francisco Bay Area on the West coast of the United States that has the most billionaire in the world – 63. They city also has the second-most number of HNWIs in the United States at 285,000. Another US city, Los Angeles, comes in sixth place, with over 205,000 HNWIs.
Japan’s capital Tokyo is second in the list with 290,300 HNWIs, while London and Singapore occupy the fourth and fifth position.
Three cities in China occupy the top 10 positions. Hong Kong, a Special Administrative Region of China, is seventh (129,500 HNWIs), China’s capital Beijing is eighth (128,200 HNWIs), while Shanghai is the ninth position (127,200 HNWIs).
Australia’s Sydney is tenth on the list, with 126,900 HNWIs living within its city limits. The city is also expected to be among the five wealthiest cities in the world by 2040, the report said.
The report covers 97 cities across nine regions worldwide and includes most of the world’s top wealth hubs.
Interestingly, seven cities are in countries actively welcoming Foreign Direct Investment in return for residence or citizenship rights. These countries are the United States, Hong Kong, Singapore, Australia and United Kingdom.
The growing economic rivalry between the US and China can also be seen in this list, as both countries also have three cities each in the 10 fastest growing millionaire hotspots.
At 105 percent, Hangzhou, a city in eastern China, has seen the highest growth in HNWIs since 2012. High-tech capital, Shenzhen, and the port city of Guangzhou have also enjoyed significant rise in HNWIs since 2012, at 98 percent and 86 percent, respectively.
The three fastest growing millionaire hotspots in the US are Austin (102 percent growth in resident HNWIs), West Palm Beach (90 percent), and Scottsdale (88 percent).
On a per-capita basis, Monaco, the tiny city-state in Europe, is the wealthiest in the world. According to the report, the average wealth of a person living in Monaco exceeds $10 million.
Five Indian cities find a place in this year’s rankings. India’s financial capital Mumbai is the top ranked Indian city at the 21st place with over 59,000 HNWIs. It is followed by Delhi at the 36th position, with over 30,000 millionaires. India’s capital city is followed by Bengaluru, Kolkata and Hyderabad.
The report noted that two southern Indian cities — Bengaluru (88 percent) and Hyderabad (78 percent) — have been among the 10 fastest growing millionaire hubs in the last decade.
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