Top 20 Wealthiest Cities in 2023 by Number of Millionaires

What number of millionaires, hundred-millionaires, and billionaires dwell within the wealthiest cities on the earth?

Regardless that these measurements of personal wealth will not be all-inclusive, they do assist put the monetary well being and financial exercise of among the world’s wealthiest cities into perspective.

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This infographic ranks the world’s wealthiest cities through the use of knowledge from the Henley World Residents Report and New World Wealth. It makes use of a big set of knowledge that tracks the actions and spending habits of high-net-worth folks in over 150 cities world wide.

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Which cities and areas world wide have probably the most millionaires, every with a web value of greater than $1 million USD?

Millionaires and Billionaires Dwell within the Wealthiest Cities

In the newest model of the rating, seven of the cities with probably the most millionaires are all in North America.

Specifically, the USA has 5 of the highest ten cities, together with New York Metropolis, which is primary.

Rank	Metropolis	Nation	Millionaires	Billionaires
1	New York	United States	345,600	59
2	Tokyo	Japan	304,900	12
3	San Francisco	United States	276,400	62
4	London	United Kingdom	272,400	38
5	Singapore	Singapore	249,800	26
6	Los Angeles	United States	192,400	34
7	Chicago	United States	160,100	28
8	Houston	United States	132,600	25
9	Beijing	China	131,500	44
10	Shanghai	China	130,100	42
11	Sydney	Australia	129,500	16
12	Hong Kong	China (SAR)	125,100	28
13	Frankfurt	Germany	117,400	14
14	Toronto	Canada	116,100	17
15	Zurich	Switzerland	105,100	12
16	Seoul	South Korea	102,100	25
17	Melbourne	Australia	97,300	12
18	Dallas	United States	92,300	18
19	Geneva	Switzerland	90,300	16
20	Paris	France	88,600	15
Prime 20 Cities			3,259,600	543

 

With six cities, Asia has the second most millionaires of any area. Unsurprisingly, three of those cities are in China, together with Hong Kong (SAR).

Europe is in third place with 5 cities, however solely London is within the high 10 of the listing. Lastly, there are two cities on the listing which are in Oceania. Each are in Australia.

How the Prime Cities Evaluate?

Let’s look extra intently at among the cities on the high of the listing.

1. New York

New York is the world’s wealthiest metropolis, with 345,600 millionaires and a complete non-public wealth of greater than $3 trillion.

New York is residence to a number of Fortune 500 companies and is the monetary heart of the USA, with the New York Inventory Trade and the NASDAQ being headquartered there. Moreover, the town’s actual property sector is infamous for being overpriced, with sky-high property values and rents.

2. Tokyo

Tokyo is Japan’s financial heart and one of many world’s most necessary cities for commerce and finance. It has 304,900 millionaires as residents, making it the town with the second most millionaires on the earth.

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The Tokyo Inventory Trade is situated in Japan’s largest metropolis and is without doubt one of the largest inventory exchanges in Asia when it comes to market capitalization. Tokyo can be a major finance and insurance coverage hub, and it’s residence to a number of international companies together with Honda and Sony.

3. San Francisco Bay Space

There are 276,400 millionaires within the San Francisco Bay Space. It’s acknowledged because the mecca of technological innovation, and in consequence, the realm has a big focus of rich folks. As well as, San Francisco has the very best median family earnings within the nation.

The variety of millionaires has steadily elevated over the earlier decade, and if current developments proceed, San Francisco may develop into the primary millionaire hub by 2040.

4. London

For years, London has been the world’s wealthiest metropolis, but there was an outflow of millionaires within the final decade.

With 272,400 millionaires right now, the town is in a extra modest place. London is well-known for its monetary and enterprise sectors, and it attracts numerous high-earning professionals, contributing to its status as a wealth and luxurious hotspot.

5. Singapore

Singapore has 249,800 millionaires, making it Asia’s second richest metropolis behind Tokyo.

Singapore boasts considered one of Asia’s highest densities of millionaire households, with greater than 5% of households proudly owning at the least $1 million USD in web monetary belongings. That is due, partially, to the nation’s sturdy financial progress and pleasant enterprise surroundings, which has attracted numerous rich people and households. Moreover, Singapore’s political stability, low crime charge, and excessive customary of life have all contributed to the city-attractiveness state as a vacation spot to dwell and work.

Quickest Rising Cities for the Wealthy

The cities depicted in our picture are already well-established locations for rich people. Some have dominated the rankings for many years, whereas others are much less well-known. However which cities are the quickest increasing for the rich?

Cities with substantial oil and gasoline sectors, resembling Riyadh, Sharjah, Dubai, Luanda, Abu Dhabi, Doha, and Lagos, elevated considerably in 2022. Cities within the UAE have develop into millionaire magnets, with over 4,000 millionaires anticipated to reach by 2022. Within the United Jurisdictions, just a few tax-friendly states, resembling Texas and Florida, turned residence to American companies that relocated their headquarters there.

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Corporations and high-net-worth people will ultimately relocate to the place they’re finest handled sooner or later. International locations that search to draw rich inhabitants should implement tax-friendly legal guidelines in addition to different parts resembling high quality of life, security, schooling, and entry to facilities that ultra-wealthy residents respect.