New York, Tokyo, and Paris are among the cities with the most wealthy residents, according to a new report by Henley & Partners, a firm that specializes in helping uber-rich clients invest their way into gaining residence and citizenship in various countries.
Here are the 10 cities with the most high-net-worth individuals — how the firm refers to people who have over $1 million of liquid investable assets.
China’s capital city, Beijing, had the biggest explosion in millionaire growth of any city on the list. In the last 10 years, the number of millionaires living in the city grew by 90%. About 125,600 millionaires lived in Beijing at the end of 2023. Beijing also had the third-most billionaires, 42, among the cities on the list.
About 143,400 millionaires and 35 billionaires call Hong Kong home. In contrast to Beijing, the number of millionaires in Hong Kong fell 4% in the past decade.
Sydney came in eighth place with 147,000 millionaire and 20 billionaire residents.
The report combines Paris and the surrounding region of Ile-de-France, the home of major European companies like LVMH and BNP Paribas. By the end of December, Paris and Ile-de-France had 165,000 millionaires and 23 billionaires.
Los Angeles is one of three American cities on the list. It is the world’s entertainment and media capital with major studios including Disney, MGM, and Warner Bros. Discovery. The city is home to 212,000 millionaires and 43 billionaires.
London is the top European city on the list with 227,000 millionaires and 35 billionaires, though its millionaire population fell 10% over the last decade.
Business-friendly Singapore had 244,800 millionaire and 30 billionaire residents by the end of 2023.
Tokyo is the top Asian city on the list with 298,300 millionaires. Despite this, it had the fewest billionaires, 14, among cities on the list. Tokyo is the base city for major corporations like Sony, Toyota, and Hitachi.
San Francisco and Silicon Valley, which the report considers one city, is home to 305,700 millionaires. The tech hub saw its millionaire population soar 80% in the last decade. It’s also home to the most billionaires of any city on the list with 68.
New York City is the financial center of the the United States with two of the world’s largest stock exchanges — the New York Stock Exchange and the Nasdaq. The city’s residents’ wealth exceeds $3 trillion. New York is home to 349,500 millionaires and 60 billionaires.