Money is the lifeblood, and just as there are rich people, there are rich and poor cities, and there are cities that are the richest in the world. Rich people who own millions of dollars seek to live in rich cities for several reasons, perhaps the most important of which is the rule that says “money attracts money”, and where there is money, there is work, and there are opportunities to grow wealth and increase capital.
When it comes to the number of millionaires living in wealthy cities with investable liquid wealth of $1 million or more, the United States leads the way with 11 cities in the top 50, according to the “World’s Richest Cities 2024 Report,” published annually by Henley & Partners, a global wealth migration specialist, in collaboration with New World Wealth, a global data intelligence firm.
China consolidates its position
China has cemented its place in the latest ranking of the world’s 50 richest cities, with five mainland cities making the list, and the Chinese capital Beijing making it into the top 10 for the first time after a 90% growth in the number of millionaires over the past decade.
- Shenzhen is the world’s fastest growing city for wealthy people, with its millionaire population increasing by 140% over the past ten years.
- Hangzhou also saw a massive 125% increase in its high-net-worth population.
- The number of millionaires in Guangzhou has grown by 110% over the past decade.
Dubai is the first in the Middle East
In the Arab world, there is only one Arab city on the list of the 50 richest cities in the world, which is Dubai in the Emirates, which sits on the throne of the richest city in the region, with an astonishing 78% growth in the number of its millionaire population over the past ten years.
Dubai currently ranks 21st among the world’s richest cities, with 72,500 millionaires with a net worth of more than $1 million, 212 centi-millionaires with a net worth of more than $100 million, and 15 billionaires.
The fragility of wealth in an unstable world
“The main factor driving growth in the world’s richest cities has been the strong performance of financial markets in recent years,” says Dr. Jörg Steffen, CEO of Henley & Partners. “The S&P 500’s 24% rise last year, the Nasdaq’s 43% rise, and Bitcoin’s astonishing 155% rise have all boosted the wealth of wealthy investors.”
“In addition, rapid advances in artificial intelligence, robotics and blockchain technology have presented new opportunities for wealth creation and accumulation,” Dr. Stephen adds. “However, even as new opportunities emerge, old risks remain. The war in Ukraine, which saw the number of millionaires in Moscow fall by 24% to 30,300, is an important reminder of the fragility of wealth in an uncertain and unstable world.”
Here are the 10 richest cities in the world in terms of the number of millionaires living in them:
10th place: Beijing
- Country: China
- Number of millionaires: 125,600 millionaires
- Number of centimillionaires (those with a net worth of over $100 million): 347 centimillionaires
- Number of billionaires: 42 billionaires
- Growth rate over 10 years: 90%
Beijing has entered the world’s top 10 richest cities by number of millionaires for the first time. The Chinese capital has a long imperial history and is home to more than 21 million people. Covering 6,487 square kilometers, it is one of the world’s best cities for business, home to some of the world’s largest companies, according to CNN and AsiaLink Business.
9th place: Hong Kong
- Country: China
- Number of millionaires: 143,400 millionaires
- Number of centi millionaires: 320 centi millionaires
- Number of billionaires: 35 billionaires
- Growth rate over 10 years: -4%
Although Hong Kong has fallen four places over the past decade to rank ninth on the 2024 list, it remains an attractive business city for thousands of millionaires and entrepreneurs to work and live in. It is a strategic gateway to the growing markets of mainland China, a regional financial and logistics hub for expansion across Asia, and a stable, highly efficient and business-friendly global city.
8th place: Sydney
- Country: Australia
- Number of millionaires: 147 thousand millionaires
- Number of Centimillionaires: 205 Centimillionaires
- Number of billionaires: 20 billionaires
- Growth rate over 10 years: 34%
Sydney is Australia’s major financial and economic centre, Australia’s gateway to the world, and a leading centre of economic activity in the Asia-Pacific region. In the decade before the COVID-19 pandemic, the city’s GDP increased by 65.2%, local jobs increased by 28.5% to around 519,000, and the number of businesses increased by 23.9% to more than 24,000.
The city has returned to play a leading role in the global economy after the pandemic, occupying the eighth position on this list, with a 34% growth in the number of millionaires living and working there over the past ten years.
7th place: Paris and Ile de France
- Country: France
- Number of millionaires: 165 thousand millionaires
- Number of centi millionaires: 286 centi millionaires
- Number of billionaires: 23 billionaires
- Growth rate over 10 years: 12%
Paris and the surrounding area known as the Île-de-France is the richest region in Europe, the main commercial region of Europe and one of the most important commercial regions in the world.
It alone represents 4.5% of the European GDP. It is home to 1,055,000 companies and is home to nearly two-thirds of the headquarters of French companies employing more than 2,000 people.
It has the largest amount of commercial real estate in Europe and is also the largest employment region in Europe, with 6 million jobs and a highly skilled workforce (35% of French executives).
Paris also has the largest concentration of foreign banks and financial institutions in Europe, according to the Welcome to France platform.
6th place: Los Angeles
- Country: United States
- Number of millionaires: 212,100 millionaires
- Number of centi millionaires: 496 centi millionaires
- Number of billionaires: 43 billionaires
- Growth rate over 10 years: 45%
Los Angeles has a sophisticated infrastructure that is of great importance both internationally and nationally, with more than 40% of U.S. imports passing through the ports of Los Angeles and Long Beach, which are connected by a complex system of railroads and highways to the rest of the United States.
It is the No. 1 customs territory in the United States in terms of bilateral trade value, and Hollywood is located in Los Angeles County, making it the creative capital of the country and home to a large number of artists, creatives and millionaires.
Fifth place: London
- Country: United Kingdom
- Number of millionaires: 227 thousand millionaires
- Number of centi millionaires: 370 centi millionaires
- Number of billionaires: 35 billionaires
- Growth rate over 10 years: (–10%)
London was the richest city in the world for many years, but has declined over the past few years, and now ranks fifth with 227,000 millionaires, 370 centimillionaires and 35 billionaires, a 10% decrease over the past decade.
Fourth place: Singapore
- Country: Singapore
- Number of millionaires: 244,800 millionaires
- Number of centi millionaires: 336 centi millionaires
- Number of billionaires: 30 billionaires
- Growth rate over 10 years: 64%
Singapore has climbed two places to fourth in the global rankings after a staggering 64% increase in the number of millionaires over the past ten years, and looks set to replace Tokyo as Asia’s richest city very soon.
Singapore is widely considered the most business-friendly city on Earth, and is also one of the world’s top destinations for millionaire expatriates, with around 3,400 high-net-worth individuals moving there in 2023 alone. The city now boasts 244,800 resident millionaires, 336 centi-millionaires and 30 billionaires living there.
Third place: Tokyo
- Country: Japan
- Number of millionaires: 298,300 millionaires
- Number of centi millionaires: 267 centi millionaires
- Number of billionaires: 14 billionaires
- Growth rate over 10 years: –5%
Tokyo, which topped the list as the world’s richest city a decade ago, has suffered a 5% decline in its high-net-worth population over the past decade and now ranks third on the list.
2nd place: San Francisco and Silicon Valley
- Country: United States
- Number of millionaires: 305,700 millionaires
- Number of centi millionaires: 675 centi millionaires
- Number of billionaires: 68 billionaires
- Growth rate over 10 years: 82%
The Northern California Bay Area, which includes San Francisco and Silicon Valley, comes in second. It has seen some of the world’s highest wealth growth rates thanks to the high-tech industry, with the number of millionaires increasing by 82% over the past decade and is now home to 305,700 millionaires, 675 centimillionaires and 68 billionaires.
First place: New York
- Country: United States
- Number of millionaires: 349,500 millionaires
- Number of centi millionaires: 744 centi millionaires
- Number of billionaires: 60 billionaires
- Growth rate over 10 years: 48%
With its strong economy, advanced infrastructure, global workforce and innovation across industries, it’s no wonder New York City is considered the world’s financial and business center.
The city ranks first on the list, with the total wealth of its residents now exceeding $3 trillion, according to the report. The city is home to 349,500 millionaires, 744 centimillionaires, and 60 billionaires.
