The changing face of the global rich list (by city)

Two days ago, GOBankingRates published The World’s Wealthiest Cities Report 2023, collated by Henley & Partners. Some of the results proved to be eye opening.

Two days ago, GOBankingRates published research on the world’s latest rich list, showing cities with the fastest-growing millionaire populations. The information contained in The World’s Wealthiest Cities Report 2023, was collated by investment migration consultancy Henley & Partners and, while some of the results seem obvious, others are a total eye-opener.

This information can be invaluable to businesses – particularly retail. The distribution of millionaires in different cities can provide insights into the economic health and prosperity of those areas. Cities with a high concentration of millionaires often have robust and diverse economies, indicating opportunities for business growth and investment.

The presence of millionaires can also be an indicator of a high quality of life in a city. This may be reflected in factors such as good infrastructure, excellent healthcare, quality education, and a strong job market.

Investors may find it useful to know where wealth is concentrated as it can guide their investment decisions. Cities with a high number of millionaires may offer attractive opportunities for real estate, businesses, or other investment ventures.

The distribution of wealth in a city can influence its social and cultural landscape. Cities with a high number of millionaires may have vibrant cultural scenes, luxurious amenities, and exclusive events, shaping the overall lifestyle and character of the city.

While the concentration of millionaires in a city is just one aspect of its overall economic and social landscape, it provides valuable insights into the opportunities and challenges that may exist within that particular urban environment.

Below are the Henley & Partners Top 12 wealthiest and fastest growing cities with the most HNWs (US$1 million-plus), centi-millionaires (US$100 million-plus), and billionaires (US$1 billion-plus), — from high-net-worth investors and their advisors, to industry professionals, and policy makers looking to turn their cities into the wealth magnets of tomorrow.

Below are a dozen cities to watch out for according to GOBankingRates and Henley & Partners:

1. New York City, United States

HNWIs: 340,000

Centi-millionaires: 724

Billionaires: 58

HNWI growth in % (2012-2022): 40%

2. Tokyo, Japan

HNWIs: 290,300

Centi-millionaires: 250

Billionaires: 14

HNWI growth in % (2012-2022): -5%

3. Bay Area, United States

HNWIs: 285,000

Centi-millionaires: 629

Billionaires: 63

HNWI growth in % (2012-2022): 68%

4. London, United Kingdom

HNWIs: 258,000

Centi-millionaires: 384

Billionaires: 36

HNWI growth in % (2012-2022): -15%

5. Singapore

HNWIs: 240,100

Centi-millionaires: 329

Billionaires: 27

HNWI growth in % (2012-2022): 40%

6. Los Angeles, United States

HNWIs: 205,400

Centi-millionaires: 480

Billionaires: 42

HNWI growth in % (2012-2022): 35%

7. Hong Kong (SAR China)

HNWIs: 129,500

Centi-millionaires: 290

Billionaires: 32

HNWI growth in % (2012-2022): -27%

8. Beijing, China

HNWIs: 128,200

Centi-millionaires: 354

Billionaires: 43

HNWI growth in % (2012-2022): 70%

9. Shanghai, China

HNWIs: 127,200

Centi-millionaires: 332

Billionaires: 40

HNWI growth in % (2012-2022): 72%

10. Sydney, Australia

HNWIs: 126,900

Centi-millionaires: 184

Billionaires: 15

HNWI growth in % (2012-2022): 35%

11. Chicago, USA

HNWIs: 124,000

Centi-millionaires: 295

Billionaires: 24

HNWI growth in % (2012-2022): 24%

12. Toronto, Canada

HNWIs: 105,200

Centi-millionaires: 193

Billionaires: 18

HNWI growth in % (2012-2022): 29%

Leave a comment

Your email address will not be published. Required fields are marked *