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%
