New York Leads Global Millionaire City Rankings; Indian Metropolis Emerges as Major Wealth Hub

This Indian metropolis features prominently on the list of cities with the highest concentration of millionaires. At the top of the list sits New York, boasting nearly 350,000 millionaires, a remarkable 48% increase over the past decade. Despite speculations of a wealthy exodus from the city, New York’s denizens collectively possess over $3 trillion in wealth, surpassing that of any other urban center globally.

Henley & Partners, an immigration consultancy, conducted a global ranking of the wealthiest cities, revealing that approximately one in every 24 residents of New York possesses a net worth in excess of seven figures, a significant rise from one in every 36 residents in 2013. Moreover, the city is home to a substantial number of ultra-high-net-worth individuals, with 60 billionaires and 744 individuals possessing investable wealth exceeding $100 million.

These findings underscore New York’s wealth dominance, even as some of its wealthiest inhabitants express concerns about a potential power shift to Florida, dubbed “Wall Street South,” amid the finance industry’s relocation. Miami, ranked 33rd in terms of cities with the most millionaires, witnessed a 78% increase over the past decade.

Following New York, the Bay Area emerges as the second wealthiest region overall, encompassing cities like San Jose, San Francisco, and Palo Alto, with 305,700 residents boasting seven-figure net worths. Tokyo secures third place with 298,300 millionaires, although this figure has experienced a 5% decline over the past decade. Singapore, ranked fourth, has become a favored destination for migrating millionaires, attracting approximately 3,400 high-net-worth individuals in 2023 alone.

The recent surge in financial markets has fueled growth in the world’s wealthiest cities, according to Juerg Steffen, CEO of Henley & Partners, with global equities seeing a 20% increase in 2023 and continuing to rise by almost 7% this year.

Conversely, some global cities have experienced declines in their millionaire populations. London, for instance, saw a 10% decrease over the past decade, partly attributed to the UK’s decision to exit the European Union. Similarly, Hong Kong witnessed a 4% decline as affluent expatriates relocated to Singapore following China’s pandemic-era crackdown.

Cities experiencing notable increases in their millionaire populations include Shenzhen, China, where numbers surged by 140% over the past decade, as well as Bengaluru, India; Ho Chi Minh City, Vietnam; and Scottsdale, Arizona, in the US, where millionaire populations more than doubled in the same period.

Dubai ranks as the wealthiest city in the Middle East, holding the 21st spot globally. In terms of wealth per capita, Monaco claims the top position globally, with over 40% of its residents being millionaires, followed by New York City.

1. How many millionaires are there in New York City?

• New York City boasts nearly 350,000 millionaires, making it the city with the highest number of millionaires globally. This figure represents a substantial increase of 48% over the past decade, reflecting the city’s enduring economic strength and wealth concentration.
• According to a global ranking by Henley & Partners, an immigration consultancy, approximately one in every 24 residents of New York City has a net worth exceeding seven figures, indicating the city’s status as a major financial hub with a high concentration of wealth.

2. How does New York City’s millionaire population compare to other cities?

• New York City’s millionaire population surpasses that of any other city in the world. With 60 billionaires and 744 individuals possessing investable wealth exceeding $100 million, the city remains a global leader in wealth concentration.
• Despite speculation about a wealth exodus, New York City’s residents collectively possess over $3 trillion in wealth, surpassing that of any other metropolitan area globally, underscoring the city’s economic resilience and financial dominance.

3. Which city ranks second after New York in terms of millionaire population?

• The Bay Area, encompassing cities like San Francisco, San Jose, and Palo Alto, ranks second globally in terms of millionaire population. With over 305,700 residents boasting seven-figure net worths, the region is a thriving center for technology and innovation.
• The Bay Area’s wealth concentration reflects the success of its tech industry and the presence of numerous high-net-worth individuals and venture capitalists.

4. What factors have contributed to the growth of millionaire populations in certain cities?

• The boom in financial markets in recent years has been a significant driver of growth in the world’s wealthiest cities. Global equities surged by 20% in 2023 and continued to rise by almost 7% the following year, contributing to the accumulation of wealth in urban centers.
• Additionally, some cities have benefited from favorable economic conditions, such as Shenzhen, China, where the number of millionaires surged by 140% over the past decade due to the city’s rapid economic development and booming tech sector.

5. How has the COVID-19 pandemic affected millionaire populations in major cities?

• The pandemic has had mixed effects on millionaire populations in major cities. While some cities, like New York and Singapore, have seen continued growth in their millionaire populations, others, such as London and Hong Kong, have experienced declines.
• Factors such as economic uncertainty, changes in immigration patterns, and government policies have influenced the wealth dynamics in different urban centers during the pandemic.

6. What are the top destinations for migrating millionaires?

• Singapore has emerged as a top destination for migrating millionaires, attracting approximately 3,400 high-net-worth individuals in 2023 alone. The city-state’s business-friendly environment, favorable tax policies, and high quality of life make it an attractive destination for wealthy individuals.
• Other popular destinations for migrating millionaires include Dubai, which ranks as the wealthiest city in the Middle East, and cities like Monaco and New York City, known for their high concentrations of millionaires and ultra-high-net-worth individuals.

7. How has Brexit impacted London’s millionaire population?

• London has experienced a 10% decline in its millionaire population over the past decade, partly attributed to Brexit and the uncertainties surrounding the UK’s decision to leave the European Union. The city’s status as a global financial hub has been affected by changes in trade relationships and regulatory frameworks.
• Some affluent individuals and businesses have relocated from London to other financial centers, seeking stability and opportunities outside of the UK.

8. Which Asian city has seen a significant increase in its millionaire population?

• Shenzhen, China, has experienced a remarkable surge in its millionaire population, with numbers increasing by 140% over the past decade. The city’s rapid economic growth, fueled by its booming tech sector and favorable business environment, has attracted a large number of high-net-worth individuals.
• Shenzhen’s proximity to Hong Kong and its role as a major manufacturing and technology hub have contributed to its emergence as a wealth center in Asia.

9. How does Monaco rank in terms of wealth per capita?

• Monaco ranks first globally in terms of wealth per capita, with over 40% of its residents being millionaires. The principality’s favorable tax policies, luxury real estate market, and status as a playground for the ultra-wealthy contribute to its reputation as a haven for millionaires.
• Despite its small size, Monaco boasts one of the highest concentrations of wealth in the world, attracting affluent individuals from around the globe.

10. What factors have led to the growth of millionaire populations in Bengaluru, India?

• Bengaluru, India, has seen its millionaire population more than double in the past decade, driven by the city’s thriving technology sector and entrepreneurial ecosystem. As India’s Silicon Valley, Bengaluru attracts talent, investment, and opportunities, creating wealth for its residents.
• The city’s cosmopolitan culture, high-quality educational institutions, and robust startup ecosystem have contributed to its emergence as a hub for high-net-worth individuals in India.

11. How has the pandemic influenced millionaire migration patterns?

• The pandemic has led to shifts in millionaire migration patterns, with some cities experiencing an influx of wealthy individuals seeking safety, stability, and better quality of life. Singapore, for example, has seen an increase in millionaire migration due to its effective handling of the pandemic and attractive business environment.
• Conversely, cities like London and Hong Kong have seen some wealthy residents leave amid concerns about the pandemic’s impact on the economy, healthcare infrastructure, and lifestyle.

12. What distinguishes cities like New York and Singapore as attractive destinations for millionaires?

• Cities like New York and Singapore offer attractive features for millionaires, including robust financial centers, diverse business opportunities, cultural amenities, and high standards of living. New York’s status as a global financial hub and cultural capital, coupled with its luxury real estate market, make it an appealing destination for wealthy individuals.
• Singapore, on the other hand, boasts a stable political environment, efficient infrastructure, low taxes, and a strong rule of law, making it a preferred choice for business and investment among high-net-worth individuals.

13. How has the tech industry influenced millionaire populations in cities like San Francisco and Palo Alto?

• The tech industry has played a significant role in driving millionaire populations in cities like San Francisco and Palo Alto, located in California’s Bay Area. These cities are home to major technology companies, startups, and venture capital firms, creating wealth for entrepreneurs, investors, and tech professionals.
• The Bay Area’s tech ecosystem fosters innovation, entrepreneurship, and high-paying jobs, attracting skilled workers and investors from around the world, resulting in a high concentration of millionaires and billionaires.

14. What are the key factors contributing to Dubai’s status as the richest city in the Middle East?

• Dubai’s status as the richest city in the Middle East is attributed to its strategic location, diversified economy, and business-friendly policies. The city serves as a major commercial and financial hub, attracting investment from across the globe.
• Additionally, Dubai’s luxury real estate market, tourism industry, and infrastructure development have contributed to its prosperity and appeal to wealthy individuals seeking investment opportunities and a high-quality lifestyle.

15. How has the COVID-19 pandemic impacted millionaire demographics in cities like New York and Miami?

• The COVID-19 pandemic has led to changes in millionaire demographics in cities like New York and Miami. While New York has maintained its position as the city with the highest number of millionaires globally, some wealthy residents have expressed concerns about a potential exodus to places like Miami.
• Miami has seen a significant increase in its millionaire population over the past decade, with a 78% rise, indicating its growing appeal as a financial and lifestyle destination. The pandemic has accelerated migration trends, with some affluent individuals seeking tax advantages, warm weather, and a more relaxed lifestyle in Florida.