On the 9th of May 2024, the World’s Wealthiest Cities Report 2024 unveiled the top 10 wealthiest cities and areas, gauged by the number of resident millionaires, also known as high-net-worth individuals (HNWIs) with liquid investable wealth exceeding US$1 million. Let’s dive into the rankings and explore what makes these cities stand out among the global elite.
At the helm is New York City, boasting an impressive 349,500 HNWIs. Renowned as the financial epicenter of the United States and the wealthiest city globally, New York City is adorned with exclusive residential enclaves like Manhattan’s iconic 5th Avenue, where prime apartment prices can soar above USD 28,000 per square meter. Moreover, it hosts the world’s two largest stock exchanges, the NYSE and the Nasdaq, with a total wealth surpassing USD 3 trillion, outshining the wealth held in most major G20 countries.
Following closely behind is the Bay Area in Northern California, with 305,700 HNWIs. This tech haven encompasses San Francisco and Silicon Valley, magnetizing wealthy entrepreneurs globally. Companies such as Airbnb, Alphabet, Apple, Intel, Meta, Netflix, Nvidia, and Uber call this region home, solidifying its status as a magnet for affluent individuals.
Securing the third position is Tokyo, with 298,300 HNWIs. As Asia’s wealthiest city, Tokyo is headquarters to corporate giants like Hitachi, Mitsubishi, and Sony. Notably, Tokyo exhibits a relatively even distribution of wealth, with a lower number of billionaires compared to other cities in the top 10.
Singapore punches above its weight with 244,800 HNWIs. Renowned for its business-friendly environment, Singapore attracts a significant number of migrating millionaires, with approximately 3,400 high-net-worth individuals relocating to the Southeast Asian city-state in 2023 alone. Furthermore, Singapore stands out as the world’s fastest-growing family office hub.
London experiences a decline, ranking fifth with 227,000 HNWIs. Despite holding the title of the world’s wealthiest city two decades ago, limited wealth growth in dollar terms and outward wealth migration have resulted in London slipping down the list.
Los Angeles proudly boasts 212,100 resident HNWIs, encompassing areas like Beverly Hills, Laguna Beach, Malibu, and Newport Beach. Major entertainment companies contribute to the city’s wealth.
Paris, the wealthiest city in mainland Europe, attracts 165,000 HNWIs, including prominent companies such as LVMH and BNP Paribas.
Sydney emerges as the Asia Pacific giant, housing 147,000 HNWIs. Over the past two decades, Sydney has experienced remarkable growth in millionaire numbers.
Hong Kong retains its position as a top wealth hub, with 143,400 HNWIs. Despite modest growth in recent years, Hong Kong remains a prominent global financial center.
Beijing concludes the top 10 list with 125,600 HNWIs. As the official capital city of China and the headquarters of numerous revenue giants, Beijing is home to a substantial number of billionaires.
Shenzhen, the world’s fastest-growing city for the wealthy, has witnessed a staggering 140% growth in millionaire numbers from 2013 to 2023. Serving as Asia’s largest tech hub, Shenzhen hosts global tech giants BYD, Huawei, Tencent, and DJI.
Hangzhou, another Chinese city, has also experienced remarkable growth, with a 130% increase in millionaire numbers during the same period. Known for being the headquarters of Alibaba Group, Hangzhou’s thriving tech industry and cultural heritage have contributed to its rise as a wealthy city.
