A recent report by investment migration firm Henley & Partners has revealed the world's wealthiest cities based on the number of high-net-worth individuals (HNWIs) with an investable wealth of over $1 million. The report analysed cities across the globe and found that New York City takes the top spot as the wealthiest city with 58 billionaires.
Top 3 Wealthiest Cities
Following New York City, Tokyo and the Bay Area took the second and third spots respectively. The Bay Area, which encompasses the region surrounding Silicon Valley and San Francisco, is home to 63 billionaires. Meanwhile, Tokyo had a total of 24,800 HNWIs.
The report included four US cities in the top 10, namely New York City, the Bay Area, Los Angeles, and Chicago. New York City saw a 40% surge in high net worth individuals from 2012 to 2022, maintaining its top spot as the wealthiest city.
Other Notable Cities on the List
China had two of its cities, Beijing and Shanghai, listed in the report, while London came in at fourth place. Singapore ranked fifth with 240,100 HNWIs, and Sydney took the 10th spot with 126,900 HNWIs.
India also had its fair share of wealthy cities, with Mumbai making the list with 59,400 HNWIs, followed by Delhi with 16 billionaires, Bengaluru with 8 billionaires, Hyderabad with 5 billionaires, and Kolkata with 7 billionaires.
Rising Wealth in Hangzhou and Austin
The report also highlighted some cities that have seen a significant increase in high net worth individuals over the past decade. The Chinese city of Hangzhou saw a 105% rise, while Austin in Texas, USA, came in second with a 102% increase. Miami and West Palm Beach also saw a significant climb, with a 75% and 90% increase, respectively.
In conclusion, New York City remains the world's wealthiest city, with an impressive 58 billionaires. While the Bay Area and Tokyo follow closely behind, several other cities across the globe are also seeing a significant rise in high net worth individuals. The results of this report provide valuable insights for investors and businesses looking to expand into new markets.
