The Richest Cities in the World in 2024

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LONDON, May 7, 2024 (GLOBE NEWSWIRE) — When it comes to the number of resident millionaires with liquid, investable assets of $1 million or more, the United States leads the way, with 11 cities in the top 50, including New York City, which is holding firmly at 1^st Ranked in the World’s Wealthiest Cities Report 2024, published annually by international wealth migration specialist Henley & Partners. The total wealth of the Big Apple’s residents now exceeds $3 trillion – more than the combined wealth of most major G20 countries – and the city is home to a staggering 349,500 millionaires, 744 centi-millionaires and 60 billionaires.

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Hot on the heels in 2^nd The location is Northern California’s Bay Area (which includes the city of San Francisco and Silicon Valley), whose millionaire population has grown by a whopping 82% over the last decade and is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.

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Tokyo, which was at the top a decade ago, has seen its HNWI resident population decline by 5% and is now ranked third^approx Place with only 298,300 millionaires. Singapore moves up two places to fourth place^Th After an impressive 64% increase in millionaires over the last decade, the city-state has risen up the global rankings – approximately 3,400 HNWIs moved there in 2023 alone and the city-state now boasts 244,800 resident millionaires, 336 centi-millionaires and 30 billionaires.

London falls

London, which has been the richest city in the world for many years, continues to fall in the rankings and is now in 5th place^Th Place with only 227,000 millionaires, 370 centi-millionaires and 35 billionaires – a decline of 10% over the last decade. In contrast, Los Angeles, home to 212,100 millionaires, 496 centi-millionaires and 43 billionaires, rose two spots to No. 6 over the 10-year period^Th Place and recorded a remarkable growth of 45% in the affluent population. Paris, the richest city in mainland Europe, retains its 7th place^Th with 165,000 resident millionaires, while Sydney rises to 8th place^Th Position with 147,000 HNWIs following exceptionally strong wealth growth over the last 20 years.

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Dr. Juerg Steffen, CEO of Henley & Partners, says a key factor driving growth in the world’s richest cities has been the strong performance of financial markets. “The S&P 500’s 24% rise over the past year, along with the Nasdaq’s 43% rise and Bitcoin’s stunning 155% rally, have boosted the fortunes of wealthy investors. Additionally, rapid advances in artificial intelligence, robotics, and blockchain technology have created new opportunities for wealth creation and accumulation. But even if new opportunities arise, old risks remain. The war in Ukraine, which has led to a 24% decline in Moscow’s millionaire population to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”

China’s millionaire boom

China has earned a considerable place in the current ranking of the 50 richest cities: there are five cities on the Chinese mainland on the list and seven cities if you count Hong Kong (with 143,400 millionaires) and Taipei (30,200). Beijing (125,600 millionaires) enters the top 10 for the first time after its millionaire population grew by 90% over the last decade, and despite Hong Kong falling four places to No. 9^ThShanghai (123,400), Shenzhen (50,300), Guangzhou (24,500) and Hangzhou (31,600) all saw significant increases in their millionaire populations.

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Andrew Amoils, head of research at New World Wealth, says Shenzhen is the world’s fastest-growing city for the rich, with its millionaire population exploding by 140% in the last decade. “Hangzhou also saw a huge increase of 125% and the number of millionaires in Guangzhou has grown by 110% in the last decade. When it comes to wealth growth potential in the coming decade, cities like Bengaluru (India), Scottsdale (US) and Ho Chi Minh City (Vietnam) are worth keeping an eye on. All three have experienced exceptional growth rates of over 100% of their resident millionaire populations over the past decade.”

When it comes to the Middle East, Dubai is by far the wealthiest city in the region, with an impressive 78% growth in its millionaire population over the last 10 years. Currently ranked 21st^stAs the richest city in the world, the millionaire tycoon will most likely break into the top 20 soon, and although the UAE’s oil-rich capital, Abu Dhabi, has yet to nab a spot in the top 50, its growth rates of over 75% make it a likely contender the future.

While no African or South American city makes the top 50, the report identifies several rising stars, including Nairobi (4,400 millionaires) and Cape Town (7,400), both of which saw a 25% and 20% increase in resident HNWIs, respectively. or in the last decade.

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The most expensive cities in the world

Monaco, arguably the world’s best haven for the super-rich with an average wealth of more than $20 million, is also the city with the highest per capita wealth. Over 40% of residents are millionaires – the highest proportion of any city in the world. With apartment prices regularly exceeding $35,000 per square meter, it also tops the list of the world’s most expensive cities².

New York City comes in 2nd place^nd The average price of prime real estate is $28,400 per square meter²followed by London ($26,500 per square meter).²), Hong Kong ($25,800 per m²), Saint-Jean-Cap-Ferrat in France ($25,000 per m²) and Sydney ($22,700 per square meter).²).

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Sarah Nicklin

Head of PR

[email protected]

Mobile: +27 72 464 8965

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