World’s Wealthiest Cities in 2023: Dominance of US and China, with Asia-Pacific Growth

Henley & Partners, in partnership with New World Wealth, has released its annual ranking of the world’s wealthiest cities. The report shows that cities from the United States and China dominate the Top 10, with only one European city, London, making the 2023 list. New York tops the list with 340,000 millionaires, followed by Tokyo with 290,300 millionaires. Singapore, the city-state, ranks fifth with 240,100 resident millionaires, while Sydney comes in tenth place with 126,900 millionaires. Asia-Pacific cities have seen particularly strong growth over the past 20 years, with three Chinese cities in the Top 10.

The report shows that the United States and China also dominate the list of the 10 fastest growing cities in terms of resident millionaires over the past decade. Both Beijing and Shanghai have climbed the rankings over the past decade, while Hong Kong has fallen from fourth place in 2012 to seventh place currently. The Henley & Partners CEO points out that most of the world’s wealthiest cities are in countries that host formal investment migration programs and actively encourage foreign direct investment in exchange for residency or citizenship rights.

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The report also reveals that China’s most popular vacation spots have seen particularly strong growth in millionaires over the past decade. Hangzhou tops the charts with 105% growth between 2012 and 2022, followed by Shenzhen and Guangzhou. In the United States, Austin, West Palm Beach and Scottsdale are the three richest cities in terms of millionaire growth. Monaco is the wealthiest city in the world, with the average wealth of a person living in Monaco exceeding $10 million. Dubai has the highest number of millionaires.

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2023-04-20 07:00:00
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