LOOK: These are the top 10 wealthiest cities in the world for 2023
Henley and Partners has released its “World’s Wealthiest Cities Report” for 2023. The report features data highlighting the world’s wealthiest and fastest growing cities with the most millionaires, centi-millionaires and billionaires.
The report looks at 97 cities across nine regions worldwide: Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia and South-east Asia, and includes most of the world’s top wealth hubs.
According to Henley and Partners, seven of the world’s top 10 cities listed are in countries that host formal investment migration programmes and actively encourage foreign direct investment in return for residence or citizenship rights.
These are the world’s wealthiest cities for 2023 according to Henley & Partners.
1. New York City, US
The Big Apple is home to 340 000 millionaires, 724 centi-millionaires, and 58 billionaires. It is the financial centre of the US and the wealthiest city in the world by several measures. It is also home to the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq).
2. Tokyo, Japan
Tokyo has 290 300 resident millionaires, 250 centi-millionaires and 14 billionaires. The city is home to a relatively low number of billionaires when compared with the other cities on the Top 10 list.
3. The Bay Area, US
The Bay Area, which includes the city of San Francisco and Silicon Valley, is home to 285 000 millionaires, 629 centi-millionaires and a high number of billionaires at 63.
Most of the world’s top tech companies are based in the Bay Area, including Adobe, Apple, Cisco, Facebook (Meta), Google (Alphabet), HP, Intel, LinkedIn, Lyft, Netflix, OpenAI, PayPal, Twitter, Uber, Yahoo, and Zoom.
4. London, UK
London has 258 000 resident millionaires, 384 centi-millionaires and 36 billionaires. In 2000, London was the top city in the world for millionaires, but it has slipped down the list over the past 20 years.
5. Singapore
Singapore is widely regarded as the most business-friendly city in the world and is one of the top destinations for migrating millionaires. About 2 800 high-net-worth individuals moved there in 2022, according to the latest Henley Wealth Migration Dashboard. Singapore is currently home to 240 100 millionaires, 329 centi-millionaires and 27 billionaires.
6. Los Angeles, US
The City of Angels is home to 205 400 millionaires, as well as 480 centi-millionaires and 42 billionaires. Major industries include entertainment, media, real estate, retail, tech, and transport.
7. Hong Kong, SAR China
Hong Kong is home to 129 500 millionaires, 290 centi-millionaires and 32 billionaires. Despite poor growth over the past decade, the city-state continues to be one of the world’s top financial hubs, with many of Asia’s wealthiest businesspeople still basing themselves there. The Hong Kong Stock Market remains one of the world’s most important stock exchanges.
8. Beijing, China
Beijing has 128 200 resident millionaires, 354 centi-millionaires and 43 billionaires. The official capital city of China, Beijing is the base for many of the world’s largest companies. Its billionaire population is particularly high – only New York City and the Bay Area rank higher based on this measure.
9. Shanghai, China
Widely regarded as the financial capital of China, Shanghai is home to 127 200 millionaires, 332 centi-millionaires and 40 billionaires. The Shanghai Stock Exchange is the third-largest stock market in the world by market cap after the NYSE and the Nasdaq.
10. Sydney, Australia
With 126 900 resident millionaires, 184 centi-millionaires and 15 billionaires, Sydney is home to some of the world’s most exclusive residential suburbs including Bellevue Hill, Darling Point, Mosman, Point Piper and Vaucluse.
The city has experienced especially strong wealth growth over the past 20 years and is quickly becoming one of the wealthiest cities in the Asia Pacific region.