Throughout the global economic landscape, certain cities are representative symbols of prosperity, drawing attention for their immense wealth and influence.
These pivotal centres of affluence, characterized by their storied past, strategic location, and vibrant business atmosphere not only propel regional development but also wield significant impact on a worldwide scale.
Among these hubs of opulence are major cities boasting residents with a million-dollar net worth. In keeping with Naijaonpoint tradition, courtesy of the Henley & Partners Wealth Report, check out the top 10 wealthiest cities and areas in the World’s Wealthiest Cities Report 2024, ranked by the number of resident millionaires (specifically, high-net-worth individuals (HNWIs) with liquid investable wealth of $1 million or more).
As the official capital city of China and a nucleus for numerous global corporate giants, Beijing boasts a substantial population of billionaires, placing it among the top echelons of wealth worldwide. Only surpassed by New York City, the Bay Area, and Los Angeles in terms of billionaire count, Beijing secures its position in the top 10 with 125,600 high-net-worth individuals (HNWIs).
Regardless of sluggish growth over the past decade, Hong Kong continues to maintain its status as a premier wealth hub, boasting a significant population of 143,400 high-net-worth individuals (HNWIs). Many of Asia’s most affluent business magnates still choose to establish their base in the city. Furthermore, the Hong Kong Stock Market retains its position as one of the world’s top 10 exchanges, further cementing the city’s stature in the global financial sphere.
Sydney is considered a rising titan in the Asia Pacific, boasting a notable population of 147,000 HNWIs. The city has witnessed robust growth in millionaire numbers over the past two decades, solidifying its position as one of the wealthiest destinations in the Asia Pacific region. Sydney’s allure extends beyond its economic prowess, as it traditionally draws over 1,500 millionaires annually through migration. Moreover, it hosts some of the globe’s most affluent neighbourhoods, including Bellevue Hill, Point Piper, Mosman, and Vaucluse, further enhancing its status as a premier wealth hub.
Paris stands as the pinnacle of prosperity in mainland Europe, attracting a significant population of 165,000 high-net-worth individuals (HNWIs). Renowned for its cultural heritage and economic vibrancy, the city serves as the preferred domicile for many of Europe’s wealthiest entrepreneurs. Our data encompass wealth held not only within the city limits of Paris but also in the surrounding region of Ile-de-France. Paris boasts a robust corporate landscape, with major entities such as LVMH and BNP Paribas calling it home. With the UK’s departure from the EU, Paris is poised to ascend as Europe’s premier financial hub, capitalizing on its economic potential.
With a staggering population of 212,100 HNWIs, Los Angeles ranks in its status as the world’s entertainment epicenter. Data reports encapsulate wealth not only within the city limits of Los Angeles but also in nearby affluent enclaves such as Beverly Hills, Laguna Beach, Malibu, and Newport Beach. The region boasts a dynamic business landscape, hosting major corporations including Disney, DreamWorks, Mattel, MGM, SpaceX, and Warner Bros. Los Angeles serves as a magnet for wealth and talent, offering a fertile ground for innovation and creativity in the global entertainment industry.
At the fifth position, with 227,000 high-net-worth individuals (HNWIs) is London.
About two decades ago, London held the coveted title of the wealthiest city in the world, boasting the highest number of millionaires and billionaires. This decline can be attributed to a combination of factors, including lackluster wealth growth in dollar terms and a significant outward migration of wealth.
A considerable portion of London’s affluent population has migrated to neighboring towns like Weybridge, Virginia Water, and Marlow, as well as to competing global cities such as Paris, Amsterdam, Dubai, Monaco, Geneva, Miami, New York City, Singapore, and Sydney. This trend reflects a shifting landscape in the distribution of wealth, as individuals seek opportunities and lifestyles beyond the confines of London.
A considerable portion of London’s affluent population has migrated to neighboring towns like Weybridge, Virginia Water, and Marlow, as well as to competing global cities such as Paris, Amsterdam, Dubai, Monaco, Geneva, Miami, New York City, Singapore, and Sydney. This trend reflects a shifting landscape in the distribution of wealth, as individuals seek opportunities and lifestyles beyond the confines of London.
,Singapore boasts an impressive 244,800 HNWIs. Renowned as the most business-friendly city globally, Singapore has firmly established itself as a premier destination for affluent individuals seeking opportunities and a conducive environment for wealth creation. The city-state also stands out as a top choice for migrating millionaires, with approximately 3,400 HNWIs relocating to Singapore in 2023 alone. This influx shows Singapore’s appeal as a desirable destination for those looking to capitalize on its dynamic business landscape and favorable regulatory environment.
Securing the third position with a robust count of 298,300 HNWIs, Tokyo stands tall as Asia’s wealthiest city. Serving as the headquarters for corporate behemoths such as Hitachi, Mitsubishi, and Sony, Tokyo epitomizes economic prowess and industrial innovation on the continent.
One intriguing aspect of Tokyo’s wealth landscape is the relatively low number of billionaires residing in the city compared to other top contenders. This phenomenon suggests a more even distribution of wealth, with a significant portion controlled by lower-tier millionaires.
With an impressive count of HNWIs, the Northern California Bay-a tech-centric hub, comprising the bustling city of San Francisco and the renowned Silicon Valley, exerts a significant influence on the global economy.
Silicon Valley’s allure extends beyond its geographical boundaries, encompassing affluent enclaves such as Atherton, Los Altos Hills, and Palo Alto. Renowned as the epicenter of technological innovation, the Bay Area serves as the breeding ground for some of the world’s most influential tech firms. Household names such as Airbnb, Alphabet, Apple, Intel, Meta, Netflix, Nvidia, and Uber call this region home, contributing to its unrivaled prominence in the tech sphere.
At the forefront with an impressive count of 349,500 HNWIs, New York stands tall as the unrivaled financial epicenter of the United States and indeed the world. Renowned for its towering skyscrapers, bustling streets, and iconic landmarks, the city boasts a wealth of opportunities and extravagance.
New York’s status as a global financial powerhouse is exemplified by its prestigious residential addresses, including the illustrious 5th Avenue in Manhattan. Here, prime apartment prices soar to staggering heights, exceeding an astounding $28,000 per square meter—a testament to the city’s unparalleled luxury real estate market.
Moreover, New York City serves as the proud host to the world’s two largest stock exchanges by market capitalization—the New York Stock Exchange (NYSE) and the Nasdaq—solidifying its position as the beating heart of global finance.
However, what truly sets New York apart is the sheer magnitude of wealth held by its residents, surpassing a staggering $3 trillion.