The report studied the spending patterns of more than 150,000 high-net-worth individuals (HNWIs) from 97 cities across the world, where primary emphasis was on individuals holding titles like chairperson, founder, CEO, and director.
This report is crucial for those monitoring trends in private wealth and wealth migration, as it spotlights the world's most affluent and rapidly advancing cities, featuring significant numbers of millionaires, centi-millionaires, and billionaires.
So, here’s a list of the world's top 10 wealthiest cities for 2023.
New York City:
Topping the list is New York City, with a total of 340,000 millionaires, 724 centi-millionaires and 58 billionaires. Then, there are post locations, like the 5th Avenue in Manhattan, along with financial hubs, including Manhattan, Bronx, Staten Island, Brooklyn, and Queens.
Tokyo:
Tokyo is home to 14 billionaires, 290,300 millionaires and 250 centi-millionaires, with major corporations like Hitachi, Mitsubishi, Honda being headquartered there. Although it has fewer billionaires than some cities, Tokyo exhibits a more evenly distributed wealth.
The Bay Area:
This place is complemented with San Francisco and Silicon Valley, and is home to around 285,000 millionaires, 629 centi-millionaires, and 63 billionaires. Plus, it also serves as home to tech giants like Cisco, Apple, Facebook (Meta), Google (Alphabet), Intel, and more.
London:
This city also leads the global millionaire count, with 258,000 millionaires, 384 centi-millionaires, and 36 billionaires. The city also serves as home to exclusive residential suburbs, including Belgravia, Hampstead, Chelsea, Knightsbridge, Mayfair and more.
Singapore:
Famed for its business-friendly environment, Singapore attracts migratory millionaires, with nearly 2,800 high-net-worth individuals relocating in 2022. At present, the city boasts of 240,100 millionaires, 329 centi-millionaires, and 27 billionaires.
Hong Kong:
Hong Kong serves as a global financial hub, and serves as a home to 129,500 millionaires, 290 centi-millionaires, and 32 billionaires. This city is also famed for its affluence.
Los Angeles:
Los Angeles is a major hub for the media, entertainment, retail, media, real estate, and tech sectors. It also features wealthy areas like Beverly Hills and Malibu, and is home to 480 centi-millionaires and 42 billionaires.
Beijing:
Beijing has around 43 billionaires, which is a notable figure among Asian cities on the list, along with 354 centi-millionaires. This city also serves as a base for some of the world's largest companies, the reason why it thrives economically.
Shanghai:
Home to around 127,200 millionaires, 332 centi-millionaires, and 40 billionaires, this city registered a remarkable 72% growth in high-net-worth individuals from 2012 to 2022. It’s China's financial hub, and also boasts of the world's third-largest stock market—the Shanghai Stock Exchange.
Sydney:
Sydney, the iconic Australian metropolis, solidifies its status among the world's elite by securing a position in the coveted top 10 list of cities boasting affluence. It featured a staggering count of 126,900 millionaires, accompanied by 184 centi-millionaires and an impressive 15 billionaires.
Kajal Agarwal
