Where do the world’s wealthiest individuals live? Many people assume cities in the United States dominate, but what about Japan? In this article, we’ll explore the top 10 cities with the most millionaires, providing insights into these locations and examining the trends in wealth growth across three rapidly growing regions.
Top 10 Cities with the Most Millionaires Worldwide
In May 2024, UK-based consultancy Henley & Partners published a report on the distribution of wealth around the globe. According to this report, several American cities ranked at the top, with cities like New York and the Bay Area claiming the first and second spots, respectively. Tokyo, Japan, ranked third, making it the highest-ranked city outside of the U.S.
Other major cities from developed nations, such as London (UK), Paris (France), and Sydney (Australia), also made the list. From the Asian region, Singapore, Hong Kong, and Beijing (China) were among the top cities where millionaires reside.
In terms of wealth, those holding over $1 million are considered millionaires. Based on the current USD-JPY exchange rate as of September 2, 2024, this equals 146 million Japanese yen.
Wealth Growth Since 2013
When looking at the increase in the number of millionaires since 2013, three areas stand out with more than 50% growth: the Bay Area (USA), Singapore, and Beijing (China).
Cities like Paris and Sydney also saw increases, though not as dramatic. On the other hand, Tokyo, London, and Hong Kong experienced declines in their millionaire populations.
In-Depth Look at the Top Cities
Henley & Partners also provided analysis on each city, some of which are summarized below:
1. New York
New York is the wealthiest city in the world and serves as the financial hub of the U.S. The city boasts high-end residential areas like Fifth Avenue, where real estate prices can exceed $28,000 per square meter (approximately ¥4.06 million).
The total assets held by New York residents exceed $3 trillion, surpassing the wealth of most G20 countries.
2. Bay Area
The Bay Area, including San Francisco and Silicon Valley, has seen rapid growth in its wealthy population, nearly rivaling New York.
Home to major tech giants like Airbnb, Alphabet, Apple, Intel, Meta, Netflix, Nvidia, and Uber, the Bay Area attracts wealthy entrepreneurs, contributing to its high ranking and rapid growth.
3. Tokyo
Tokyo remains the wealthiest city in Asia, housing the headquarters of major corporations like Sony and Mitsubishi. While Tokyo’s number of millionaires is comparable to other top cities, it has relatively fewer billionaires.
In comparison to other cities, Tokyo’s wealth is more evenly distributed.
4. Singapore
Singapore is one of the best cities globally for business and has become a hotspot for wealthy individuals. In 2023 alone, around 3,400 millionaires moved to Singapore.
The city-state has also become a global center for “family offices,” which provide wealth management services to high-net-worth individuals and families.
5. London
Twenty years ago, London was the wealthiest city in the world, both in terms of millionaires and billionaires. However, slower wealth growth (in dollar terms) and an outflow of wealth have caused London to drop in rankings.
Many of the city’s wealthiest residents have relocated to nearby towns like Weybridge and Virginia Water or to other global hubs such as Paris, Dubai, Monaco, New York, Singapore, and Sydney.
8. Sydney
Sydney has seen a rapid increase in the number of billionaires over the past two decades, making it one of the wealthiest cities in the Asia-Pacific region.
More than 1,500 wealthy individuals move to Sydney annually, with affluent suburbs like Bellevue Hill, Point Piper, and Mosman ranking among the world’s wealthiest neighborhoods.
Conclusion
The global landscape of wealth distribution is changing rapidly, with cities like New York, the Bay Area, and Tokyo continuing to dominate in millionaire populations. Meanwhile, areas like Singapore and Sydney are seeing rapid growth, becoming key destinations for the world’s wealthiest individuals. Understanding these trends provides insights into the evolving dynamics of global wealth concentration.
