According to a recent report, New York City remains the global financial center with 384,500 millionaires, including 818 super-rich individuals (with liquid investable wealth of $100 million or more) and 66 billionaires (with liquid investable wealth exceeding $1 billion), followed by the Bay Area and Los Angeles.
Based on the latest “Global Wealthy Cities” report released by Henley & Partners in collaboration with New World Wealth, New York City continues to be the wealthiest city globally and has become even richer.
The number of millionaires, super-rich individuals, and billionaires in New York City each saw an increase of around 10% compared to the previous year.
The United States has four cities among the top ten wealthiest cities with the most super-rich individuals. The Bay Area has 756 super-rich individuals, Los Angeles has 516, ranking second and fifth in the wealthiest cities, respectively, while Chicago ranks eighth with 295.
Over the past decade, the highest growth rate of wealthy individuals in American financial centers has been mostly in low-tax areas, with the exceptions of the Bay Area and Washington D.C.
Miami’s billionaires number 38,800, a 94% increase over the past decade with an annual growth rate of 10%. Austin saw a staggering 90% increase in billionaires over the last 10 years, reaching 32,000 individuals. Dallas and Houston experienced growth rates of 85% and 75%, respectively, in the past decade. New World Wealth predicts that Miami’s super-rich individuals currently number 180 and will double in the next 10 years.
Furthermore, the wealth prospects of Malta and Lugano highlight the success of investment migration programs. Malta has 40 super-rich individuals, while Lugano in Switzerland also has 40.
The surge in wealth in the Middle East is attributed to zero income and capital gains taxes. Dubai has moved up from 21st place last year to 18th place, currently housing 81,200 millionaires, including 237 super-rich individuals and 20 billionaires. Abu Dhabi has 75 billionaires.
Dubbed the “Silicon Valley of India,” Bangalore is expected to benefit from its tech industry, with the number of millionaires poised to double in the next 10 years. The city currently has 43 super-rich individuals.
In Asia, Tokyo ranks third with 292,300 millionaires, while Singapore closely follows with 242,400 millionaires, ranking fourth.
Seoul, on the other hand, experienced the largest drop in ranking, falling from 19th place last year to 24th.
In Europe, Paris ranks 10th with 277 super-rich individuals and has seen an estimated 5% growth in high net worth individuals since 2014. Andrew Amoils, research director at New World Wealth, expressed surprise at the relatively low growth rates in EU cities.
London, with 352 super-rich individuals, dropped from fifth to sixth place last year, with a 12% decrease in the number of millionaires. Amoils attributes the wealth outflow from London to high capital gains taxes and the attractiveness of financial and tech centers in Europe and North America. He stated, “Brexit has undoubtedly exacerbated this situation.”
Moscow ranks 40th with 30,000 millionaires, including 178 super-rich individuals and 23 billionaires, with a 25% decrease in the number of millionaires. London and Moscow are the only two cities among the top 50 wealthiest cities that have recorded growth in the past decade.
Monaco stands out as the premier haven for super-rich individuals globally, with an average wealth exceeding $20 million, making it the city with the highest per capita wealth globally. Over 40% of the residents in this Mediterranean principality are millionaires, the highest proportion among all cities worldwide.