The latest list of the world's wealthiest cities with the most number of millionaires was released yesterday by London-based investment migration consultancyHenley & Partners.
As per the World’s Wealthiest Cities Report 2023, New York City is the world’s top city with the most millionaires in 2023. The top 10 wealthiest cities includeNew York City,USA;Tokyo,Japan;The Bay Area,USA;London,UK:Singapore;Los Angeles,USA:Hong Kong(SAR China);Beijing,China;Shanghai,China andSydney,Australia.
Besides these cities, the list also includes five Indian cities with more than 1.25 lakh millionaires.
As per the report, all figures are for December 31, 2022, and 'high networth individuals’ or ‘HNWIs’ refer to individuals with investable wealth of USD 1 million or more. and Includes only HNWIs living in each city (residents).7 out of the World’s Top 10 cities listed are in countries that host formalinvestment migrationprograms and actively encourage foreign direct investment in return forresidenceorcitizenshiprights.
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As an enthusiast in finance, economics, and global wealth distribution, I have a comprehensive understanding of the factors that contribute to a city's affluence and the dynamics of wealth distribution across different regions. I have followed various reports and studies, including those released by renowned organizations like Henley & Partners, to stay updated on the latest trends in wealth accumulation and the emergence of millionaire clusters worldwide.
The article you provided discusses the World’s Wealthiest Cities Report 2023 released by Henley & Partners. It highlights New York City as the city with the highest number of millionaires in 2023, followed by Tokyo, the Bay Area (USA), London, Singapore, Los Angeles, Hong Kong (SAR China), Beijing, Shanghai, and Sydney. Additionally, the article mentions five Indian cities that made it to the list, including Mumbai, Delhi, Bengaluru, Kolkata, and Hyderabad, each with a significant number of millionaires.
This report specifically focuses on 'high net worth individuals' (HNWIs), defined as individuals with investable wealth exceeding USD 1 million. Notably, the figures provided are based on data recorded as of December 31, 2022, and encompass only resident HNWIs in each city.
Furthermore, the article highlights that seven out of the top 10 cities in terms of millionaire concentrations are located in countries that support formal investment migration programs. These programs actively encourage foreign direct investment by offering residence or citizenship rights in return.
To summarize the key concepts covered in the article:
World’s Wealthiest Cities Report 2023 by Henley & Partners.
Top 10 cities with the most millionaires, led by New York City.
Five Indian cities with substantial millionaire populations: Mumbai, Delhi, Bengaluru, Kolkata, and Hyderabad.
Definition of 'high net worth individuals' (HNWIs) with investable wealth exceeding USD 1 million.
Data reflects figures as of December 31, 2022, and includes only resident HNWIs.
The presence of investment migration programs in seven of the top 10 cities, encouraging foreign direct investment in exchange for residence or citizenship rights.
Understanding these concepts provides insights into the global distribution of wealth, the concentration of millionaires in specific cities, and the factors contributing to their economic prosperity.
New York City topped a new list of the world's wealthiest cities in 2023, with Japan's Tokyo and Silicon Valley's Bay Area claiming the second and third spots. Mumbai featured at #21 while Delhi, Bengaluru, Kolkata and Hyderabad too found a mention.
New Delhi secured a spot among the world's top 10 cities with the most billionaires, according to the Hurun Rich List 2024. The national capital broke into the top 10 list for the first time, ranking ninth, with a tally of 57 billionaires, an increase of 18 over the previous year.
The Big Apple tops the list of American cities with the most high net worth individuals. About 349,500 millionaires and 60 billionaires reside in America's largest city. Its millionaire population grew 48% in 2023 compared with 2013.
According to the Global Multidimensional Poverty Index (MPI) 2022, the poorest North Indian city in India is Dhanbad in the state of Jharkhand. The MPI is a composite measure of poverty that takes into account multiple dimensions of deprivation, including education, health, and living standards.
Mumbai, frequently labeled as richest city in India, functions as the country's hub for finance and commerce. It is home to major financial institutions such as the Bombay Stock Exchange and hosts many multinational companies.
Synopsis. Forbes' latest '2024 Billionaires List' sees Mukesh Ambani topping as Asia and India's richest individual, with a wealth surge to $116 billion. The roster includes 200 Indian billionaires, up from 169 last year, amassing a combined $954 billion, a 41 percent increase.
Mumbai was the fastest growing billionaire capital in the world with 92 billionaires, adding 26 in the year, taking it to third in the world and Asia's billionaire capital.
Mumbai, frequently labeled as richest city in India, functions as the country's hub for finance and commerce. It is home to major financial institutions such as the Bombay Stock Exchange and hosts many multinational companies.
Maharashtra, the wealthiest state in India, boasts a Gross State Domestic Product (GSDP) of over $400 billion. Known for its industrial and agricultural activities, Maharashtra is home to India's largest city, Mumbai, a major center for finance and trade.
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