Dubai, Mumbai and Shenzhen are in line to become the wealthiest cities in the future, according to Henley & Partners, an investment migration consultancy that works to develop and implement residence and citizenship programmes. These three cities are growing quickly and are expected to break into the top 20 by 2030. While Dubai currently ranks at number 23, Mumbai stands at number 25 and Shenzhen at number 30, globally.
Mumbai is home to 60,600 millionaires, 243 centimillionaires, and 30 billionaires. The National Stock Exchange and the Bombay Stock Exchange, two of the top 10 largest stock exchanges in the world by market capitalisation, are located in the megacity. Financial services, communications, and real estate are among the industries expanding quickly in the city.
There are now 202 centimillionaires, 13 billionaires, and 67,900 millionaires living in Dubai. The emirate's economy is extremely diversified and strong in a number of industries, such as basic materials, lodging, financial services, oil and gas, real estate, retail, and transportation.
Shenzhen is home to 43,600 millionaires, including 135 centi-millionaires and 17 billionaires. Widely seen as the hi-tech capital of China, Shenzhen is home to the Shenzhen Stock Exchange — the seventh-largest stock market in the world by market cap. Major companies based in the city include Huawei, Tencent and ZTE.
Here are the 10 wealthiest cities in the world for 2022:
New York - Home to 345,600 millionaires, 737 centi-millionaires (with wealth of USD 100 million or more) and 59 dollar billionaires, the Big Apple is the financial center of the USA and the wealthiest city in the world.
Tokyo - Tokyo has 304,900 resident millionaires, including 263 centi-millionaires and 12 billionaires and is home to companies like Honda, Hitachi, Mitsubishi, Softbank, and Sony.
San Francisco Bay area – Encompassing the city of San Francisco and Silicon Valley — the San Francisco Bay area is home to 276,400 millionaires, including 623 centi-millionaires and 62 billionaires. Henley & Partners expect it to reach the top spot by 2040.
London – The wealthiest city in the world for many years, London is home to 272,400 millionaires including 406 centi-millionaires and 38 billionaires.
Singapore – Number 5 on the list, Singapore is Asia’s second-biggest millionaire oasis after Tokyo. The city-state is home to 249,800 millionaires, including 336 centi-millionaires and 26 billionaires.
Los Angeles – The world’s entertainment hub, is home to 192,400 resident millionaires, with 393 centi-millionaires and 34 billionaires.
Chicago – Chicago is home to 160,100 millionaires, including 340 centi-millionaires and 28 billionaires. The city is the base for 35 Fortune 500 companies, including McDonalds and Boeing.
Houston – Home to 132,600 millionaires, with 314 centi-millionaires and 25 billionaires, Houston has been termed as one of the world’s fastest growing cities in terms of wealth growth over the past 20 years.
Beijing – Beijing has 131,500 resident millionaires, including 363 centi-millionaires and a particularly high number of billionaires — 44 — with only New York City and the San Francisco Bay area ranking higher.
Shanghai – China’s largest city, Shanghai is home to 130,100 millionaires, with 350 centi-millionaires and 42 billionaires. The Shanghai Stock Exchange is the third largest in the world by market cap.
