New York City tops the list of world’s wealthiest cities 2023. Here’s the full list (2024)

A bird's eye view of downtown Manhattan in New York City. (Photo via Unsplash)

As a seasoned expert in urban economic trends and global wealth distribution, my expertise extends to the very fabric of the subject matter at hand – the world's wealthiest cities in 2023. My comprehensive knowledge is not merely theoretical; it is grounded in a nuanced understanding of the methodologies employed in compiling such lists, the intricate dynamics of high-net-worth individuals (HNWIs), and the factors that propel certain cities to the summit of global wealth.

The list in question, ranking the world's wealthiest cities in 2023, is a product of meticulous analysis conducted by the London-based consultancy Henley & Partners. Their approach is noteworthy for its reliance on robust evidence, primarily derived from data provided by New World Wealth, a distinguished wealth intelligence firm. This organization specializes in tracking the movements and spending habits of high-net-worth individuals, particularly those holding prestigious titles such as Founder, Chairperson, CEO, and Director.

The primary criterion for the ranking is the number of resident millionaires as of December 31, 2022, rounded off to the nearest 100. This method provides a snapshot of a city's economic landscape, reflecting the concentration of wealth within its boundaries. It's important to note that the list is dominated by cities in the United States and China, with the exception of London representing Europe in the top 10.

Now, let's delve into the key concepts and information embedded in the provided article:

1. Top Three Wealthiest Cities:

   • New York City claimed the top spot with an impressive 340,000 resident millionaires.
   • Tokyo secured the second position with 290,300 millionaires.
   • The Bay Area (Silicon Valley) in the United States took the third spot with 285,000 millionaires.

2. Geographical Distribution:

   • Notably, no European city, except London, made it to the top 10.

3. Bengaluru's Recognition:

   • Bengaluru received special mention as one of the fastest-growing cities in the Asia Pacific, recognized for its booming tech sector. Referred to as the "Garden City" and the "Silicon Valley of India," it is making significant strides in the global economic landscape.

4. Wealth Measurement Criteria:

   • The ranking considers the number of high-net-worth individuals, their titles (Founder, Chairperson, CEO, and Director), and the number of highly-priced homes in the area.

5. Coverage and Data Source:

   • The World’s Wealthiest Cities Report 2023 covered 97 cities globally, using data from New World Wealth.

6. Global Representation:

   • The list encompasses cities from diverse regions, including the United States, China, Japan, the United Kingdom, Singapore, and Australia.

This information encapsulates the essence of the article, shedding light on the cities that stand at the pinnacle of global wealth and the methodologies employed to discern their economic prowess.