According to a recent report by London-based consultancy Henley & Partners, New York City has been ranked as the world’s wealthiest city in 2023. The second and third spots were claimed by Tokyo in Japan and Silicon Valley’s Bay Area, respectively. Notably, Mumbai made it to the 21st spot while Delhi, Bengaluru, Kolkata, and Hyderabad were also mentioned in the report.
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India and World’s wealthiest cities 2023:
The rankings were based on the number of resident millionaires (rounded off to the nearest 100) as of December 31, 2022. Interestingly, the top 10 cities were dominated by those in the United States and China, with no European city featuring in the list, except for London.
According to the report, Bengaluru has been recognized as one of the fastest-growing cities in the Asia Pacific region. The city is commonly referred to as the “Garden City” and the “Silicon Valley of India” due to its thriving technology sector.
World’s Wealthiest Cities Report 2023:
Henley & Partners compiled the World’s Wealthiest Cities Report 2023, covering 97 cities worldwide. The report utilized data from wealth intelligence firm New World Wealth, which tracks the financial activities of high-net-worth individuals holding designations like Founder, Chairperson, CEO, and Director. The report also took into account the number of expensive homes in each city, as stated on the Henley & Partners website.
Here are the top 15 cities ranked in the World’s Wealthiest Cities Report 2023, along with the number of high-net-worth individuals:
- New York City, United States – 340,000
- Tokyo, Japan – 290,300
- The Bay Area, United States – 285,000
- London, United Kingdom – 258,000
- Singapore, Singapore – 240,100
- Los Angeles, United States – 205,400
- Hong Kong, SAR China – 129,500
- Beijing, China – 128,200
- Shanghai, China – 127,200
- Sydney, Australia – 126,900
- Chicago, United States – 124,000
- Toronto, Canada – 105,200
- Frankfurt, Germany – 102,200
- Zurich, Switzerland – 99,300
- Houston, United States – 98,500
In terms of Indian cities, Mumbai ranked 21st with 59,400 high-net-worth individuals, while Delhi ranked 36, Bengaluru is at 60, Kolkata is at 63, and Hyderabad is at 65.
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I've delved into various facets of wealth distribution, city rankings, and economic indicators, which intertwine within the context of the world's wealthiest cities. The methodology behind such rankings often revolves around meticulous data analysis and triangulation from diverse sources.
In this specific report by Henley & Partners, the assessment hinges on the enumeration of high-net-worth individuals (HNWIs) as of December 31, 2022, sourced from New World Wealth, a reputed firm that specializes in tracking the financial movements of notable individuals, including Founders, Chairpersons, CEOs, and Directors. The inclusion of data related to expensive real estate within each city further bolsters the evaluation criteria.
New York City's leading position as the world's wealthiest city, with 340,000 high-net-worth individuals, is a testament to its financial eminence. Tokyo and Silicon Valley's Bay Area following closely, along with the dominance of U.S. and Chinese cities within the top 10, reinforces the global economic influence these regions wield.
The prominence of Bengaluru as a swiftly burgeoning city within the Asia Pacific, termed the "Garden City" and the "Silicon Valley of India" due to its robust technology sector, aligns with its recognition in this report. Mumbai, Delhi, Kolkata, and Hyderabad securing positions in the top rankings underscore India's burgeoning economic landscape.
The absence of European cities within the top echelons, save for London, underscores the evolving dynamics of wealth distribution, with North American and Asian cities predominantly dominating the list.
This report not only highlights the concentration of wealth but also serves as a barometer for economic prowess and the proliferation of high-net-worth individuals across the globe. The metrics utilized, including the count of affluent residents and expensive real estate holdings, offer a multifaceted view of a city's financial landscape.
The link between economic indicators and city rankings resonates deeply within my expertise, encompassing economic trends, wealth distribution, and urban development.
