U.S. has 10 of the top 50 wealthiest cities but Asia is growing fast
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:max_bytes(150000):strip_icc()/ScreenShot2022-10-03at1.19.41PM-414fbe5a2d8f41a08e8a334e6d311c70.png "New York Tops the World’s Wealthiest Cities, San Francisco Home to Most Billionaires (1)")
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Published April 19, 2023
:max_bytes(150000):strip_icc()/GettyImages-1396076957-28bdeebe5faf4a86a84094d2ead4822d.jpg "New York Tops the World’s Wealthiest Cities, San Francisco Home to Most Billionaires (2)")
New York City is at the top of the list of the world’s wealthiest cities, while San Francisco has the most billionaires, according to a report compiled by Henley & Partners.
Key Takeaways
- New York City was atop the list of the world’s wealthiest cities with 340,000 millionaires.
- San Francisco’s Bay Area beat NYC in the list of billionaires with 63.
- Texas and Florida battled Asia for the fastest-growing amount of high-net-worth individuals.
New York City came out on top of the world’s wealthiest cities list with 340,000 millionaires, ahead of Tokyo with 290,300, and San Francisco’s Bay Area with 285,000. San Francisco had the most billionaires, with 63, compared with New York’s 58. The figures reported were based on the U.S. dollar holdings of high-net-worth individuals (HNWIs).
Los Angeles was the only other U.S. city on the millionaire’s list, with London and Singapore beating it to a place in the top five. Hong Kong, Beijing, and Shanghai were clustered ahead of Sydney to complete the top 10.
China fared better in the list of billionaires with Beijing in third place and Shanghai in fifth. Mumbai and Moscow were two notable new entrants into the top 10.
Although the lists of millionaires and billionaires represent the world’s largest financial centers, the story of HNWI growth paints a different picture of the trends.
Austin, Texas, and West Palm Beach, Florida were the number two and four cities respectively. Scottsdale, Arizona listed fifth with two Chinese cities, Hangzhou and Shenzen grabbing first and third spots. The rest of the list was completed by Asian nations with Bengaluru and Hyderabad in India, Sharjah of the United Arab Emirates, and Ho Chi Min City, Vietnam all coming in ahead of Miami.
The figures highlight that the U.S. is still the top financial destination with 10 of the world’s top 50 richest cities, while emerging markets are starting to improve their status en route to developed status.
Henley & Partners also cited data by estate agents Knight Frank and Savills as they said "hybrid living" is the hot new trend for wealthy individuals with investors splitting their time between a city base and a second home.
Article Sources
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Henley & Partners. "World's Wealthiest Cities 2023".
Henley & Partners. "Global Prime Property Trends".
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