This Is the Richest City in the World, According to a New Report (2024)

FAQs

What is the richest city in the world 2023? ›

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 top 10 wealthiest cities in the world

New York City came in at no. 1 on the list. The report found that from 2012 to 2022, the city had a 40% growth in its population of high-net-worth individuals.

According to the recently published World's Wealthiest Cities Report 2023 by Henley & Partners, New York City has been named the wealthiest city globally. The city is home to 340,000 millionaires, 724 centi-millionaires, and 58 billionaires, all residing in its five boroughs.

Abu Dhabi is the capital of the United Arab Emirates and its second-largest city. It has been estimated by many sources that Abu Dhabi is the wealthiest city in the world, owing to it being a center for finance, banking, and culture in the United Arab Emirates and also the Middle Eastern region.

1. California

California, the nation's most populous state, has the largest state GDP of $3,599,103,000,000. California's median household income is $78,672, the seventh-highest in the U.S.

2. Bernard Arnault. Bernard Arnault, the second richest person in the world, is the CEO and chairman at Moët Hennessy Louis Vuitton (LVMH), the world's largest luxury goods company encompassing approximately 70 renowned fashion and cosmetics brands.

New York City topped the list with 136 billionaires in 2022. The city's uber-rich population lost two people from 2021 to 2022, but it's still the global billionaire capital.

According to this detailed report, New York City is the wealthiest city in the world and it has a pretty fast-growing billionaire population. Moreover, the list also featured top cities by region and in the Middle East, Dubai made it to first place.

Beijing is China's wealthiest city at No. 8, with 128,200 HNWIs, followed by Shanghai at No. 9, with 127,200 HNWIs. New York City took first place as the Big Apple's number of millionaires surged by 40% in the 2012-2022 period.

Overall, in the calendar year 2022, the United States' Nominal GDP at Current Prices totaled at $25.463 Trillion, as compared to $23.315 Trillion in 2021. The three U.S. states with the highest GDPs were California ($3.6 Trillion), Texas ($2.356 Trillion), and New York ($2.053 Trillion).

What is the richest city in the United States? ›

New York City wears the crown as the world's top city with the most millionaires in 2023.

Three of the four biggest clusters of billionaires in the world are classic US destinations for the uberwealthy: New York City, Los Angeles, and the Bay Area, which includes the neighboring tech hubs of San Francisco and Silicon Valley. Nearly 163 billionaires reside in those three hot spots alone.

The UAE is the third-richest country in the world, below Luxembourg at number two and Qatar at number one, with a GDP per capita of $57,744. The bulk of its money comes from the production of goods and provision of services related to petroleum, petrochemicals, aluminium and cement.

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.

6. Why is Dubai one of the richest countries in the world? Free trade, a low tax rate, and zero income tax have made Dubai a popular business hub and a wealthy state. Dubai is also the gateway to the East and boasts of the world's highest international passenger flow.

Bernard Arnault

Billionaire, businessman and the chairman and chief executive of LVMH (LVMUY), Bernard Arnault holds the crown as the richest person in the world. According to Forbes, Arnault has a fortune of $217.9 billion.

The richest country in the world is Luxembourg.

1. Elon Musk – $221 billion. With a current wealth of $221 billion, Elon Musk maintains his position as the world's wealthiest person. The valuation of his current firm, Tesla, which manufactures electric vehicles, is over $800 billion.

World Richest Man 2023

The Richest Man in the World, as reported in March 2023, is Bernard Arnault & family, the Chief Executive Officer of LVMH, with a net worth of $207.1 billion. World's Billionaires is an annual ranking granted to the wealthiest billionaires of the world, documented on the basis of their net worth.

Which US state has no billionaires? ›

They live in 42 of the 50 states. The only states where you won't find a billionaire are Alabama, Alaska, Delaware, New Hampshire, New Mexico, North Dakota, Vermont, and West Virginia.

According to estimates, in the middle of 2021 there were 56 million people worldwide whose assets exceeded one million US dollars, of whom nearly 40% lived in the United States. The total net worth of all millionaires stood at around $158.261 trillion.

Silicon Valley and San Francisco

According to Forbes, more than a third of California's wealthiest entrepreneurs made their money in the tech industry, and half of the states' billionaires live in the Bay Area and Silicon Valley.

According to the IMF, the wealthiest nation in the world 2022 for GDP per capita was Luxembourg, with a sum of $127,673. For the sake of comparison, while the US has an overall GDP of $26.19 trillion, its GDP per capita is much lower at $75,180 than tax havens like Luxembourg, with a GDP per capita of $127,673.

Average Cost Of Living In Dubai Vs USA For A Family Of Four

The average cost of living in renting a place is 10.9% higher in Dubai compared to the US. For dining in restaurants, the prices in Dubai are 16.2% higher than in the major cities in the US.

To live comfortably in Dubai, you should expect a salary of at least 10,000 to 15,000 AED. This should allow you to cover your rent and bills and have enough disposable income to enjoy Dubai to the fullest.

The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.

Tied with New York, Singapore often tops the list.

Egypt has a GDP per capita of $12,000 as of 2020, while in China, the GDP per capita is $16,400 as of 2020.

The $1.9 trillion Texas economy is one of the Top 10 -largest in the world, and the last quarter of 2021 realized a 10.1 percent uptick in the annual rate growth of real gross domestic product.

Is Los Angeles richer than New York? ›

Both NYC and LA are among the most expensive cities in both the U.S. and the world. However, the average cost of living in LA is also 24-27% lower than that of NYC.

The economy of the state of Florida is the fourth-largest in the United States, with a $1.4 trillion gross state product (GSP) as of 2022. If Florida were a sovereign nation (2022), it would rank as the world's 16th-largest economy according to the International Monetary Fund, ahead of Indonesia and behind Mexico.

1. Atherton, CA. The richest city in the US is Atherton, California. It has a median household income of $450,690, which is almost seven times higher than the average American household income of $69,021.

1: Atherton, Calif. (94027)

Monaco: Arguably the world's top safe haven for the super-rich. The average wealth of a person living in Monaco exceeds USD 10 million, making it the top-ranked city in the world on a wealth per capita basis.

According to the 2022 Knight Frank Wealth Report, the cities of New York, Tokyo and Paris have become the most popular places to live for billionaires. London and Los Angeles are next. The capital of Great Britain is also recognized as the best city for life and investment.

United Arab Emirates (UAE) or Gulf Cooperation Council (GCC) citizens are able to purchase property anywhere in Dubai, while foreign investors can purchase property only in designated foreign ownership areas, determined by the Ruler of the Emirate of Dubai.

Dubai is, in fact, one of the safest Middle Eastern cities for tourists. Its stricter laws mean that crime is kept to a minimum, and many tourists feel much safer in Dubai than they do in other parts of the globe. The crime rate in Dubai is much lower than comparable countries in other regions in the world.

How does Dubai get fresh water? ›

Close to 99% of potable drinking water in Dubai now comes from its desalination plants. The desalination plants process sea water to make them usable. Sea water from the Arabian Gulf is pumped into DUBAL, Dubai Aluminum factory to cool the Aluminum smelters.

Key points. There are 5.3 million millionaires and 770 billionaires living in the United States. Millionaires make up about 2% of the U.S. adult population. While an ultra-high net worth will be out of reach for most, you can amass $1 million by managing money well and investing regularly.

Dubai isn't actually much more expensive than London, New York, and other big cities. However, Dubai's not a very walkable city. Jaywalking is illegal, and crossings are few and far between. Taxi prices aren't too expensive but taking them often can add up.

The average person living in the UAE has net assets of approximately US$99,000 (wealth per capita). This is well above the worldwide average. There are approximately 88,700 HNWIs living in the UAE, each with net assets of US$1 million or more.

Absence of taxation

There is currently no personal income tax in the United Arab Emirates. As such, there are no individual tax registration or reporting obligations.

People often speak of Dubai as the land where you can turn your financial dreams into reality. Why? They say that in Dubai, everything you need to achieve financial success is already in place: ample infrastructure, security, capital, and an open market. It is easy to become rich in Dubai.

The UAE does not levy income tax on individuals. However, it levies corporate tax on oil companies and foreign banks. Excise tax is levied on specific goods which are typically harmful to human health or the environment. Value Added Tax is levied on a majority of goods and services.

1. Elon Musk – $221 billion. With a current wealth of $221 billion, Elon Musk maintains his position as the world's wealthiest person. The valuation of his current firm, Tesla, which manufactures electric vehicles, is over $800 billion.

Luxembourg. In terms of purchasing power parity (PPP) Luxembourg scores at the top of the richest countries.

Which are the richest cities in the world by 2030? ›

The report claims that Dubai, Mumbai and Shenzhen will be breaking into the list of the World's top 20 wealthiest cities by the year 2030. Dubai is already home to 67,900 millionaires, 202 centi-millionaires (people with net assets of $100 million or more), and 13 billionaires.

Top 10 Richest Countries in the World, 2050 are China, United States, Canada, United Kingdom, Brazil, Germany, France, Mexico, United States, India.

Kuwaiti Dinar (KWD)

The Kuwaiti dinar is the strongest currency in the world, with 1 dinar buying 3.26 dollars (or, put another way, $1 equals 0.31 Kuwaiti dinar). Kuwait is located on the Persian Gulf between Saudi Arabia and Iraq, and the country earns much of its wealth as a leading global exporter of oil.

Known for valuable exports and favorable corporate tax policies, Ireland is the richest country in the world. Luxembourg, despite high-income levels and a low unemployment rate, lost the #1 spot. The resource-rich land with the world's biggest economy, the United States, ranks 8th on the list.

The United States remains the most powerful country in the world, followed by China and Russia. However, the balance of power may shift in the coming years as countries like India and Brazil continue to grow economically and assert themselves on the global stage.

1. Atherton, CA. The richest city in the US is Atherton, California. It has a median household income of $450,690, which is almost seven times higher than the average American household income of $69,021.

According to the 2022 Knight Frank Wealth Report, the cities of New York, Tokyo and Paris have become the most popular places to live for billionaires. London and Los Angeles are next. The capital of Great Britain is also recognized as the best city for life and investment.