The investment migration firm Henley & Partners released its annual ‘World’s Wealthiest Cities Report 2023‘ which is again topped by New York, United States of America (USA) with 340,000 millionaires, 724 centi-millionaires, and 58 billionaires in 2022.
- New York followed by Tokyo (Japan), California’s Bay Area (USA), London (United Kingdom) and Singapore.
Assessment:
The annual survey looked at 97 cities in 9 regions around the world viz. Africa, Australasia, CIS (Commonwealth of Independent States), East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia. The data is supplied by wealth intelligence firm, New World Wealth.
- Established in 2013, New World Wealth tracks the movements and spending habits of the world’s wealthiest people.
Table Showing Top 5 Wealthiest Cities around the world
| Rank | City | Country | No of Millionaires |
|---|---|---|---|
| 1 | New York | USA | 340,000 |
| 2 | Tokyo | Japan | 290,300 |
| 3 | The Bay Area | USA | 285,000 |
| 4 | London | UK | 258,000 |
| 5 | Singapore | Singapore | 240,100 |
Highlights:
i.The US has emerged as the leader in the number of wealthy cities, with 10 out of the top 50 cities in the world.
- It is followed by China with five and Australia with four.
ii.Hangzhou, China, topped the list for the highest 10-year growth (from 2012 to 2022) in High-Net-Worth Individuals (HNWIs), with a 105% increase, while Austin, Texas, followed behind with a 102% increase.
- The number of HNWIs in New York also surged by 40% from 2012 to 2022, helping it maintains its top position.
- HNWIs refer to individuals with investable wealth of USD 1 million or more.
iii.California’s Bay Area won out when it came to the total number of billionaires i.e. 63.
- That was followed by New York, Beijing, Los Angeles and Shanghai.
iv.By 2050, 70% of the global population will live in cities.
v.Of the world’s Top 10 wealthiest cities, seven are in countries actively welcoming foreign direct investment in return for residence or citizenship rights.
The India Story:
The list also featured Mumbai (Maharashtra) at 21st rank with 59,400 millionaires, 238 Centi-millionaires, and 29 Billionaires. It has shown 65% 10-year growth (from 2012 to 2022).
- The other Indian cities in the list include Delhi at 36th place with 16 billionaires, Bengaluru (Karnataka) with 8 billionaires, Kolkata (West Bengal) 7 billionaires, and Hyderabad (Telangana) with 5 billionaires.
About Henley & Partners:
Chief Executive Officer– Dr. Juerg Steffen
Headquarters– London, UK
