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World’s Wealthiest Cities Report 2024 by Henley & Partners: New York Tops

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World’s Wealthiest Cities Report 2024 released by Henley & Partners; New York topsAccording to the 2024 World’s Wealthiest Cities Report published by international wealth migration specialists Henley & Partners, New York City, New York, the United States of America (USA) has retained its title as the Wealthiest City in the World.

  • New York city houses 349,500 millionaires, 744 centi-millionaires, 60 billionaires and the total wealth of the residents exceeds USD 3 trillion.
  • California’s the Bay Area(USA) is ranked 2nd followed by Tokyo(Japan); Singapore(Singapore) and London(The United Kingdom-UK) at 3rd, 4th and 5th position respectively.

Note: World’s Wealthiest Cities Report is the annual report published by Henley & Partners in collaboration with New World Wealth, a global data intelligence firm.

Top 5 Wealthiest Cities around the World:

1.New York CityUSA349,50074460
2.The Bay AreaUSA305,70067568

Delhi and Mumbai featured Among Top 50:

i.Mumbai(Maharashtra) (24th) and Delhi (37th) were the only Indian cities featured among the top 50 of the 2024 World’s Wealthiest Cities Report.

  • Mumbai houses 58,800 millionaires, 236  centi millionaires and 29 billionaires while Delhi houses 30,700 millionaires, 123 centi millionaires and 16 billionaires

ii.over the past decade(2013-2023), the Millionaire population of Mumbai and Delhi has increased by 82% and 95% respectively.

Key Highlights:

i.With 11 cities in the Top 50, the USA has emerged as the World’s richest country.

ii.Among the Asian countries, China dominates the 2024 list. 5 cities in mainland China, along with Hong Kong (Special Administrative Region-SAR) and Taipei are featured among the top 50.

  • For the first-time ever Beijing, the capital city of China made it to the Top 10 of the list. It is ranked at 10th position and saw surge of 90% in terms of millionaires over the past 10 years.

iii.London the wealthiest city for many years, dropped to 5th position. It saw a decline of 10% in terms of millionaires population over the past 10 years.

iv.The report highlighted cities like Bengaluru(Karnataka, India), Scottsdale(Arizona, USA) and Ho Chi Minh City(Vietnam) can see the significant increase in their wealth over the next decade.

  • These 3 cities have registered an exceptional growth rates of over 100% in their resident millionaire populations over the past 10 years

v.Dubai emerged as the wealthiest city in the Middle-East Region with growth of 78% in its millionaire population over the past 10 year. It is ranked at 21st position in the list.

Rise in Number of Wealthiest Cities in Asia-Pacific Region:

i.The report highlighted that 5 out of the top 10 wealthiest cities now are in Asia-Pacific(APAC) region.

ii.Cities like Tokyo(3rd), Singapore(4th )and Beijing(10th ) saw a significant increase in their wealth concentration.

iii.Singapore which is widely considered as the most business-friendly city on the earth, has climbed two spots in the ranking, with a 64% increase in millionaires over a decade.

  • Singapore is also one of the world’s top destinations for migrating millionaires. Approximately 3400 High Net-Worth Indiviuals (HNWIs) moved to Singapore in 2023.

iv.As per the report, 7 out of 10 fastest-growing millionaire cities are located in APAC. China(5) has the most number of fastest-growing millionaire cities followed by India(2).

v.Shenzhen (China) has emerged as the fastest-growing city in terms of number of millionaires and saw an increase of 140% in the last 10 years.

  • Other fastest growing Cities are: Hangzhou, China(+125%), Guangzhou(+110%), Delhi, India(+95%), Beijing, China(+90%), Shanghai, China(+84%) and Mumbai(+82%).

About Henley & Partners:
Chief Executive Officer(CEO)- Dr. Juerg Steffen
Headquarters- London, UK