Henley Cities Report: The World’s Wealthiest Cities In 2024

As the saying goes, money makes the world go round. But it also likes to take root, and rich people love to hang out with each other and compare the size of their bank accounts. But which cities are home to the wealthiest? The Henley 2024 World’s Wealthiest Cities Report answers such questions, in collaboration with global data intelligence firm New World Wealth.

The world’s ten wealthiest cities

When it comes to the number of resident millionaires with liquid investable wealth of one million US dollars or more, the US leads the pack, with 11 cities in the Top 50. Number one spot is firmly occupied by New York City. The total wealth held by the Big Apple’s residents now exceeds an eye-watering three trillion US dollars—higher than the total wealth held in most major G20 countries. That includes a staggering 349,500 millionaires, 744 centi-millionaires (people with investable wealth of over $100 million), and 60 billionaires.

Not far behind in second place is the Bay Area of Northern California, encompassing San Francisco and Silicon Valley. With one of the world’s highest wealth growth rates, it has increased its millionaire population by 82% over the past decade, and is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.

The fortunes of Asia’s long wealthiest city have suffered over recent years. Tokyo, the world’s wealthiest city a decade ago, has since suffered a 5% decline in its resident high net worth individual population, and now sits third with 298,300 millionaires.

City-state Singapore has climbed two places to fourth on the global ranking following a 64% increase in millionaires over the past decade and will likely unseat Tokyo as Asia’s wealthiest city very soon. Widely regarded as the most business-friendly city on earth, Singapore is also one of the world’s top destinations for migrating millionaires—some 3,400 moved there in 2023 alone. The city now boasts 244,800 resident millionaires, 336 centi-millionaires and 30 billionaires.

Falling to fifth place is London, long the wealthiest city in the world. Today, around 227,000 millionaires, 370 centi-millionaires, and 35 billionaires call it home—a decline of 10% over the past decade. Stateside, Los Angeles is moving in the other direction. Home to 212,100 millionaires, 496 centi-millionaires and 43 billionaires, it’s jumped up two places over the last ten years to sixth place with a 45% growth in its wealthy population. Paris retains its place in seventh on the ranking with 165,000 resident millionaires, while Sydney climbs to eighth with 147,000.

Rounding out the top ten, China is establishing itself with the Special Administrative Region of Hong Kong home to 143,400 millionaires and Beijing home to 143,400, occupying ninth and tenth spots respectively. Beijing enters the top ten for the first time following a 90% growth in its millionaire population over the past decade. And although Hong Kong has fallen four places over the 10 years to ninth on the ranking, Shanghai, Shenzhen, Guangzhou, and Hangzhou have all recorded significant increases in their millionaire populations.

Andrew Amoils, Head of Research at New World Wealth, notes Shenzhen is the world’s fastest-growing city for the wealthy, with its millionaire population exploding by 140% in the last ten years. “Hangzhou has also experienced a massive 125% increase in its high net worht residents and Guangzhou’s millionaires have grown by 110% over the past decade. When it comes to wealth growth potential over the next decade, cities to watch include Bengaluru (India), Scottsdale (USA), and Ho Chi Minh City (Vietnam). All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past ten years.”

The most expensive city in the world

When it comes to cities where the rich love to live, few if any could surpass Monaco, the tiny sovereign city-state on the French Riviera. Here the average wealth exceeds USD 20 million. I’ll repeat that—the AVERAGE wealth is more than twenty million dollars.

That makes it the top-ranked city in the world on a wealth per capita basis. More than 40% of its residents are millionaires—the highest ratio of any city globally with sports stars, in particular Formula One drivers, making the most of its tax breaks and blue skies. It also sits top of Henley’s World’s Most Expensive Cities list, with apartment prices regularly exceeding USD 35,000 per square meter.

Dominic Volek, Group Head of Private Clients at Henley & Partners, says seven of the 10 wealthiest cities in the world are in countries that host investment migration programs that actively encourage foreign direct investment in return for residence or citizenship rights.

“You can secure the right to live, work, study, and invest in leading international wealth hubs such as New York, Singapore, Sydney, Vienna, and Dubai via investment. Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different cities across the world is an increasingly important aspect of international wealth and legacy planning for private clients. The more jurisdictions a family can access, the more diversified its assets, the lower its exposure to country-specific and regional risks, and the greater the opportunities they can enjoy. Likewise, cities and countries can use investment migration as an innovative financing mechanism to attract the world’s wealthiest and most talented to their shores.”

To see the ranking in full, read the complete 2024 World’s Wealthiest Cities Report.