World’s Wealthiest Cities Increase Their Millionaire Populations, with New York City and China’s Hangzhou as Best Performing

UTC by Tolu Ajiboye · 3 min read
World’s Wealthiest Cities Increase Their Millionaire Populations, with New York City and China’s Hangzhou as Best Performing
Photo: Unsplash

New York City and Hangzhou are the world’s wealthiest cities considering number of HNWIs and millionaire population growth.

A new report on wealth growth in some of the world’s largest cities has revealed new figures for the world’s wealthiest cities. According to London-based investment migration consultancy firm, Henley & Partners, there is still some growth in millionaire numbers in several cities despite a biting recession. The report uses data recorded up to December last year.

According to Henley & Partners, New York City has the highest number of high net worth individuals (HNWI) with at least $1 million, at 340,000. It also has the highest number of centi-millionaires (minimum of $100 million) at 724, and is one of 15 US cities on the list. However, New York City falls second for the city with the highest number of billionaires at 58, behind The Bay Area in California, at 63.

The World’s Wealthiest Cities and Their Metrics

Henley & Partners also published a note from the Head of Research at the South African wealth intelligence firm, New World Wealth. According to Andrew Amoils, several factors contribute to each city’s position on the list. For instance, New York City is the “financial center of the USA” and also hosts the NYSE and the Nasdaq, the two largest stock exchanges by market cap as of 2022. The city also has some of the world’s most exclusive areas, such as Manhattan’s 5th Avenue, where some apartments sell for more than $27K per square meter.

The report puts China’s Hangzhou as the city with the most HNWI growth from 2012 to

2022. Although Hangzhou has 30,400 HNWI, this number grew 105% in the stated period. Austin closely follows Hangzhou at 102%, and Shenzhen at 98%. Arizona’s Scottsdale and India’s Bengaluru tie for 5th position at 88%, just below Florida’s West Palm Beach at 90%.

Austin’s position is not surprising, considering that several tech companies have recently moved to the city. Scottsdale also attracts HNWIs and retirees because it has a few golf and lifestyle estates.

London is the only European city that made it to the 2023 list, although it is in the bottom 10 for HNWI growth. Amoils said London was the world’s top city for millionaires in 2000. While it currently has 258,000 resident millionaires, the report shows that the number of HNWI in the city has fallen by 15% over the last 10 years. Interestingly, London is the world’s number one crypto hub.

Other cities in the top 10 include China’s Guangzhou, Sharjah in the UAE, Vietnam’s Ho Chi Minh City, and India’s fourth most populous Hyderabad.

Recorded Declines

In addition to London, several other cities have declined since 2012. According to the report, Moscow is the city with the most significant loss in the number of HNWI, at 44%. South Africa’s Johannesburg lost 40%, while St. Petersburg, another Russian city, is down 38%. While Russia’s decline may be traced to the war with Ukraine, this factor may not account for millionaires presumably lost before the invasion in February 2022. Other cities in the bottom 10 include South Africa’s Pretoria and Turkey’s Istanbul, both losing 35%, with Nigeria’s Lagos losing 30% and Angola’s Luanda losing 28%.

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