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September 22, 2023, 11:15 pm

NYC richest city of world as US captures half of top 10 and TOKYO ranks 2nd

  • Update Time : Sunday, April 16, 2023
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Online Desk: New York has been named the wealthiest city on the planet, boasting 59 billionaires and 345,600 millionaires, including 737 people with a net worth of more than $100 million, reports The Daily Mail.

That’s according to a new report ranking the 20 richest cities in the world from consultancy Henley & Partners, which advises the ultra-wealthy on citizenship and residency issues.

The United States dominated the rankings for 2022, with six cities listed in the top 20: New York, San Francisco, Los Angeles, Chicago, Houston and Dallas.

London ranked fourth in the world, with 272,400 millionaires and 38 billionaires, and was joined by four cities in continental Europe, including Paris, Frankfurt and two Swiss cantons.

Regionally, Asia-Pacific had eight cities in the top 20, including Tokyo in second place and Singapore in fifth.

Mainland China’s Beijing and Shanghai were joined by Hong Kong, and also making the list were Seoul and Australia’s Sydney and Melbourne.

Here are the Top 20 wealthiest cities, ranked by their number of millionaire residents:

#1 NEW YORK: The epicenter of US finance and home to the world’s two largest stock exchanges, New York tops the global rankings as the richest city. Incredibly, total private wealth held by the city’s residents exceeds $3 trillion — more than the private wealth held in most G20 countries. The city itself has 59 billionaires, but many ultra-rich live in nearby Long Island and Connecticut. Adding Greenwich, Great Neck, Sands Point and Old Westbury to NYC brings the billionaire total to 120.

#2 TOKYO: Japan’s capital city and economic center, Tokyo has the largest urban economy in the world by GDP and is home to the headquarters of Honda, Hitachi, Mitsubishi, Softbank, and Sony. Tokyo has 304,900 millionaires, including 263 worth more than $100 million — but only 12 billionaires. The low number of billionaires reflects Japan’s relatively low wealth inequality compared to other cities on the list, which has been attributed to the country’s steep taxes on the ultra-rich.

#3 SAN FRANCISCO BAY AREA: The Bay Area, encompassing Silicon Valley, is home to tech titans such as Apple, Alphabet, and Meta. The area has 276,400 millionaires, including 623 centi-millionaires ($100M+) and 62 billionaires. Silicon Valley is home to some of the wealthiest zip codes in the US, in towns like Atherton and Los Altos Hills.

#4 LONDON: The British capital was for many years the wealthiest city in the world, but slipped from the top in the past few years. London has 272,400 millionaires, including 406 with more than $100 million, and 38 billionaires. Henley & Partners notes that London has seen a steady outflow of millionaires over the past decade, with many decamping for nearby commuter towns. ‘There are a number of possible reasons for the exodus, including rising crime rates in the city,’ the consultancy said.

#5 SINGAPORE: The self-governed city-state in Asia is regarded as highly business-friendly, and is a top destination for millionaires seeking a new home. This year alone, Singapore will see net in-migration of approximately 2,800 millionaires, second only to Australia and the UAE, according to Henley & Partners projections. Singapore is currently home to 249,800 millionaires, including 336 centi-millionaires and 26 billionaires.

#6 LOS ANGELES & MALIBU: Home to Hollywood’s film and TV industry as well as the busiest container shipping port in the US, Los Angeles has 192,400 resident millionaires, with 393 centi-millionaires and 34 billionaires. Those figures include LA itself, as well as wealthy adjacent enclaves of Malibu, Beverly Hills, Laguna Beach, Newport Beach, and Santa Monica.

#7 CHICAGO: The ‘city that works’ is home to 160,100 millionaires, including 340 worth more than $100 million, and 28 billionaires. Chicago has a highly diverse economy, and is home to 35 Fortune 500 companies, including Boeing and McDonald’s.

#8 HOUSTON: Though oil and gas still dominate Houston’s economy, it is also a leading center in aerospace, biotech, and engineering, and is among the cities with the fastest wealth growth in the world. The city of Houston has 132,600 millionaires, with 314 centi-millionaires and 25 billionaires.

#9 BEIJING: China’s capital city has 44 billionaires, second only to New York and San Francisco. It is also home to 131,500 millionaires, including 363 worth more than $100 million. The concentration of state-owned enterprises headquartered in Beijing means that the city is home to more Fortune Global 500 companies than any other city in the world.

#10 SHANGHAI: Widely seen as China’s financial capital, Shanghai is home to the main Chinese stock exchange. The city has 131,500 resident millionaires, including 363 with more than $100 million and 42 billionaires.

#11 SYDNEY: Australia’s largest city has seen strong wealth growth in recent years, and is home to 129,500 millionaires, including 188 centi-millionaires and 16 billionaires.

#12 HONG KONG: Though it was once second only to Tokyo in the Asia-Pacific region, Hong Kong has been overtaken by Singapore, Beijing, Shanghai, and Sydney in recent years. Still, the special administrative region of China remains a popular base for the wealthy, and today is home to 125,100 millionaires, 280 centi-millionaires and 28 billionaires.

#13 FRANKFURT: The wealthiest city in continental Europe, Frankfurt is Germany’s financial center and home to the country’s main stock exchange. It is the home of 117,400 millionaires, including 161 centi-millionaires and 14 billionaires.

#14 TORONTO: Canada’s largest city is home to a growing technology sector, and is the home base of major companies including the Four Seasons Hotel Group, Royal Bank of Canada, and Scotiabank, as well as the Canadian divisions of most major US companies. Toronto has 116,100 resident millionaires, with 187 centi-millionaires and 17 billionaires.

#15 ZURICH: The elite global center for private banking, Zurich has 105,100 millionaires, including 258 centi-millionaires and 12 billionaires. Banks headquartered in Zurich include Credit Suisse, Julius Baer, and UBS.

#16 SEOUL: South Korea’s capital city has 102,100 resident millionaires, including 241 centi-millionaires and 25 billionaires. Major companies headquartered in the city include Hyundai, Kookmin Bank, LG, and Samsung.

#17 MELBOURNE: Home to many of Australia’s largest companies, Melbourne has 97,300 millionaires, with 149 centi-millionaires and 12 billionaires. Similar to Sydney, Melbourne is gaining wealth at a rapid rate.

#18 DALLAS & FORT WORTH: The Dallas-Forth Worth metro area has 92,300 millionaires, including 211 centi-millionaires and 18 billionaires. Fortune 500 companies headquartered there include American Airlines, AT&T, CBRE, ExxonMobil, Southwest Airlines, and Texas Instruments.

#19 GENEVA: The Canton of Geneva has 90,300 millionaires, 345 centi-millionaires, and 16 billionaires. It is a hub for diplomacy, private banking, and luxury watchmaking. Around 18 percent of Geneva’s population are millionaires, second in the world only to Monaco at 44 percent.

#20 PARIS: The French capital rounds out the top 20, 88,600 millionaires, including 121 centi-millionaires and 15 billionaires. A hub of culture and commerce, Paris is home to many large European companies, including BNP Paribas, Credit Agricole, and Moët Hennessy Louis Vuitton.

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