The world’s richest cities: Big Apple tops the list with 340,000 millionaires

New York City is the richest city in the world, boasting more millionaires than any other place on the planet, a new study has found.

As of 2023, NYC was home to 340,000 millionaires, along with 58 billionaires.

Tokyo claimed number two spot with 290,000 millionaires, and 14 billionaires while  The San Francisco Bay Area came in at number three with 285,000 millionaires, but a much higher count of billionaires with 63.

The findings were compiled by the investment group Henley & Partners, and looked at data from 97 cities across the world. 

The data considered population counts for millionaires and billionaires in the cities, as well as the percentage growth of high-net-worth individuals in those cities from 2012 to 2022.

New York City was found to be the wealthiest city in the world with 340,000 millionaires

Japanese billionaire Tadashi Yanai (left) lives in Tokyo, and billionaire Michael Bloomberg (right) lives in New York City

There were three US cities in the top ten globally – NYC, the Bay Area, and Los Angeles – along with three Chinese cities including Hong Kong.

After New York City, Tokyo, and the Bay Area, London took the number four spot for most millionaires globally with 258,000. The city also had 36 billionaires.

Singapore landed at number five globally with 240,100 millionaires and 27 billionaires, then Los Angles was number six with 205,400 millionaires and 42 billionaires.

China held the seventh, eighth and ninth spots with Hong Kong’s 129,500 millionaires and 32 billionaires, Beijing’s 128,200 millionaires and 43 billionaires, and Shainghai’s 127,200 millionaires and 40 billionaires.

Coming in at number ten globally was Sydney, Australia, with 126,900 millionaires and 15 billionaires.

In just the United States, NYC, the Bay Area, and Los Angeles held the top three spots for most millionaires, with Chicago coming in at number four with 124,000 millionaires and 24 billionaires.

Tokyo, Japan landed in the number two spot globally with 290,000 millionaires

Kim Kardashian calls Los Angeles home, and Mark Zuckerberg lives in the Bay Area

Houston had the fifth most millionaires at 98,500 – along with 20 billionaires – and Seattle took the sixth-place spot with 50,500 millionaires and 10 billionaires.

In the seventh, eighth, and ninth places spots in the US were Boston with 41,700 millionaires and 8 billionaires, Miami with 38,000 millionaires, 12 billionaires, and Austin with 30,500 millionaires and 9 billionaires.  

Las Vegas took tenth-place with 16,800 millionaires and 6 billionaires.

Out of the top 50 wealthiest cities in the world, the United States beat out all other countries with a total of 10 cities in top spots. China came next with five cities in the top 50 globally. Australia trailed close behind with four cities in the top 50.

Hangzhou, China, led the world with the highest surge of high-net-worth individuals since 2012 with a 105 percent increase, while Austin, Texas, trailed close behind with a 102 percent increase.

Next was Shenzen, China, with a 98 percent increase, West Palm Beach, Florida, with a 90 percent increase, and Scottsdale Arizona, with an 88 percent increase.

The San Francisco bay area had more billionaires than any other city in the world with 63

Other global cities in the top ten for high-net-worth growth were Bengaluru, India, Guangzhou, China, Sharjah in the United Arab Emirates, Ho Chi Minh City, Vietnam, and Hyderabad, India. Miami landed in the 11th spot with a 75 percent increase since 2012.

Conversely, Russia held the greatest loss of high-net-worth individuals with a 45 percent decrease, and St. Petersburg trailed close behind with a 38 percent decline

Hong Kong lost 27 percent of its high-net-worth individuals since 2012, and the United Kingdom cities London and Edinburgh lost 15 and 12 percent of theirs.