5 of 10 richest cities in APAC, Delhi among top 50 cities for millionaires

By growth, seven of the 10 leading millionaire cities are located in APAC, including five in China and two in India.

New York continues its reign as the world's wealthiest city, boasting a staggering 349,500 millionaires and a total wealth exceeding $3 trillion – more than most G20 countries, according to the 2024 World's Wealthiest Cities Report, published by Henley & Partners in collaboration with New World Wealth. However, the report highlights a potential slowdown in the growth of US wealth hubs.  Despite holding 11 cities in the Top 50, places like London (5th) and Los Angeles (6th) have witnessed declines or modest growth compared to a decade ago.

Asia Pacific: The new wealth engine

The real story lies in the rise of Asia Pacific. Five out of the top 10 wealthiest cities now reside in this region, with Tokyo (3rd), Singapore (4th) and Beijing (10th) showcasing impressive wealth concentration. Singapore, in particular, has climbed two spots and is on track to dethrone Tokyo as Asia's wealthiest city, thanks to a remarkable 64% increase in millionaires over a decade. This growth is attributed in part to Singapore's reputation as a business-friendly haven for migrating HNWIs (High Net-Worth Individuals), attracting over 3,400 in 2023 alone.

 

"Widely regarded as the most business-friendly city on earth, Singapore is also one of the world’s top destinations for migrating millionaires ­— approximately 3,400 HNWIs moved there in 2023 alone and the city now boasts 244,800 resident millionaires, 336 centi-millionaires, and 30 billionaires," noted the report. 

Top 10 cities for millionaires

China's millionaire boom

China's economic rise is reflected in its growing presence on the list. Five cities in mainland China, along with Hong Kong and Taipei, make the Top 50. Beijing's 90% surge in millionaires in the last ten years has propelled it into the Top 10 for the first time. Shenzhen takes the cake for the fastest-growing city for the wealthy, with its millionaire population exploding by a staggering 140% in the decade. Other Chinese cities like Hangzhou (125% growth) and Guangzhou (110% growth) are following suit.

Point to note:  Seven of the ten fastest-growing millionaire cities are located in APAC, with five in China and two in India. Shenzhen, China, takes the crown for the most significant increase, boasting a remarkable 140% growth in its millionaire population since 2013, reaching a total of 50,300. Other notable high-growth cities include Hangzhou (125%), Guangzhou (110%), Delhi (95%), Beijing (90%), Shanghai (84%), and Mumbai (82%).

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 HNW 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," said Andrew Amoils, Head of Research at New World Wealth.

London’s falling  

London, the wealthiest city in the world for many years, continues to tumble down the ranking, and now sits in 5th place with just 227,000 millionaires, 370 centi-millionaires, and 35 billionaires — a decline of 10% over the past decade. By contrast, Los Angeles, home to 212,100 millionaires, 496 centi-millionaires, and 43 billionaires, has jumped up two places over the 10-year period to 6th place and has enjoyed a notable 45% growth in its wealthy population. 

Paris, the wealthiest city in mainland Europe, retains its 7th place on the ranking with 165,000 resident millionaires, while Sydney ascends to 8th position with 147,000 HNWIs, after experiencing exceptionally strong wealth growth over the past 20 years.

A key factor driving growth in the world’s wealthiest cities has been the strong performance of financial markets in recent years. 

The report identifies strong financial market performance, advancements in technology, and Bitcoin's rise as key drivers of wealth creation. However, it acknowledges the fragility of wealth in the face of geopolitical uncertainties. The war in Ukraine serves as a stark reminder, with Moscow's millionaire population plummeting by 24%.

“The S&P 500’s 24% gain last year, along with the Nasdaq’s 43% surge and Bitcoin’s staggering 155% rally, has buoyed the fortunes of wealthy investors. Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation. Yet, even as new opportunities emerge, old risks persist. The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world," said Dr. Juerg Steffen, CEO of Henley & Partners.

Looking Ahead: wealth migration and new contenders

Investment migration programs offered by cities like New York, Singapore, and Sydney are attracting wealthy individuals seeking diversification and secure havens. 

Turning to the Middle East, Dubai easily takes the crown as the wealthiest city in the region, with impressive growth of 78% in its millionaire population over the past 10 years. Currently ranked as the 21st-wealthiest city in the world, the ultra-modern wealth magnate is highly likely to break into the Top 20 in the coming years, and although the UAE’s oil-rich capital Abu Dhabi hasn’t yet cracked a spot in the Top 50 ranking, growth rates of over 75% make it a likely contender in future.

Nairobi, Kenya’s bustling capital, now has 4,400 millionaires, a 25% increase over the past decade, driven by its thriving tech ecosystem and growing middle class. Cape Town, South Africa’s stunning coastal gem, has enjoyed a 20% rise in millionaires making it their city of choice and is now home to 7,400 of them.

Beyond Wealth: Most Expensive Cities and Per Capita Wealth

Monaco, with its sky-high average wealth per capita exceeding $20 million, takes the top spot. New York City follows, while cities like London, Hong Kong, and Sydney rank high in terms of most expensive prime real estate prices.

Dominic Volek, Group Head of Private Clients at Henley & Partners, says 7 of the Top 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.”

The 2024 World's Wealthiest Cities Report highlights a significant shift in global wealth distribution. While the US retains dominance in the absolute number of wealthy cities, Asia Pacific is experiencing explosive growth, driven by innovation, favorable migration policies, and a strengthening economic environment.