The world’s millionaires are congregating in hotspots around the globe, with one-third of the world’s 15 richest cities found in the same country.
Unsurprisingly at the top of the list, New York City is home to an astonishing 340,000 millionaire residents, accounting for an estimated four percent of the city’s population.
New York’s status as a global financial hub attracts millions of people seeking high-paying jobs, while those with lucrative careers are drawn to the big apple. Four other American cities – Houston, Chicago, the Bay Area, and Los Angeles – also find themselves inside the top 15.
Tokyo takes second place, being home to around 290,000 millionaires, closely followed by the Bay Area, with 285,000 high net worth inhabitants.
Other notable financial centers include- London (4th), Singapore (5th), Hong Kong (7th), Beijing (8th) and Shanghai (9th).
Suprisingly, Sydney holds the 10th position, with more than 100,000 millionaires.
Australia has increasingly become a destination for millionaire migrations.
The trend is driven by factors such as high cost of living, access to Asian markets, and no inheritance tax in the country.
Over the last decade, the world has gotten significantly richer, both at a per capita level, as well as the rising number of millionaires.
Between 2010-2020, the number of millionaires increased by nearly 65%.
In the past decade, Hangzhou, China and Austin, Texas, have more than doubled in wealthy residents.
This trend places them at the top of the rankings for millionaire population growth, which is largely dominated by cities in China and the U.S., reflecting the economic strength of these two countries.
At the start of the 21st century, the United States and Japan had a similar count of millionaires.
However, the U.S. sustained its growth of millionaires and China surpassed Japan in economic size in 2010.
Other emerging economic giants in the 2010s—India and Vietnam—have also seen millionaire growth in the cities of Bengaluru (88%), Hyderabad (78%), and Ho Chi Minh City (82%).
On the other hand, Moscow and St. Petersburg lost around 40% of their millionaire residents in the same timeframe, with the sanctions against the country playing a key role deteriorating their wealth as well as causing an exodus of residents.
1. New York City, USA
2. Tokyo, Japan
3. The Bay Area, USA
4. London, UK
5. Singapore, Singapore
6. Los Angeles, USA
7. Hong Kong, Hong Kong SAR
8. Beijing, China
9. Shanghai, China
10. Sydney, Australia.
11. Chicago, USA
12. Toronto, Canada
13. Frankfurt, Germany
14. Zurich, Switzerland
15. Houston, USA
