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In the ever-evolving global economy, certain cities consistently emerge as centers of prosperity, attracting affluent investors and shaping regional and international financial landscapes. These leading wealth hubs, each with a distinctive mix of history, geography, and economic activity, wield considerable influence worldwide.
1. New York City: 349,500 Millionaires
New York City tops the list with 349,500 high-net-worth individuals (HNWIs). As the USA’s financial epicenter, it boasts some of the world’s most exclusive residential areas, such as Manhattan’s 5th Avenue, where prime real estate prices can surpass USD 28,000 per square meter. The city also hosts the world’s two largest stock exchanges, the NYSE and the Nasdaq, with a total resident wealth exceeding USD 3 trillion.
2. Bay Area: 305,700 Millionaires
Northern California’s Bay Area, including San Francisco and Silicon Valley, follows closely with 305,700 HNWIs. This tech hub is home to major companies like Apple, Google (Alphabet), and Facebook (Meta), drawing wealthy tech entrepreneurs globally.
3. Tokyo: 298,300 Millionaires
Asia’s richest city, Tokyo, houses 298,300 HNWIs and serves as the headquarters for corporate giants like Hitachi, Mitsubishi, and Sony. Wealth in Tokyo is relatively evenly distributed, with a lower concentration of billionaires compared to other top cities.
4. Singapore: 244,800 Millionaires
Singapore, known for its business-friendly environment, is a prime destination for migrating millionaires. In 2023 alone, about 3,400 HNWIs relocated to this rapidly growing family office hub.
5. London: 227,000 Millionaires
Once the world’s wealthiest city, London has seen a decline in its ranking due to stagnant wealth growth and outward migration. Nevertheless, it remains a significant financial center with 227,000 HNWIs.
6. Los Angeles: 212,100 Millionaires
Including surrounding areas like Beverly Hills and Malibu, Los Angeles, the entertainment capital, counts 212,100 HNWIs. Major entertainment and tech companies, such as Disney and SpaceX, are based here.
7. Paris: 165,000 Millionaires
Paris leads mainland Europe with 165,000 HNWIs. The city and the Ile-de-France region host many of Europe’s wealthiest entrepreneurs and major corporations like LVMH and BNP Paribas.
8. Sydney: 147,000 Millionaires
Sydney, a rapidly growing wealth hub in the Asia Pacific region, attracts over 1,500 new millionaires annually. Affluent suburbs like Bellevue Hill and Point Piper contribute to its 147,000 HNWIs.
9. Hong Kong: 143,400 Millionaires
Despite recent slow growth, Hong Kong remains a key financial center with 143,400 HNWIs. It continues to be a base for many of Asia’s wealthiest business leaders.
10. Beijing: 125,600 Millionaires
Beijing, China’s capital, rounds out the top ten with 125,600 HNWIs. It is home to numerous large companies in terms of revenue and a significant number of billionaires.
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