New York, Tokyo, and San Francisco are home to some of the world’s richest people.
Key Details
- Residency advisory firm Henley & Partners Group compiled a list of the top 20 cities with the most millionaires. Half of the top 10 are U.S. cities.
- Despite being number one on the list, New York City saw a 12% decline in the number of high net-worth residents so far this year. San Francisco had a 4% increase and London had a 9% decrease
- Saudi Arabian cities Riyadh and Sharjah have the fastest growing population of millionaires.
- Chinese cities Beijing and Shanghai, coming in at ninth and 10th on the list, have seen some of the highest numbers of wealth outflow.
Why it’s news
American cities ranked high on the list, with some showing that the U.S. wealthy are moving to other locations.
Henley’s report showed that Texas and Florida are gaining a higher population of wealthy residents. Austin was among the cities showing the strongest growth. Houston, West Palm Beach, and Miami were other notable contenders.
The growth in these U.S. cities is in part due to companies relocating their head offices to Texas and Florida. Florida also receives a high number of retirees from East Coast cities.
Saudi Arabian cities had the fastest growing population of millionaires while China is seeing an increasing number of wealthy leaving.
Surprising statistics
The top 20 cities with the most millionaires according to Henley & Partners Group. . .
- New York – 345,600
- Tokyo – 304,900
- San Francisco Bay – 276,400
- London – 272,400
- Singapore – 249,800
- Los Angeles – 192,400
- Chicago – 160,100
- Houston – 132,600
- Beijing – 131,500
- Shanghai – 130,100
- Sydney – 129,500
- Hong Kong – 125,100
- Frankfurt – 117,400
- Toronto – 116,100
- Zurich – 105,100
- Seoul – 102,100
- Melbourne – 97,300
- Dallas – Fort Worth – 92,300
- Geneva – 90,300
- Paris – 88,600