In the latest edition of the World’s Wealthiest Cities Report by Henley & Partners and New World Wealth, New York City maintains its reign as the world’s wealthiest city, boasting a staggering total wealth exceeding $3trn.

The report, which assesses the number of resident millionaires with liquid investable wealth of $1m or more, reveals that New York City remains unrivaled in its affluence.

With 11 cities in the top 50, the US solidifies its leading position in global wealth, with New York City leading the pack. The city is home to 349,500 millionaires, 744 centi-millionaires (with investable wealth over $100m), and 60 billionaires.

Following closely behind New York City is Northern California’s Bay Area, which includes San Francisco and Silicon Valley. The Bay Area has experienced remarkable wealth growth, increasing its millionaire population by 82% over the past decade and is now home to 305,700 millionaires, 675 centi-millionaires, and 68 billionaires.

However, not all cities have experienced such growth.

Tokyo, once the world’s wealthiest city, has seen a 5% decline in its high-net-worth-individual (HNWI) population over the past ten years, now ranking 3rd with 298,300 millionaires. Meanwhile, Singapore has climbed two places to 4th, with a 64% increase in millionaires over the past decade, poised to become Asia’s wealthiest city.

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London, which once reigned the champion of wealth, has fallen to 5th place, with just 227,000 millionaires, a decline of 10% over the past decade.

Los Angeles, however, has surged two places to 6th, boasting 212,100 millionaires, 496 centi-millionaires, and 43 billionaires.

China’s presence on the list is notable, with 5 cities in mainland China and 7 including Hong Kong and Taipei. Likewise, Beijing makes it into the top 10 for the first time with 125,600 millionaires, showing a remarkable 90% growth in its millionaire population over the past decade.

Shenzhen stands out as the world’s fastest-growing city for the wealthy, with its millionaire population skyrocketing by 140% in the last ten years. Hangzhou and Guangzhou have also experienced substantial increases, with 125% and 110% growth respectively.

In the Middle East, Dubai emerges as the wealthiest city, with a 78% growth in its millionaire population over the past decade. While no African or South American cities make it into the top 50, rising stars like Nairobi and Cape Town show promise with significant increases in their millionaire populations.

Moreover, Monaco remains the world’s top safe haven for the super-rich, with over 40% of its residents being millionaires, and the highest ratio of any city globally. The Mediterranean principality also tops the list of the world’s most expensive cities.

Dominic Volek, group head of private clients at Henley & Partners, emphasises the importance of investment migration programs in driving wealth to these cities. He stated: “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 report underscores the global dynamics of wealth distribution and the evolving landscape of the world’s wealthiest cities, driven by factors ranging from financial market performance to geopolitical events.