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These are the 10 wealthiest cities in the world — and five are in the U.S.
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THESE ARE THE 10 WEALTHIEST CITIES IN THE WORLD — AND FIVE ARE IN THE U.S.

Published Thu, Sep 15 20221:33 AM EDTUpdated Thu, Sep 15 20228:08 PM EDT
Sophie Kiderlin@in/sophie-kiderlin-b327b914a/@SKiderlin
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The total private wealth held by New York residents was found to exceed $3
trillion.
Alexander Spatari via Getty Images

New York City is home to more rich people than any other city in the world,
according to a new report by investment migration consultancy Henley & Partners.

Around 345,600 millionaires reside in the Big Apple, alongside 15,470
multi-millionaires who have assets worth over $10 million, 737
centi-millionaires (wealth of $100 million or more) and 59 billionaires, the
report said. The financial center of the U.S. is recognized as the wealthiest
city in the world by several measures.



The report finds that around 4% of New York’s 8.38 million citizens own
investable assets – property, cash or stocks – worth over $1 million. The number
drops significantly to 15,470 when assessing those who have more than $10
million in assets.

The total private wealth held by New York residents was found to exceed $3
trillion. Remarkably, that’s more than the total private wealth held in most
major G-20 countries.

Japan’s capital Tokyo ranked second with 304,900 wealthy individuals. Compared
to New York, a much smaller proportion of them have assets worth over $10
million. The report found that 7,350 people in Tokyo are multi-millionaires, 263
have above $100 million and 12 are billionaires.

The San Francisco Bay Area – which includes Silicon Valley – rounds out the top
three wealthiest cities, with 276,400 rich individuals, 12,890 of whom are
multi-millionaires. The report said 623 have assets worth at least $100 million
and 62 billionaires live in the city.

Los Angeles, Chicago and Houston are the other U.S. cities in the top 10,
ranking 6th, 7th, and 8th, respectively.


CITIES WITH THE FASTEST GROWING MILLIONAIRE POPULATIONS

Houston also has one of the fastest growing millionaire populations, according
to the report. Austin, Miami, West Palm Beach and Greenwich are other U.S.
cities that have seen a major year-to-date increase in wealthy people.

The report links this to major American companies moving their headquarters to
these cities. Since the onset of the coronavirus pandemic and the shift to
flexible working, companies require less office space and many employees moved
to smaller cities to improve their quality of life and lower their cost of
living.

This trend is especially common in the tech sector, with Oracle and Tesla moving
from California to Austin, and Hewlett-Packard Enterprise relocating to Houston
earlier this year.

Additionally, these cities have become prime retirement destinations, Andrew
Amoils, head of research at wealth intelligence firm New World Wealth, who
collaborated on the report with Henley & Partners, told CNBC.

“Florida is an increasingly popular destination for retired high-net-worth
individuals, especially those from the USA’s East Coast cities,” he said.

The top five cities with the fastest growing millionaire populations are not in
the U.S., however.

Riyadh in Saudi Arabia, Sharjah and Dubai in the United Arab Emirates, Lusaka in
Zambia, and Luanda in Angola are in the lead. In the first half of 2022, they
saw an increase of up to 20% in terms of their wealthy population.

The report links this to booming oil and gas industries, which have flourished
as energy prices have soared and boosted stock markets in these areas.


MANY MAJOR CITIES SAW A DECLINE IN MILLIONAIRES

Many major cities fell in the rankings or saw a significant reduction of
ultra-wealthy people living there.

Of the top 10 cities with the largest number of wealthy people, seven saw a
decline. Only the San Francisco Bay Area, Singapore and Houston saw growth.

New York, for example, has already seen a 12% drop in wealthy individuals in
2022, while Los Angeles saw a 6% decline and Chicago’s proportion of
ultra-wealthy citizens fell by 4%.

Typically, moves by the wealthy within the U.S. “are related to finding better
business opportunities in another city/state. Also, safety concerns and taxation
are major drivers,” Amoils said.

Another factor to consider is that overall wealth has declined in 2022, Amoils
said in a paper released alongside the report.

“Worldwide high-net-worth individual numbers were down by 5% in the six-month
period to June 2022. This drop was mainly due to the poor performance of major
stock market indices,” he said.

This means that the drops in wealthy populations are not solely related to
people moving to different cities – there are also simply fewer people who fall
into the category.

Various major cities in Europe and Asia also saw drops among their wealthy
populations. The U.K.’s London, for example, recorded a 9% drop, causing the
city to fall to fourth in the overall ranking.

France’s capital Paris fell by three places to 20th, meanwhile, as the city lost
12% of its rich people.


THE TOP 10

These are the 10 wealthiest cities in the world – and the number of wealthy
individuals who live in each of them – according to Henley & Partners’ report.

1.       New York, U.S. (345,600)

2.       Tokyo, Japan (304,900)

3.       San Francisco Bay Area, U.S. (276,400)

4.       London, United Kingdom (272,400)

5.       Singapore, Singapore (249,800)

6.       Los Angeles, U.S. (192,400)

7.       Chicago, U.S. (160,100)

8.       Houston, U.S. (132,600)

9.       Beijing, China (131,500)

10.   Shanghai, China (130,100)

Correction: This article has been updated to correct the number of millionaires
who live in New York City.


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