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Andrew Amoils is Head of Research at wealth intelligence firm New World Wealth.
In the dynamic global economic landscape, certain cities persistently stand as beacons of prosperity, commanding attention for their unparalleled wealth and influence, and drawing affluent investors to reside within their limits. These top wealth hubs , each with a unique blend of history, geography, and enterprise, not only shape the trajectory of regional development but also wield significant impact globally.
The top 10 wealthiest cities and areas in the World’s Wealthiest Cities Report 2024 are listed below, ranked by their number of resident millionaires (namely, high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more). Note: These figures are rounded to the nearest 100.
The Big Apple is the financial center of the USA and the wealthiest city in the world by several measures. The city features some of the world’s most exclusive residential streets including 5th Avenue in Manhattan, where prime apartment prices can exceed USD 28,000 per m2. New York City is also home to the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq).
Perhaps most notably, the total wealth held by the city’s residents exceeds USD 3 trillion — higher than that held in most major G20 countries.
Quickly catching up to New York City is Northern California’s Bay Area, encompassing the city of San Francisco and Silicon Valley, which includes affluent towns such as Atherton, Los Altos Hills, and Palo Alto. Most of the world’s top tech firms, including Airbnb, Alphabet, Apple, Intel, Meta, Netflix, Nvidia, and Uber, are based in the area and it consistently attracts large numbers of wealthy tech entrepreneurs annually from all parts of the world.
Asia’s wealthiest city, Tokyo is the base for corporate giants Hitachi, Mitsubishi, and Sony. Interestingly, a relatively low number of billionaires live in Tokyo when compared to the other cities in the Top 10, indicating that wealth is relatively evenly distributed, with the lower-tier millionaires controlling most of the city’s wealth.
Singapore is widely regarded as the most business-friendly city on earth and is one of the world’s top destinations for migrating millionaires — approximately 3,400 high-net-worth individuals moved to the Southeast Asian city-state in 2023 alone. Singapore is also the world’s fastest-growing family office hub.
Twenty years ago, London was the wealthiest city in the world in terms of both millionaires and billionaires but it has slipped down the list since then owing to a combination of poor wealth growth in dollar terms and outward wealth migration. Large numbers of wealthy individuals have moved out of the city to nearby towns such as Weybridge, Virginia Water and Marlow, and to competing global cities such as Paris, Amsterdam, Dubai, Monaco, Geneva, Miami, New York City, Singapore, and Sydney.
Our figures for the world’s entertainment hub include wealth held in the city of Los Angeles as well as nearby Beverly Hills, Laguna Beach, Malibu, and Newport Beach. Major companies based in the area include Disney, DreamWorks, Mattel, MGM, SpaceX, and Warner Bros.
The wealthiest city in mainland Europe, Paris is home to many of Europe’s wealthiest entrepreneurs. Our figures for this area include wealth held in the city of Paris aswell as the surrounding region of Ile-de-France. Major companies based there include LVMH and BNP Paribas. Following the UK’s exit from the EU, Paris is well positioned to become Europe’s top financial center.
Sydney has experienced especially strong millionaire growth over the past 20 years and is quickly becoming one of the wealthiest cities in the Asia Pacific region. It traditionally attracts over 1,500 millionaires per year via migration and is home to some of the world’s most affluent suburbs including Bellevue Hill, Point Piper, Mosman, and Vaucluse.
Despite poor growth over the past decade, Hong Kong remains one of the world’s top financial centers, with many of Asia’s wealthiest business leaders still basing themselves in the city. The Hong Kong Stock Market also remains one of the world’s top 10 exchanges.
The official capital city of China and the headquarters of many of the world’s largest companies by revenue, Beijing is home to a particularly large number of billionaires — only New York City, the Bay Area, and Los Angeles rank higher based on this measure.
Shenzhen is the world’s fastest-growing city for the wealthy, with millionaire growth of 140% recorded over the past decade (2013 to 2023).
As Asia’s largest tech hub, Shenzhen is the base city for global tech giants BYD, Huawei, Tencent, and ZTE. It is also home to the Shenzhen Stock Exchange, which is the world’s sixth-largest stock market.
With 50,300 resident millionaires, Shenzhen is currently the 27th-wealthiest city in the world and at current growth rates it should break into the Top 10 by 2040.
Another Chinese city, Hangzhou, is the world’s second-fastest-growing city for the wealthy, with millionaire growth of 125% recorded over the past decade. Widely regarded as one of the more scenic cities in China, Hangzhou is known for its architecture and gardens. This has made it a popular option for many of China’s wealthiest families. Media and tech giant Alibaba is based there, along with Ant Group and NetEase. With 31,600 resident millionaires, Hangzhou is currently the 36th-wealthiest city in the world.
The following cities missed out on the Top 50 but are worth watching due to their strong wealth growth potential (see Cities to Watch for detailed wealth stats).
Abu Dhabi is home to sizeable proportion of the planet’s oil and gas reserves. It is also the base for the Abu Dhabi Investment Authority, the largest sovereign wealth fund in the Middle East. Going forward, the emergence of the Abu Dhabi Global Market as a global family office hub is expected to further boost wealth held in the city.
Athens is one of the world’s oldest cities, with its recorded history spanning over 3,000 years. Despite a tough start to the decade following the Greek financial crisis, Athens has rebounded strongly with real estate prices and HNWI numbers in the city rising significantly over the past few years in particular, many of them via the country’s golden visa program. Our figures for Athens include wealth held in the city and surrounding beachfront areas such as Glyfada and Piraeus.
Lisbon, the economic heart of Portugal, has seen a large influx of wealthy residents over the past decade, especially from the rest of mainland Europe, and Brazil, China, South Africa, Turkey, the UK, and the USA. Despite recent changes to Portugal’s popular golden residence permit program, we expect Lisbon to continue to attract large numbers of HNWIs going forward.
Riyadh accounts for the bulk of Saudi Arabia’s non-oil gross domestic product. It is home to the Saudi Stock Market (Tadawul) which is the 12th largest stock market in the world by market cap, as well as the sovereign wealth fund of Saudi Arabia, commonly known as the Public Investment Fund. Popular parts of Riyadh for affluent residents include the Diplomatic Quarter (Al Safarat) and historic areas such as Diriyah on the outskirts of the city.
Over 15% of Luxembourg City’s residents are millionaires, the third-highest ratio of any city globally after Monaco and Geneva (canton). Major sectors include offshore banking, steel, and wealth management. Luxembourg City is widely considered to be one of the safest and best-run cities in the world, which explains its appeal, and also offers a residence by investment program.
Over 40% of Monaco’s residents are millionaires — the highest ratio of any city globally. The average wealth of a person living in the city-state exceeds USD 20 million, making it the top-ranking city in the world on a wealth per capita basis. The Mediterranean principality is also the world’s most expensive city, with apartment prices regularly exceeding USD 35,000 per m2.
Located on the beautiful Bow River, Calgary is Canada’s energy capital and one of the country’s top GDP contributors. It is also one of the world’s fastest-growing tech and aerospace hubs.
The jewel in the crown of the Greater Phoenix metropolitan area, the Arizona desert city of Scottsdale has seen spectacular wealth growth over the past few years. Scottsdale is home to a growing number of exclusive golf and lifestyle estates — notable examples include Desert Mountain, the Estancia Club, Silverleaf, and Whisper Rock.
One of the fastest-growing cities in the world for millionaires, Bengaluru is known as the “Garden City” and the “Silicon Valley of India”. It has a booming tech sector and is the base city for global tech giants Infosys and Wipro.
The neighboring towns of Greenwich and Darien on Connecticut’s affluent Gold Coast are seeing a large influx of wealthy investment bankers, hedge fund managers, and financiers. They are both relatively safe towns, with large residential stands and excellent private schools adding to their family appeal, and their proximity to New York City makes them highly desirable.
South Florida’s Palm Beach and West Palm Beach are increasingly popular retirement hotspots for New York and California millionaires. Furthermore, a large number of affluent individuals are choosing to live and operate from this area post-Covid, especially those in the fund management and entertainment sectors.
Jeddah is a historical coastal city on the Red Sea and is home to many of Saudi Arabia’s wealthiest families. It is the country’s main port city and is located relatively close to the holy city of Mecca.
Cape Town contains many of Africa’s most sought-after residential suburbs, including the likes of Bantry Bay, Bishopscourt, Camps Bay, Clifton, Constantia, Llandudno, and St. James. It is currently benefiting from the ongoing ‘semigration’ of large numbers of HNWIs from other parts of South Africa (especially Johannesburg and Pretoria) and is an increasingly popular retirement destination for migrating millionaires from Europe and the rest of Africa. It is on track to overtake Johannesburg to become Africa’s wealthiest city by 2030.
Previously known as Saigon, Ho Chi Minh City is emerging as Asia’s next big millionaire hotspot. Fast growing sectors there include: technology, electronics, financial services, textiles, and tourism.
East Africa’s economic engine room, Nairobi is home to some of Africa’s oldest and most well-established luxury residential neighborhoods, including Karen and Muthaiga. It accounts for a high 48% of Kenya’s total wealth and over 60% of the country’s millionaires. Unlike other cities near the equator, Nairobi is known for its mild and temperate climate. The city is located at an altitude of around 1,800 meters above sea level, which helps to keep temperatures there relatively cool.
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