World’s Wealthiest Cities Report 2025

The World Wealthiest Cities Report 2025 is published by Henley & Partners, the global leader in residence and citizenship by investment, in partnership with global wealth intelligence firm New World Wealth, which is currently the only known independent wealth research firm systematically tracking global wealth migration trends between countries and cities.

New World Wealth's exclusive wealth migration data and Henley & Partners’ pioneering intelligence on investment migration trends offer unparalleled insights into the global movements and preferences of high-net-worth individuals and their families. With over a decade of research, both firms provide a unique perspective on the intersection of wealth and mobility.

New World Wealth: Tracking millionaires on the move

New World Wealth tracks the movements of over 150,000 high-net-worth individuals in its in-house database, with a special focus on those with over USD 100 million in listed company holdings. The database’s primary focus is on entrepreneurs and company founders (50%+ of the database) and individuals from high-value companies who hold the following positions: chairperson, CEO, president, director, and managing partner.

The firm uses various public sources to check city locations, including LinkedIn and other business portals. Its stats are therefore mainly based on the work locations of the individuals. New World Wealth's data also takes into account prime property statistics — specifically, it considers the number of highly priced homes in each area.

Note: It should be noted that New World Wealth never gives out the names of the individuals in its database, which it uses purely for in-house statistical studies.

Henley & Partners: Investment migration intelligence

Henley & Partners has more than 25 years of institutional experience. Our extensive data on investment migration trends is drawn from advising clients from over 100 different nationalities and engaging with enquiries from more than 200 nationalities worldwide. We track the number, nationalities, and locations of wealthy individuals who enquire about and apply for investment migration programs, whether or not they ultimately relocate, as well as trends in program demand and investment, offering unique insights into the motivations and preferences of those seeking additional residence or citizenship options.

Note: For research purposes, Henley & Partners only uses anonymized statistics and never discloses the personal details of the individuals in its database.

City definitions

We take into account the normal city limits of all the cities mentioned in this report, with the exception of those listed below.

USA

• The Bay Area includes the city of San Francisco and the area known as Silicon Valley. Notable millionaire hotspots in Silicon Valley include Atherton, Los Altos Hills, Hillsborough, Mountain View, and Palo Alto.
• Los Angeles includes the city of Los Angeles as well as Beverly Hills, Laguna Beach, Newport Beach, and Malibu.
• Seattle includes the city of Seattle, as well as Bellevue, Kirkland, Redmond, and Mercer Island.
• Miami includes the city of Miami, as well as Miami Beach and Coral Gables.
• West Palm Beach includes the city of West Palm Beach and the island of Palm Beach.
• Scottsdale includes the city of Scottsdale and the neighboring town of Paradise Valley.

Europe

• Paris includes the surrounding Île-de-France region.
• Nice to Èze includes the city of Nice, as well as Èze, Saint-Jean-Cap-Ferrat, Beaulieu-sur-Mer, and Villefranche-sur-Mer.
• Athens includes the city of Athens as well as Athens Riviera, which includes beachfront areas such as Glyfada and Piraeus.
• Zurich refers to the Canton of Zurich.
• Geneva refers to the Canton of Geneva.
• Zug refers to the Canton of Zug.

Other

• The Cape Winelands refers to the neighboring towns of Stellenbosch, Paarl, and Franschhoek in South Africa.
• Osaka–Kyoto–Kobe, also known as Keihanshin, is a metropolitan region in the Kansai region of Japan encompassing the metropolitan areas of Osaka, Kyoto, and Kobe.
• The Algarve refers to the South Coast of Portugal and includes Faro and Vilamoura, as well as luxury lifestyle resorts such as Quinta do Lago, Monte Rei, and Vale do Lobo.
• Costa del Sol, also known as the Spanish Riviera, includes a number of top-end retirement hotspots in the south of Spain, most notably Marbella and Malaga.

Wealth definitions

For the purposes of this report, ‘wealth’ refers to an individual’s ‘liquid investable wealth’, which only includes their listed company holdings, cash, bonds, and crypto holdings (namely, items that can be cashed in quickly). Real estate assets are excluded.

• The term ‘millionaires’ refers to individuals with liquid investable wealth of USD 1 million or more.
• The term ‘centi-millionaires’ refers to individuals with liquid investable wealth of USD 100 million or more.
• The term ‘billionaires’ refers to individuals with liquid investable wealth of USD 1 billion or more.

About New World Wealth

New World Wealth was established in 2013 and has been tracking the movements and spending habits of the world’s wealthiest people for over a decade. The firm has an impressive track record in providing robust, reliable wealth data and insights for key publications, such as Knight Frank’s Wealth Report, AfrAsia Bank’s Global Wealth Migration Review, and Henley & Partners’ Africa Wealth Report, BRICS Wealth Report, Centi-Millionaire Report, Crypto Wealth Report, USA Wealth Report, World’s Wealthiest Cities Report, and the Henley Wealth and Sustainability Report. New World Wealth’s reports and findings have been referenced by the Australian and UK governments, as well as by global news outlets such as the BBC, Bloomberg, CNN, Forbes, the New York Times, Robb Report, and the Telegraph.

For more information on New World Wealth, please visit newworldwealth.com

Disclaimer

© 2025 Henley & Partners. All rights reserved. The H&P monogram and Henley & Partners logo and related brand assets are the exclusively owned or licensed trademarks, service marks, and logos of Henley & Partners. All other trademarks, service marks, and logos used in this report are the trademarks, service marks, and logos of their respective owners. No part of this report may be reproduced in any form or by any means without the prior written permission of Henley & Partners. Although the material contained in this report was prepared based on information from public and private sources that Henley & Partners believes to be reliable, no representation, warranty, or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and Henley & Partners expressly disclaims any liability for the accuracy and completeness of information contained herein. 

This report is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting, or investment advice. It should not form the basis of any decision. The information contained in this report is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service. Henley & Partners is not responsible for the content of websites and information resources that may be referenced in this report. The information contained in this report is believed to be accurate as of the date of publication, but is subject to change without notice. Henley & Partners does not have any obligation to provide revisions in the event of changed circumstances. Henley & Partners and its affiliates, employees, and agents shall not be liable for any liability or loss whatsoever, including but not limited to direct, indirect, special, incidental, or consequential damages, arising out of or in connection with the use or reliance on the information contained in this report. The information in this report is provided “as is” and Henley & Partners makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information contained in this report for any purpose. 

The World’s Wealthiest Cities Report 2025 was published on 8 April 2025.