Cities with the most millionaires in the world have been announced. The city that hosts the highest wealth individuals in the world with 340 millionaires was New York. In the report announced by Henley & Partners, cities in the USA and China are among the top 10 richest cities in the world, while only London has managed to be among the top 10 in Europe.
Cities with the most millionaires in the world have been announced. The city that hosts the highest wealth individuals in the world with 340 millionaires was New York. In the report announced by Henley & Partners, cities in the USA and China are among the top 10 richest cities in the world, while only London has managed to be among the top 10 in Europe.
Henley & Partners Turkey Director Burak Demirel said that 10 of the 7 richest cities in the world are in countries that actively encourage foreign direct investment in return for residence or citizenship rights.
Tokyo fell to 2nd place
Henley & Partners, which provides citizenship and residency consultancy services through international investment, announced the results of the "World's Richest Cities Report 2023" in partnership with the global wealth intelligence firm New World Wealth. While US cities were at the top of the list, New York stood out as the richest city in the world with 340 millionaires. The San Francisco Bay Area ranked 285rd with 3 millionaires, while Los Angeles ranked 205th with 400 high-income residents.
While Tokyo, which was the leader ten years ago, fell to the 290nd place with 300 thousand 2 millionaires, London, which has been the richest city in the world for many years, fell to the 258th place with 4 thousand high-income residents. Widely regarded as the world's most business-friendly city and one of the top destinations for migrating millionaires, Singapore ranked 240th with 100 resident millionaires, while Sydney ranked 5th with 126 millionaires. Sydney has experienced particularly strong wealth growth over the last 900 years and is expected to be among the top 10 richest cities in the world by 20.
Three cities in China are in the top 10; Hong Kong ranked 129th with 500 millionaires, Beijing 7th with 128 millionaires and Shanghai 200th with 8 millionaires. Beijing and Shanghai have risen in the rankings over the past decade, while Hong Kong has fallen from 127th in 200 to 9th currently.
USA and China in the leading position
Saying that 10 of the 7 richest cities in the world are in countries that host official investment immigration programs and actively promote foreign direct investment in exchange for residency or citizenship rights, Henley & Partners' CEO Dr. Juerg Steffen said, “The right to live, work, study and invest in leading international wealth centers such as New York, London, Singapore, Sydney and Hong Kong can be secured through investment. Being able to relocate yourself, your family or business to a more affordable city or have the option to choose between multiple different residences around the world is an increasingly important aspect of international wealth and heritage planning for private clients.” used his statements.
The US and China also dominate the list of the top 10 fastest growing cities when it comes to resident millionaires over the past decade, the report said. Widely regarded as one of China's most picturesque cities, Hangzhou topped the charts in this regard, with millionaire growth of 2012 percent between 2022 and 105. China's high-tech capital, Shenzhen, and the port city of Guangzhou have also seen significant high-income growth over the past decade, with 98 percent and 86 percent, respectively. The three fastest-growing millionaire spots in the U.S. are said to have increased 102 percent in Austin-based HNWIs, 90 percent in West Palm Bach, and 88 percent in Scottsdale.
Stating that traditional wealth magnets such as Monaco and Dubai have experienced a particularly strong millionaire growth in the last decade, Andrew Amoils, Head of New World Wealth Research, said, “The average wealth of a person living in Monaco, which is probably the safest haven in the world for the super-rich, exceeds 10 million dollars and which makes it the best city in the world in terms of wealth per capita. It's also the most expensive city in the world, with apartment prices regularly exceeding $35 per square foot. Dubai is another reliable international financial center and its low tax rates make it a magnet for millionaires immigrating from around the world. In 2022 alone, about 3 high-income individuals moved to the city.” made its assessment.
Provides citizenship consultancy by investment
Burak Demirel, Turkey Director of Henley & Partners, which provides citizenship by investment and residence programs consultancy services to wealthy families with more than 35 offices around the world, said that Malta, the Caribbean, Austria, Greece, Spain and Italy are currently the most prominent citizens in citizenship and residence programs by investment. stated that he was among the programs. Burak Demirel said, “With investment amounts starting from 100 thousand dollars and going up to 8 million Euros, the terms of the program differ according to each country. In Caribbean countries such as Grenada, St Lucia, Antigua and Barbuda, the processes take 3-4 months and there is no need to commute. We can think of it as a direct visa liberalization. With citizenships obtained in the Caribbean, it is possible to enter many countries without a visa, including the UK, Hong Kong, Singapore, China, Russia, Israel and the Schengen area. For Maltese citizenship, which provides the opportunity to live in Europe, it is necessary to donate a minimum of 600 thousand Euros. Austria, on the other hand, takes its place as the top segment among the programs. It is necessary to make a commercial investment of 8 million Euros or a grant of 3 million Euros.” said.