There has been a change in the latest ranking of cities with the most millionaires in the world. The consulting firm Henley & Partners, which produced it, has just published the latest version and compares the data with those from 2013.
Paris and Île-de-France retains its seventh place with 165,000 resident millionaires in 2023 out of 12.2 million inhabitants. This is 12% more than in 2013 and represents one in 74 inhabitants. Henley & Partners defines the term “millionaire” as a “natural person with liquid wealth that can be invested in the amount of one million dollars or more “.
New York has the most millionaires
Far ahead of Paris, New York occupies first place in the ranking. The Big Apple has 349,500 millionaires, or 48% more than ten years ago. One in 24 New Yorkers thus owns seven-figure investable wealth among the 8.26 million inhabitants, notes Bloomberg.
“The boom in financial markets in recent years has led to growth in the world’s richest cities,” analyzes Juerg Steffen, managing director of Henley & Partners.
The San Francisco Bay area has 305,700 millionaires, an increase of 82%. Singapore, in fourth place, just behind Tokyo, records 244,800 millionaires. A jump of 64% compared to 2013, partly due to the departure of millionaires from Hong Kong. The former British colony recorded a loss of 4% compared to 2013.
Millionaires leave London
Other cities have seen millionaires leave in droves. This is the case of London which recorded a leak of 10% in 10 years. The capital of the United Kingdom, which officially left the European Union on February 1, 2020 with Brexit, still remains fifth in the ranking, with 227,000 millionaires in 2023.
Among the cities recording the highest increases, Beijing (+ 90%), which is in tenth position. Shenzen, also in China, has seen its number of millionaires increase by 140% over the past decade. The population of millionaires has more than doubled in the last ten years in Bengaluru, India, Ho Chi Minh City, Vietnam and Scottsdale, Arizona, United States. Dubai, number one in the Middle East, ranks 21st in the world.
