According to the investment migration company Henley&Partners, New York once again topped the list of the richest cities in the world, where about 340,000 millionaires lived last year, writes Bloomberg.
Tokyo and the San Francisco Bay Area rank second and third, with permanent millionaire populations of 290,300 and 285,000, respectively, according to Henley&Partners, which tracks private equity and investment migration trends worldwide.
London dropped to fourth place on this year's list with 258,000 high net worth residents (HNWIs), followed by city-state Singapore with 240,100, according to the report by Henley&Partners, which focuses on people with a net worth of $1 million. or more
"Traditional wealth magnets such as Monaco and Dubai have also seen particularly strong growth in the number of millionaires over the past decade," said Andrew Amoils, head of research.
"The average wealth of a person living in Monaco exceeds $10 million, making it the city with the highest level of wealth per capita. Dubai is another recognized international center of wealth, and its low tax rates make it a magnet for migrating millionaires from around the world. About 3,500 wealthy people will move to the city in 2022 alone."
The world's wealthy lost a total of $10 trillion, or 10 percent, of their net worth in 2022 due to the triple "shock" of global economic uncertainty, the energy crisis and the war in Ukraine, the report said.
Europe's wealthy are at the center of the crisis, with ultra-high-net-worth individuals (UHNWIs) losing an average of 17% of their wealth, according to Knight Frank's The Wealth Report 2023. Knight Frank defines UHNWIs as people with a net worth of $30 million or more.
New York is also home to the most millionaires -- people with a net worth of $100 million or more in investable assets -- in the world at 724, followed by the San Francisco Bay Area with 629 and Los Angeles with 480, according to research by Henley&Partners.
However, the San Francisco Bay Area has the most billionaires in the world (63 people), followed by New York (58 people) and Beijing (43 people).
According to the report, Dubai is home to 68,400 millionaires and 15 billionaires. Abu Dhabi is home to 24,200 millionaires and four billionaires.
Meanwhile, the US and China have dominated the list of fastest-growing cities when it comes to millionaire residents over the past decade, the report said. China's Hangzhou topped the list with a 105% increase in the number of millionaires between 2012 and 2022, the data showed. Shenzhen and Guangzhou have also seen significant growth in HNWIs over the past decade, by 98% and 86% respectively.
Meanwhile, according to Henley&Partners, the top three millionaire growth spots in the US are Austin, which saw a 102 percent increase in HNWI residents, West Palm Beach (90 percent) and Scottsdale (88 percent).
In the Indian cities of Bengaluru and Hyderabad, the number of millionaires has increased by 88% and 78%, respectively, in the last decade, and in Sharjah - by 84%.
Top 10 richest cities and their millionaires:
New York - 340,000
Tokyo - 290,300
San Francisco Bay Area - 285,000 people
London - 258,000 people
Singapore - 240,100
Los Angeles – 205,400 people
Hong Kong - 129,500
Beijing - 128,200 people
Shanghai – 127,200 people
Sydney - 126,900