In 2024, the distribution of global wealth continues to shape the landscapes of some of the world’s most iconic cities. According to the World’s Wealthiest Cities Report from Henley & Partners, these urban centers are ranked based on their number of resident millionaires—individuals with liquid investible wealth of 1 million dollars or more.
This ranking not only highlights the economic powerhouses of today but also showcases the cultural and lifestyle allure that draws the affluent to these metropolises. Here, we delve into the top 10 cities with the most millionaires in 2024, uncovering the unique trends and factors that make each city a magnet for wealth.
10. Beijing, China – 125,500 Millionaires
Beijing, the vibrant capital of China, continues to be a magnet for wealth and prosperity. The city’s rapid economic growth is driven by its burgeoning tech industry, robust real estate market, and status as a political hub. High-net-worth individuals in Beijing are increasingly investing in cutting-edge technology startups and luxury properties.
The city’s affluent neighborhoods, such as Chaoyang and Haidian, are becoming hotspots for high-end living and exclusive amenities. Additionally, Beijing’s cultural heritage and modern infrastructure make it an attractive destination for the wealthy looking to blend tradition with innovation.
9. Hong Kong – 143,300 Millionaires
Hong Kong, a major financial hub in Asia, remains a crucial gateway for international trade and finance. Despite recent political challenges, the city continues to attract wealthy individuals due to its strategic location, favorable tax policies, and world-class financial services. The luxury real estate market in Hong Kong, particularly in areas like The Peak and Repulse Bay, remains highly competitive, with affluent buyers seeking properties that offer stunning views and exclusive facilities. The city’s vibrant lifestyle, combining bustling markets, fine dining, and high-end shopping, adds to its appeal among millionaires.
8. Sydney, Australia – 147,000 Millionaires
Sydney’s stunning harbor, iconic landmarks, and high quality of life make it a prime destination for millionaires. The city’s financial services sector, along with its thriving tech and real estate industries, contribute significantly to its wealth. Affluent individuals in Sydney are drawn to luxurious waterfront properties in suburbs like Mosman and Bellevue Hill, where they can enjoy breathtaking views and a serene lifestyle.
Sydney’s cultural scene, including its renowned opera house, museums, and galleries, offers the wealthy ample opportunities for leisure and enrichment.
7. Paris, France – 165,000 Millionaires
Paris, the City of Light, is synonymous with luxury, culture, and elegance. The city continues to be a major global center for art, fashion, and commerce. High-net-worth individuals in Paris are investing heavily in the luxury real estate market, with prestigious neighborhoods like the 16th arrondissement and Saint-Germain-des-Prés being particularly popular.
Paris offers an unparalleled lifestyle, with world-class dining, shopping, and cultural experiences that attract the wealthy. The city’s rich history, coupled with its status as a leading financial center, makes it an attractive destination for millionaires looking to enjoy the finer things in life.
6. Los Angeles, USA – 212,100 Millionaires
Los Angeles, the entertainment capital of the world, offers a unique blend of glamour and creativity that attracts wealthy individuals from around the globe. The city’s thriving entertainment industry, tech sector, and real estate market are major drivers of its wealth. High-net-worth individuals in Los Angeles are increasingly investing in luxurious properties in areas like Beverly Hills, Bel Air, and Malibu. These neighborhoods are known for their opulent homes, celebrity residents, and exclusive amenities. Los Angeles’ diverse economy, beautiful weather, and vibrant cultural scene make it a highly desirable place for the affluent to live and invest.
5. London, UK – 227,000 Millionaires
London, one of the world’s most influential cities, continues to be a major financial hub, attracting wealthy individuals from across the globe. The city’s appeal lies in its rich history, diverse culture, and world-class educational institutions. London’s luxury real estate market is highly competitive, with areas like Kensington, Chelsea, and Mayfair being particularly popular among millionaires.
However, it’s worth noting that London is experiencing a decline in its millionaire population, with a 10% drop in the number of millionaires over the past decade. Despite the uncertainties brought by Brexit and other economic challenges, London remains a key destination for global wealth, offering unparalleled business opportunities and a vibrant cultural scene. The city’s status as a global center for finance, fashion, and art makes it an attractive destination for high-net-worth individuals.
4. Singapore – 244,800 Millionaires
Singapore, a global financial center in Southeast Asia, is known for its strategic location, pro-business environment, and high quality of life. The city-state’s wealth is driven by its financial services sector, real estate market, and strong trade relationships. Affluent individuals in Singapore are increasingly investing in high-end properties in areas like Marina Bay and Sentosa Cove, which offer luxurious living spaces and exclusive amenities.
Singapore’s unique blend of urban sophistication and tropical charm, along with its excellent infrastructure and top-notch security, make it a highly desirable place for millionaires to live and invest. The city is renowned for its safety, boasting one of the lowest crime rates in the world, which is a significant draw for wealthy individuals looking for a secure environment for their families and investments.
3. Tokyo, Japan – 298,300 Millionaires
Tokyo, the bustling capital of Japan, is a major economic powerhouse with a diverse economy driven by finance, technology, and manufacturing. High-net-worth individuals in Tokyo are drawn to luxurious properties in neighborhoods like Minato and Shibuya, which offer a blend of traditional Japanese culture and modern urban living.
The city’s luxury real estate market is thriving, with affluent buyers seeking properties that offer exclusive amenities and prime locations. Tokyo’s world-class dining, shopping, and entertainment options, combined with its rich cultural heritage, make it a highly attractive destination for wealthy individuals.
2. The Bay Area, USA – 305,700 Millionaires
The Bay Area, encompassing cities like San Francisco, San Jose, and Oakland, is a hub of innovation and technology. The region’s wealth is driven by its thriving tech industry, with major companies like Apple, Google, and Facebook headquartered in Silicon Valley. High-net-worth individuals in the Bay Area are increasingly investing in luxurious properties in areas like Palo Alto, Atherton, and Marin County, which offer a unique blend of natural beauty and urban sophistication. The Bay Area’s dynamic economy, diverse culture, and stunning landscapes make it a highly desirable place for the affluent to live and invest.
1. New York, USA – 349,500 Millionaires
New York City, the financial capital of the world, tops the list with the most millionaires. The city’s wealth is driven by its robust financial services sector, real estate market, and diverse economy. High-net-worth individuals in New York are increasingly investing in luxurious properties in areas like Manhattan, Brooklyn Heights, and the Upper East Side, which offer prime locations and exclusive amenities.
New York offers a unique lifestyle that combines business, culture, and entertainment, attracting wealthy individuals from around the globe. The city’s status as a global center for finance, fashion, and art makes it an unparalleled destination for high-net-worth individuals.
Closing Thoughts
The 2024 rankings of the world’s wealthiest cities reveal significant trends in the residential preferences of millionaires. These urban centers are characterized by their strong economic foundations, vibrant cultural scenes, and exceptional quality of life. Factors such as technological innovation, safety, business-friendly environments, and luxury real estate play crucial roles in attracting the affluent. As global economic dynamics shift, these cities are likely to evolve, further influencing patterns of wealth distribution and urban development. Observing how these trends unfold will provide valuable insights into the future landscape of global wealth.
