New York City residents are so wealthy that their combined fortune exceeds that of most major G20 countries, according to a new report.
Henley & Partners’ annual analysis of New World Wealth data shows that NYC has seen its millionaire population grow by 48% between 2013 and 2023 with 349,500 millionaires, 744 centi-millionaires, and 60 billionaires.
Close behind though based on population of high-net-worth people is the Bay Area which has seen an 82% surge over 10 years and now has 305,700 millionaires, 675 centi-millionaires, and leads the world for billionaires with 68.
Canada’s highest-ranked city is Toronto, in 13th place with 106,300 millionaires, 195 centi-millionaires, and 18 billionaires after 25% growth in the past decade. In the bottom half of the top 50 is Vancouver with 41,400 millionaires, 80 centi-millionaires, and 10 billionaires.
The city that was in pole position a decade ago, Tokyo, slips to third spot in the rankings behind the two U.S. wealth hotspots and has seen its millionaire population decline 5%. Toronto now has more billionaires than Tokyo (18 vs. 14). Singapore, London, LA, Paris, Sydney, Hong Kong, and Beijing complete the top 10.
“The S&P 500’s 24% gain last year, along with the Nasdaq’s 43% surge and Bitcoin’s staggering 155% rally, has buoyed the fortunes of wealthy investors,” said Dr. Juerg Steffen, CEO of Henley & Partners. “Additionally, rapid advancements in artificial intelligence, robotics, and blockchain technology have provided new opportunities for wealth creation and accumulation. Yet, even as new opportunities emerge, old risks persist. The war in Ukraine, which has seen Moscow’s millionaire population plummet by 24% to 30,300, is a stark reminder of the fragility of wealth in an uncertain and unstable world.”
New York ranks second in the list of the world’s most expensive cities with the average price of prime real estate being $28,400 per m2. That’s behind Monaco at $35,000 but followed by London ($26,500 per m2), Hong Kong ($25,800 per m2), Saint-Jean-Cap-Ferrat in France ($25,000 per m2), and Sydney ($22,700 per m2).
Investment Migration
Investment migration programs are part of story for seven of the top ten wealthiest cities.
You can secure the right to live, work, study, and invest in leading international wealth hubs such as New York, Singapore, Sydney, Vienna, and Dubai via investment,” said Dominic Volek, Group Head of Private Clients at Henley & Partners. “Being able to relocate yourself, your family, or your business to a more favorable city or have the option to choose between multiple different cities across the world is an increasingly important aspect of international wealth and legacy planning for private clients.”
Volek added that the more jurisdictions a family can access, the more diversified its assets, the lower its exposure to country-specific and regional risks, and the greater the opportunities they can enjoy.
“Likewise, cities and countries can use investment migration as an innovative financing mechanism to attract the world’s wealthiest and most talented to their shores,” he said.
Fast growth
The fastest growing city by millionaire population is China’s Shenzhen with a 140% surge in the past decade. But there are other cities growing fast around the world.
“Hangzhou has also experienced a massive 125% increase in its HNW residents and Guangzhou’s millionaires have grown by 110% over the past decade,” said Andrew Amoils, Head of Research at New World Wealth. “When it comes to wealth growth potential over the next decade, cities to watch include Bengaluru (India), Scottsdale (USA), and Ho Chi Minh City (Vietnam). All three have enjoyed exceptional growth rates of over 100% in their resident millionaire populations over the past ten years.”
