Categories: Wealth News

Top Wealthiest Cities 2023: US and China Shine, London Holds Strong

Published by
Martin du Toit
  1. The World’s Top 10 Wealthiest Cities in 2023 are dominated by the US and China, with London as the only European city on the list. New York City tops the chart as the wealthiest city with 340,000 millionaires.
  2. Seven of the top 10 wealthiest cities are in countries with formal investment migration programs, highlighting the growing importance of international wealth and legacy planning for private clients.
  3. The US and China also lead the Top 10 list of fastest-growing cities for millionaires over the past decade, with Hangzhou, China, experiencing the highest growth at 105% between 2012 and 2022.

South African investors and entrepreneurs are closely monitoring the World’s Top 10 Wealthiest Cities list, released by international investment migration firm Henley & Partners in collaboration with global wealth intelligence firm New World Wealth. The list reveals New York City as the wealthiest city globally with 340,000 millionaires, while cities in the USA and China dominate the top spots. London is the only European city to make the cut, ranking fourth with 258,000 resident high-net-worth individuals (HNWIs).

Tokyo, which ranked first a decade ago, dropped to second place with 290,300 millionaires. The city-state of Singapore ranks fifth with 240,100 resident millionaires, while Sydney sits in tenth place with 126,900 millionaires. China has three cities in the top 10, including Hong Kong (129,500 millionaires), Beijing (128,200), and Shanghai (127,200). Over the past 20 years, Sydney has seen strong wealth growth, and it is projected to break into the global top 5 wealthiest cities by 2040.

Henley & Partners CEO Dr. Juerg Steffen highlights that seven of the top 10 wealthiest cities are in countries with formal investment migration programs, actively encouraging foreign direct investment in return for residence or citizenship rights. This trend is increasingly essential for international wealth and legacy planning for private clients.

The US and China also dominate the top 10 list of fastest-growing cities regarding resident millionaires over the past decade. Hangzhou, China, leads with millionaire growth of 105% between 2012 and 2022. In the US, the three fastest-growing millionaire hotspots are Austin (102% growth), West Palm Beach (90%), and Scottsdale (88%). India has two cities in the top 10—Bengaluru (88%) and Hyderabad (78%)—while the final two places go to Sharjah (84%) in the UAE and Ho Chi Minh City (82%) in Vietnam.

The World’s Wealthiest Cities Report 2023 includes HNWI population data for 97 cities across the world and HNWI growth stats for the past decade, along with seasonal hotspots for centi-millionaires (those with investable wealth of USD 100 million or more). South African entrepreneurs and investors seeking to expand their international footprint and diversify their assets are keen to explore opportunities in these wealthy cities.

Table 1: Top 10 Wealthiest Cities in 2023

RankCityCountryNumber of Millionaires
1New York CityUSA340,000
2TokyoJapan290,300
3San Francisco Bay AreaUSA285,000
4LondonUK258,000
5SingaporeSingapore240,100
6Los AngelesUSA205,400
7Hong KongChina129,500
8BeijingChina128,200
9ShanghaiChina127,200
10SydneyAustralia126,900
Caption: The list of the Top 10 Wealthiest Cities in 2023 based on the number of resident millionaires.

Table 2: Top 10 Fastest Growing Cities for Millionaires (2012-2022)

RankCityCountryMillionaire Growth (%)
1HangzhouChina105
2AustinUSA102
3West Palm BeachUSA90
4ShenzhenChina98
5ScottsdaleUSA88
6BengaluruIndia88
7SharjahUAE84
8GuangzhouChina86
9HyderabadIndia78
10Ho Chi Minh CityVietnam82
Caption: The Top 10 Fastest Growing Cities for Millionaires between 2012 and 2022 based on percentage growth.
Martin du Toit

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Published by
Martin du Toit

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