It might not last given the way the economy is going right now, but the US continues to dominate the the Top 50 Cities for Millionaires list.
There are 11 US cities in the new World’s Wealthiest Cities Report 2025 ranking, led by New York (above) in 1st place with 384,500 high-net-worth individuals (including 818 resident centi-millionaires, or ‘centis’, with liquid investable wealth of USD 100 million or more, and 66 billionaires).
This is according to the 4th edition of the annual report published by international wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth.
The Bay Area, which includes the city of San Francisco and Silicon Valley, is in 2nd place with 342,400 resident millionaires. It is now home to more billionaires (82) than the Big Apple and continues to thrive as the epicentre of technological wealth creation, enjoying exceptional millionaire growth of 98% over the past decade.
Of the top 50 cities, only Shenzhen (in 28th place, with 142% millionaire growth, and now home to 50,800 millionaires), Hangzhou (35th, with 108% growth and 32,200 millionaires), and Dubai (18th with 102%) grew faster than the Bay Area between 2014 and 2024.
Dubai (which now boasts 81,200 resident millionaires, including 237 centis and 20 billionaires) also takes the prize for the biggest climber in the Top 50 over the past year, moving from 21st to 18th place. Seoul is the biggest faller, dropping to 24th place from 19th last year.
Tokyo, fuelled by a strong recovery of the Nikkei 225 over the past two years, solidified its position in 3rd place with 292,300 millionaires in residence, followed by Singapore in 4th place with 242,400 millionaires.
Los Angeles (220,600 millionaires, including 516 centis and 45 billionaires) has now overtaken London to claim the 5th spot, pushing the UK capital out of the Top 5 to 6th place with just 215,700 millionaires (including 352 centi-millionaires and 33 billionaires).
London and Moscow (which ranks 40th, with 30,000 millionaires, including 178 centis and 23 billionaires) are the only two cities that have recorded negative growth over the past decade, with their millionaire populations declining by -12% and -25%, respectively.
Paris (160,100 millionaires) clings onto 7th place, while Hong Kong (154,900 millionaires), now in 8th position, usurps Sydney (152,900 millionaires) and pushes it down into 9th place. Chicago (127,100) leapfrogs over both Beijing (which has dropped two places since last year, from 10th to 12th, now with 114,300 millionaires) and Shanghai (down three places from 11th to 14th with 110,500 millionaires) to claim a place in the top 10 for the first time.
Lisbon (50th with 22,200 millionaires) has made its debut this year, with Auckland dropping out.
Dr. Juerg Steffen, CEO of Henley & Partners, says a clear pattern is emerging in 2025: cities that blend investment freedom with lifestyle dividends are winning the competition for mobile capital.
“These urban centres share common DNA - robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programs that welcome global talent and capital."
Melbourne, Perth and Brisbane also make the top 50.
See the full list here: https://www.henleyglobal.com/publications/wealthiest-cities-2025/top-50-cities-millionaires
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