The United States continues to solidify its position as the world’s wealthiest country, boasting a notable concentration of cities with a substantial population of affluent individuals. According to a recent report from Henley & Partners, a U.K.-based investment migration consultancy firm, the U.S. leads the global pack with 11 cities ranking among the top 50 in terms of resident millionaires—individuals possessing liquid investable wealth of $1 million or more.
Foremost among these cities is New York City, widely recognized as America’s financial capital, which stands out with a staggering 349,500 millionaires. Over the past decade, the Big Apple has witnessed a remarkable 48% surge in its millionaire count, surpassing the total wealth of many major G20 countries. Notably, the wealth held by residents of NYC has exceeded a colossal $3 trillion, underlining its financial significance on a global scale.
Close behind is the Bay Area in Northern California, home to iconic hubs such as San Francisco and Silicon Valley, boasting 305,700 millionaires. This region has experienced the second-fastest growth in millionaire count among U.S. cities, surging by an impressive 82% over the past decade. Remarkably, Austin, Texas, has emerged as a standout, experiencing the most rapid growth in wealthy residents among U.S. cities. With its millionaire count soaring by 110%, Austin has become a burgeoning hub for high-net-worth individuals, owing in part to Elon Musk’s substantial investments in the region.
Musk’s ventures include the acquisition of 6,000 acres of land outside Austin to build his own town and the establishment of Tesla’s Texas factory. This facility, which commenced construction in 2020, has evolved into the primary U.S. manufacturing hub for Tesla’s vehicles, further fueling Austin’s economic growth and attracting affluent individuals to the area.
On a global scale, Tokyo ranks as the third wealthiest city, despite experiencing a slight decline of 5% in its high-net-worth population over the past decade. Singapore follows closely, ascending to the fourth position with a remarkable 64% surge in millionaires. Singapore’s allure as a premier destination for migrating millionaires has propelled its ascent in the global wealth hierarchy, with approximately 3,400 high-net-worth individuals relocating to the city-state in 2023 alone.
Meanwhile, China’s significant contribution to the list is evident, with five cities making the cut, including Beijing, Shanghai, Shenzhen, Guangzhou, and Hangzhou. Of these, Shenzhen, often hailed as China’s Silicon Valley, stands out as the world’s fastest-growing city for wealthy individuals, witnessing an astounding 140% surge in its millionaire population over the past decade.
The rise of millionaires globally can be attributed to robust financial market performance in recent years, buoyed by substantial gains in indices such as the S&P 500, Nasdaq, and Bitcoin. Furthermore, advancements in artificial intelligence, robotics, and blockchain technology have created new avenues for wealth creation and accumulation, further amplifying the growth of affluent populations worldwide.
Looking ahead, cities such as Bengaluru in India, Scottsdale in the U.S., and Ho Chi Minh City in Vietnam are poised for exceptional growth in their resident millionaire populations, with growth rates exceeding 100% over the past decade. This underscores the evolving dynamics of global wealth distribution and the emergence of new centers of prosperity across diverse regions.