A new report reveals where in the world has the highest concentration of resident millionaires and how things have changed over the past decade
Some of the wealthiest cities in the world have seen a sharp rise in their high-net-worth individual (HNWI) population in the past decade.
But where are the cities with the largest number of millionaires and have any in Canada made the elite top 10?
The latest World’s Top 10 Wealthiest Cities report from investment migration specialists Henley & Partners is out today (April 18) and shows that the USA and China dominate.
New York City takes the crown as the wealthiest city with 340,000 millionaires (US$1m+ in investable assets), a rise of 40% in the 10 years from 2012-2022. The total includes 724 centimillionaires ($100m+) and 58 billionaires.
Two more US cities make the top 10: the San Francisco Bay Area and Los Angeles in 3rd and 6th places, with 285,000 and 205,400 resident high-net-worth individuals, respectively.
The three fastest growing millionaire hotspots in the US are Austin (102% growth in resident HNWIs), West Palm Beach (90%), and Scottsdale (88%).
Second in the rankings is Tokyo with 290,300, down 5% over the decade, including 250 centimillionaires and 14 billionaires while London slips to fourth place after holding the top spot for several years and is the only European city to be in the top 10.
The gain in wealth in China is reflected by the inclusion of three cities in the highest rankings, with Hong Kong (129,500 millionaires), Beijing (128,200), and Shanghai (127,200) taking 7th, 8th, and 9th places, respectively.
Singapore in 5th and Sydney in 10th complete the top 10, which has been published in association with New World Wealth.
Canadian cities
Canada’s wealthiest cities come outside the top 10 but have seen their HNWI population gain in the decade.
Toronto in 12th place has 105,200 millionaires, up 29%, including 193 centimillionaires and 18 billionaires, while Vancouver (29th place) saw its HNWI population rise by 44% to 37,300 millionaires, 67 centimillionaires, and 6 billionaires.
Montreal (48th) increased its wealthy population by 21% to 17,900 millionaires, 26 centimillionaires, and 2 billionaires; and Calgary (55th) saw a 48% increase to 14,700 with 70 centimillionaires and 2 billionaires.
Wealth gains
Head of Research at New World Wealth, Andrew Amoils, says traditional wealth magnets have experienced especially strong growth over the last decade.
"Arguably the world's top safe haven for the super-rich, the average wealth of a person living in Monaco exceeds $10 million, making it the top-ranked city on a wealth per capita basis,” he said. “It is also the world's most expensive, with apartment prices exceeding $35,000 per square meter. Dubai is another leading international wealth centre, with its low tax rates making it a magnet for migrating millionaires from all over the world. Approximately 3,500 high-net-worth individuals moved to the city in 2022 alone."
