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Journalism of Courage
The World’s Top 10 Wealthiest Cities in 2024: The attraction of cosmopolitan cities for the ultra-wealthy is clear. These centres are home to big corporations and high-end real estate.
Henley & Partners, an international wealth migration specialist, in collaboration with New World Wealth, a global data intelligence firm, recently published the World’s Wealthiest Cities Report 2024, which highlights the richest cities globally for the year 2024.
The report highlights New York City, which has continued to maintain its position as the world’s wealthiest city, with 11 other US cities joining the top 50 list. In contrast, Tokyo, which held the top spot a decade ago, has fallen to third place due to a decline in its high-net-worth individual population.
Singapore, on the other hand, has made significant strides, rising to fourth place with impressive growth in its millionaire population, solidifying its position as a leading Asian financial hub. In the Middle East, Dubai has emerged as the wealthiest city, ranking 21st in the top 50 list.
Traditional financial centres such as London have seen a decline in ranking, moving down to fifth place, while Los Angeles has climbed to sixth place with substantial growth in its wealthy population.
Notably, India has made significant progress, with two of its cities breaking into the top 50 list. Mumbai and Delhi rank 24th and 37th, respectively, indicating a growing presence of wealthy individuals in the country.
Source: Henley & Partners
| Rank | City/Area | Country | Millionaires | Growth % (2013-2023) |
|---|---|---|---|---|
| 1 | New York City | USA | 349,500 | 48% |
| 2 | The Bay Area | USA | 305,700 | 82% |
| 3 | Tokyo | Japan | 298,300 | -5% |
| 4 | Singapore | Singapore | 244,800 | 64% |
| 5 | London | UK | 227,000 | -10% |
| 6 | Los Angeles | USA | 212,100 | 45% |
| 7 | Paris & Île-de-France | France | 165,000 | 12% |
| 8 | Sydney | Australia | 147,000 | 34% |
| 9 | Hong Kong | Hong Kong (SAR China) | 143,400 | -4% |
| 10 | Beijing | China | 125,600 | 90% |
According to Dr Juerg Steffen, the CEO of Henley & Partners, the financial market’s strong performance and technological advancements are the main reasons behind the growth of the world’s wealthiest cities. However, Steffen also warns that in today’s uncertain world, geopolitical risks such as the war in Ukraine emphasise how fragile wealth can be.
