New York City has emerged as the biggest millionaire hotspot, with over 340,000 people having a net worth of over $1 million.
The Wealthiest Cities Report 2023 by Henley & Partners noted that the most-populous US city has seen a 40 percent rise in High Net Worth Individuals (HNWIs) in the last decade.
A person with a total net worth of over $1 million comes under the category of High Net Worth Individuals (HNWIs).
However, it is San Francisco Bay Area on the US West Coast that has the most billionaires in the world – 63. The city also has the second-most number of millionaires in the United States at 285,000. Another US city, Los Angeles, comes in sixth place, with over 205,000 HNWIs.
Japan’s capital Tokyo is second on the list with 290,300 HNWIs, while London and Singapore occupy the fourth and fifth positions respectively.
Three cities in China are ranked in the top 10. Hong Kong, a Special Administrative Region of China, is seventh (129,500 HNWIs), China’s capital Beijing is eighth (128,200 HNWIs), while Shanghai is in the ninth position (127,200 HNWIs).
The report covers 97 cities across nine regions worldwide and includes most of the world’s top wealth hubs.
The three fastest-growing millionaire hotspots in the US are Austin (102 percent growth in resident HNWIs), West Palm Beach (90 percent), and Scottsdale (88 percent).
Five Indian cities find a place in this year’s rankings.
Mumbai is in the 21st position, with over 59,000 HNWIs. India’s financial capital is also the top-ranked Indian city in the list. Delhi, ranked 36th, is home to nearly 30,000 millionaires. India’s capital city is followed by Bengaluru, Kolkata and Hyderabad.
The report noted that two southern Indian cities — Bengaluru (88 percent) and Hyderabad (78 percent) — have been among the 10 fastest-growing millionaire hubs in the last decade.