The World’s Richest Cities For 2023 Reveal A Shake-Up In Global Wealth Migration
— 21 April 2023

The World’s Richest Cities For 2023 Reveal A Shake-Up In Global Wealth Migration

— 21 April 2023

The world’s richest cities for 2023 have been named and ranked by a new survey, taking stock of which destinations have attracted society’s wealthiest people.

While each year Forbes ranked the world’s richest cities based on their estimations of which ones are populated by the most billionaires, Henley & Partners‘ list has a more lenient definition to get a better sense of global wealth migration in 2023.

The World’s Wealthiest Cities Report 2023 has been ranked by their number of resident “high-net-worth individuals” (HNWIs). These parameters include individuals with an investable wealth of US$1 million or more, and millionaire figures rounded to the nearest 100.

The data was supplied by wealth intelligence firm, New World Wealth, and spans 97 cities across nine regions worldwide (Africa, Australasia, CIS, East Asia, Europe, the Middle East, North America, South Asia, and Southeast Asia). Using their in-house database, the firm tracked the movements and spending habits of over 150,000 HNWIs, providing figures that are accurate to 31 December 2022.

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In the 2023 dataset, the United States accounted for 10 of the top 50 richest cities in the world, the most of any country. China then followed with five, and Australia with four.

The data also highlighted each city’s change in the number of HNWIs from 2012-2022 as a percentage. A lot of the US cities on the list had some massive growth – particularly Austin (102%), West Palm Beach (90%), and Miami (75%) – but the big two were fairly predictable.

New York City sat comfortably atop the list, with its 340,000 millionaires, 724 centi-millionaires, and 58 billionaires. It’s home to the world’s two largest stock exchanges by market cap (the NYSE and the Nasdaq) and it’s seen an HNWI surge of 40% during the 2012-2022 period.

However, the world’s wealthiest individuals could be found on the West Coast. Despite ranking third overall on this list, the Bay Area is home to 63 billionaires, which is the most of any city. This is in large part thanks to the number of tech companies based in Silicon Valley, including Adobe, Apple, Cisco, Facebook (Meta), Google (Alphabet), HP, Intel, LinkedIn, Lyft, Netflix, OpenAI, PayPal, Twitter, Uber, Yahoo, and Zoom.

It is, however, worth pointing out that the World’s Wealthiest Cities Report’s accuracy may be limited due to how the 1% like to place certain addresses as their primary residence for tax purposes.

Check out the world’s 10 richest cities for 2023 below.

The Richest Cities In The World (2023)

1. New York City

Billionaires: 58
HNWIs: 340,000
HNWI Growth: 40%

2. Tokyo

Billionaires: 14
HNWIs: 290,300
HNWI Growth: -5%

3. The Bay Area

Billionaires: 63
HNWIs: 285,000
HNWI Growth: 68%

4. London

Billionaires: 36
HNWIs: 258,000
HNWI Growth %: -15%

5. Singapore

Billionaires: 27
HNWIs: 240,100
HNWI Growth: 40%

6. Los Angeles

Billionaires: 42
HNWIs: 205,400
HNWI Growth: 35%

7. Hong Kong

Billionaires: 32
HNWIs: 129,500
HNWI Growth: -27%

8. Beijing

Billionaires: 43
HNWIs: 128,200
HNWI Growth: 70%

9. Shanghai

Billionaires: 40
HNWIs: 127,200
HNWI Growth: 72%

10. Sydney

Billionaires: 15
HNWIs: 126,900
HNWI Growth: 35%

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