Those with investable assets of $1 million or more In terms of number of millionaires The United States tops the list, with 11 cities in the top 50, including New York, which confidently takes first place in the 2024 poll.
The total wealth of the city's residents now exceeds $3 trillion – higher than the total wealth of most major G20 countries – with 349,500 millionaires, 744 millionaires (those worth more than $100 million) and 60 billionaires living in New York.
In second place is the Bay Area in Northern California, which includes the city of San Francisco and Silicon Valley. The Gulf region has produced some of the fastest rates of wealth growth in the world. In the past decade, the number of millionaires has increased by 82%. 305,700 millionaires, 675 millionaires and 68 billionaires currently live here.
On the other hand, in Tokyo, which topped the list a decade ago, the number of high net worth individuals fell by 5% (Wealthy people) over the past ten years, so it currently ranks third, with only 298,300 millionaires.
Singapore advanced two places in the world rankings.
The number of millionaires has risen by 64% in the past 10 years, and it looks like Tokyo will soon overtake the title of richest city in Asia.
Singapore is widely considered the most business-friendly city in the world, and is one of the world's most popular destinations for millionaires – with around 3,400 HNWIs moving there in 2023 alone, the city is currently home to 244,800 millionaires, 336 millionaires and 30 billionaires.
London, which was among the world's richest cities for many years, has fallen further in the rankings and is now only in fifth place with just 227,000 millionaires, 370 millionaires and 35 billionaires – a 10% drop from the previous decade.
On the other hand, Los Angeles, which is home to 212,100 millionaires, 496 millionaires and 43 billionaires, rose two places over the ten-year period and is now in sixth place, in terms of the number of extremely wealthy people in the world. The city increased significantly, by 45%.
