A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox. Despite the recurring narrative of wealth flight, New York City is still the world’s richest city, and it’s gotten richer, according to Henley & Partners’ latest ranking of global wealth hubs with intelligence firm New World Wealth. New York City has 384,500 millionaires, 818 centimillionaires and 66 billionaires, gaining about 10% in each category since the prior year’s list. Four of the 10 hubs with the most centimillionaires, or individuals with at least $100 million in assets, are in the U.S. with the Bay Area of California (756) and Los Angeles (516) rounding out the top three. Chicago places eighth with 295 centimillionaires. Asian hubs dominated the lower half of the list with Hong Kong (346), Singapore (333), Beijing (316) and Shanghai (293) all ranking in the top 10. Hong Kong came in at fifth, moving up three ranks, as its economy is starting to recover after years of geopolitical turmoil. London came in fourth with 352 centimillionaires, a 5% annual drop. The capital city was one of only two major wealth hubs with a declining millionaire population, with an estimated 12% decrease in millionaires from 2014 to 2024. Moscow, the second in that duo, is estimated to have a 10-year decline of 25%. Andrew Amoils, head of research at New World Wealth, attributed London’s wealth flight to several factors including high capital gains taxes and the allure of financial and tech hubs in Europe and North America. “Brexit has arguably had an exacerbating effect on this,” he said of tech entrepreneurs’ migration. Paris placed 10th on this year’s list with 277 centimillionaires and an estimated high-net-worth population growth of 5% since 2014. Amoils told CNBC he was surprised by EU cities’ relatively poor growth rates. Meanwhile, the Global South is making massive strides, accounting for the only cities among the 50 wealthiest – Shenzhen, Hangzhou and Dubai – that more than doubled their millionaire populations over the past decade. San Francisco and the surrounding Bay Area came close with an estimated 98% increase. “Technology now stands as the foremost creator of wealth,” said Dominic Volek, Henley & Partners’ global head of private clients, in the report. The U.S. accounted for 11 of the world’s top 50 wealth hubs, adding nearly 86,000 millionaires and more than 160 centimillionaires in one year. The Bay Area had the highest estimated annual increases in both millionaires (36,700) and centimillionaires (81). The domestic hubs with the highest growth rates over the past decade are in low-tax locales with the exception of the Bay Area and Washington, D.C. Miami’s estimated millionaire count of 38,800 is a 94% decade-long increase and a 10% increase year-over-year. Austin’s has surged by 90% over the past 10 years to 32,000. Dallas and Houston have 10-year growth rates of 85% and 75%, respectively. New World Wealth projects that Miami will at least double its centimillionaire population of 180 over the next decade. Overseas, other cities expected to accomplish this feat include Dubai (237 centimillionaires currently), Abu Dhabi (75), Bengaluru, India (43), Malta (40) and Lugano, Switzerland (40). The wealth boom in the Middle East is aided by its zero income and capital gains taxes, the report notes. Bengaluru, nicknamed the Silicon Valley of India, is expected to benefit from its tech scene, while Malta and Lugano’s prospects highlight the success of investment-based migration programs , per Henley & Partners.
This sunset view features high rise towers south of Central Park in New York. The tallest towers are part of Billionaires’ Row, a collection of thin, tall residential buildings with high priced luxury apartments. Some of the buildings seen here are 220 Central Park South, Central Park Tower, One57, Carnegie Hall Tower, Steinway Tower and CitySpire Center.
Michael Lee | Moment | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Despite the recurring narrative of wealth flight, New York City is still the world’s richest city, and it’s gotten richer, according to Henley & Partners’ latest ranking of global wealth hubs with intelligence firm New World Wealth. New York City has 384,500 millionaires, 818 centimillionaires and 66 billionaires, gaining about 10% in each category since the prior year’s list.
