The richest cities in the world were selected using data from Henley & Partners. The study focused on the growth in the number of millionaires over the past decade.
Many of these cities offer easier immigration options for large investments, which benefits millionaires and billionaires, Travelling Lifestyle writes.
New York City
The fact that the city of New York is the richest metropolis on the planet may not be surprising. According to the study, the city is home to 58 billionaires, 724 centi-millionaires, and 340,000 people with assets of more than $1 million. In addition to extravagant real estate, which includes an $85 million penthouse in midtown Manhattan, New York is also known for some of the most expensive restaurants in the world, so millionaires and billionaires have many opportunities here. The survey shows that the number of wealthy people has increased by 40% since 2012, which helped the city to take the first place on this list.
Tokyo, Japan, is second on the list, primarily because the population of this city is 21 percent of the total population of the millionaire country. According to the report, Tokyo boasts an impressive 250 centi-millionaires and 14 billionaires. In addition, the city is the economic center of Japan and is home to world-renowned companies such as Honda and Sony which have their headquarters there.
The Bay Area
According to a study by Henley & Partners, the Bay Area in California, which includes San Francisco and Silicon Valley and is home to 285,000 millionaires, as well as 629 centi-millionaires and 63 billionaires, is a technological center. Between 2012 and 2022, the number of wealthy people in the Bay Area grew by an impressive 68 percent. In particular, Los Altos, the second richest city in the United States, located on the western border of Silicon Valley, is worth noting. The typical family income is $235,278.
The capital of the United Kingdom, London, is fourth on this list with a population of 258,000 millionaires, 384 centi-millionaires, and 36 billionaires. This area is known for having some of the most prestigious postal codes in the world, such as Kensington. Housing prices there start from $14 million minimum.
The Republic of Singapore, with a population of 240,100 millionaires, 329 centi-millionaires and 27 billionaires, is ranked fifth on the list. Similar to New York, Singapore has seen an impressive 40% increase in the number of wealthy people since 2012.