These cities have the most millionaires in the world – 2 Australian surprises

Where do the wealthy live around the world? Let's look at the world's top 20 wealthiest cities ranked by High-Net-Worth Individual (HNWI):

Source: Henley & Partners

Heading the list is New York City which boasts of an astonishing 340,000 millionaire residents, accounting for approximately 4% of the city’s total population.

In the second spot, Tokyo is home to a substantial millionaire population of 290,000, closely followed by the Bay Area—San Francisco and Silicon Valley—with 285,000 high net worth individuals (HNWIs) possessing an investable wealth of $1 million or more.

Other major financial centers—London (4th), Singapore (5th), Hong Kong (7th)—take up the middle spots in the top 10, joined by China’s commerce juggernauts, Beijing (8th) and Shanghai (9th).

One notable entry to the list is Sydney, which surprisingly holds the 10th position, with more than 100,000 millionaires.

Alongside Melbourne (17th), Australia has increasingly become a destination for millionaire migrations - see more below.

Source: Visual Capitalist

The top 10 countries that are likely to become home to the highest number of millionaires and billionaires in 2023 are scattered across the globe, with Australia reclaiming its top spot this year from the UAE.

At the other extreme, China is anticipated to lose 13,500 High Net Worth Individuals this year, more than double as many as the second-place country, India (6,500).

About Michael Yardney Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.