Where are the wealthiest cities in the world?
Well, Henley and Partners, a firm specializing in residence and citizenship planning, has unveiled the top 10 richest cities for the year 2023.
The list ranks each city based on its resident millionaires.
One city in Australia has made it onto the list, highlighting the wealth of individuals residing in the area.
Although the top-ranked city has not changed, the ranking of other cities on the list has fluctuated, with the Asia Pacific region gaining ground on the West.
With 340,000 millionaires, 724 centi-millionaires, and 58 billionaires, New York City, known as "The Big Apple," is considered the financial hub of the United States and is the wealthiest city in the world by multiple measures.
The city is home to the two largest stock exchanges in the world, the NYSE and the Nasdaq.
It is composed of five boroughs, the Bronx, Brooklyn, Manhattan, Queens, and Staten Island, and boasts some of the most exclusive residential streets globally, including 5th Avenue in Manhattan, where prime apartment prices can soar above USD 27,000 per square meter.
In Tokyo, there are 290,300 resident millionaires, 250 centi-millionaires, and 14 billionaires.
Compared to the other cities in the Top 10 list, Tokyo has a relatively low number of billionaires, indicating a more equitable distribution of wealth among the middle class and lower-tier millionaires who control the majority of the city's capital.
Some of the major companies headquartered in Tokyo are Hitachi, Honda, Mitsubishi, Softbank, and Sony.
The Bay Area, comprising the City of San Francisco and Silicon Valley, boasts 285,000 millionaires, 629 centi-millionaires, and a considerable number of billionaires at 63.
It is also the headquarters of most of the world's leading tech companies, such as Adobe, Apple, Cisco, Facebook (Meta), Google (Alphabet), HP, Intel, LinkedIn, Lyft, Netflix, OpenAI, PayPal, Twitter, Uber, Yahoo, and Zoom.
London held the top position for cities with millionaires in the year 2000, but it has since slipped down the rankings over the past two decades.
Nonetheless, London remains home to some of the world's most prestigious residential neighbourhoods, such as Belgravia, Chelsea, Hampstead, Knightsbridge, Mayfair, Regents Park, and St. Johns Wood.
The city has 258,000 resident millionaires, 384 centi-millionaires, and 36 billionaires.
Considered the most business-friendly city globally, Singapore is among the top choices for migrating millionaires, with approximately 2,800 high-net-worth individuals relocating there in 2022, according to the latest Henley Wealth Migration Dashboard.
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Presently, Singapore hosts 240,100 millionaires, 329 centi-millionaires, and 27 billionaires.
Los Angeles, including nearby Beverly Hills and Malibu, is home to 205,400 millionaires, 480 centi-millionaires, and 42 billionaires.
These figures reflect the wealth held in the region.
Major industries in the area comprise entertainment, media, real estate, retail, technology, and transportation.
Hong Kong hosts 129,500 millionaires, 290 centi-millionaires, and 32 billionaires.
Despite experiencing weak growth over the last decade, this city-state still remains one of the top global financial centres, with numerous of Asia's richest business people still choosing to locate there.
Furthermore, the Hong Kong Stock Market remains one of the world's significant stock exchanges.
Beijing, the official capital city of China, is home to 128,200 resident millionaires, 354 centi-millionaires, and 43 billionaires.
Many of the world's largest companies have their base in Beijing.
In terms of the billionaire population, the city ranks highly, surpassed only by New York City and the Bay Area.
Shanghai, widely recognized as the financial capital of China, hosts 127,200 millionaires, 332 centi-millionaires, and 40 billionaires.
The Shanghai Stock Exchange is the world's third-largest stock market by market capitalization, following the NYSE and the Nasdaq.
Sydney boasts a staggering 126,900 resident millionaires, along with 184 centi-millionaires and 15 billionaires, residing in some of the world's most exclusive residential suburbs, such as Bellevue Hill, Darling Point, Mosman, Point Piper, and Vaucluse.
Over the past two decades, the city has experienced a remarkable surge in wealth and is now on the fast track to becoming one of the wealthiest cities in the Asia Pacific region.
It is anticipated that this trend will persist, with Sydney projected to rank among the top five wealthiest cities globally by 2040.