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These cities have the most millionaires in the world – 2 Australian surprises - featured image
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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):

# City/Area Country HNWIs (USD 1m+) 10-years HNWI growth Centi-millionaires (USD 100m+) Billionaires (USD 1bn+)
1 New York City USA 340000 40 724 58
2 Tokyo Japan 290300 -5 250 14
3 The Bay Area USA 285000 68 629 63
4 London UK 258000 -15 384 36
5 Singapore Singapore 240100 40 329 27
6 Los Angeles USA 205400 35 480 42
7 Hong Kong Hong Kong (SAR China) 129500 -27 290 32
8 Beijing China 128200 70 354 43
9 Shanghai China 127200 72 332 40
10 Sydney Australia 126900 35 184 15
11 Chicago USA 124,000 24% 295 24
12 Toronto Canada 105,200 29% 193 18
13 Frankfurt Germany 102,200 20% 170 16
14 Zurich Switzerland 99,300 35% 250 12
15 Houston USA 98,500 65% 280 20
16 Seoul South Korea 97,000 30% 229 24
17 Melbourne Australia 96,000 42% 123 10
18 Paris France 93,000 -3% 126 16
19 Geneva Switzerland 85,800 40% 305 15
20 Dubai UAE 68,400 62% 206 15

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.

Where The Wealthy Live 07

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.

Millionaire Migration 2023 02

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 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.
4 comments

the raw numbers are interesting but not surprising. What would be good to see is the per capita comparisons as that gives a better idea of the wealth potential available to each resident . I would also be good to see the wealth excluding PPOR data.

1 reply

The number is wrong. Everyone with a property in Sydney is a millionaire.

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