Four Australian and two Indian cities amongst world’s 50 wealthiest

A significant factor in the growth in the wealthiest cities has been the robust performance of financial markets in recent years.

Amid this economic turbulence, the World’s Wealthiest Cities have been named for the year 2024. Each year, Henley and Partners publish their World’s Wealthiest Cities Report, ranking the top 50 cities based on the number of millionaires and billionaires residing there. The data, gathered by New World Wealth, tracks wealthy individuals with significant investment portfolios or top leadership roles in high-value companies.

“The World’s Wealthiest Cities Report 2024 offers investors a window into this complex and rapidly evolving landscape. It reveals a world in which traditional wealth hubs maintain their dominance, even as new centres of wealth and power emerge,” says Dr. Juerg Steffen, the Chief Executive Officer of Henley & Partners.

Here are the top 15 wealthiest cities in the world:

  1. New York
  2. San Francisco
  3. Tokyo
  4. Singapore
  5. London
  6. Los Angeles
  7. Paris
  8. Sydney
  9. Hong Kong
  10. Beijing
  11. Shanghai
  12. Chicago
  13. Toronto
  14. Milan and Lombardy
  15. Melbourne

Australia’s Melbourne secured the 15th spot on this prestigious list, boasting 97,900 millionaires, 112 centi-millionaires, and 10 billionaires. Over the past decade, the city has seen a remarkable 40 per cent increase in its millionaire population.

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Additionally, three other Australian cities made it to the top 50: Sydney at 8th, Perth at 34th, and Brisbane at 42nd. In fact, Sydney has established itself as a premier global city, renowned for its iconic harbour, prestigious universities, and booming tech industry. Over the past decade, its millionaire population has increased by 34%, attracted by the city’s blend of natural beauty, cultural vibrancy, and economic opportunities.

India’s economic capital Mumbai ranks 24 with 58,800 millionaires and 29 billionaires followed on rank 36 by the nation’s political capital Delhi boasting 30,700 millionaires and 16 billionaires respectively. Additionally, the report says that India’s tech capital Bengaluru missed out on the Top 50 but is worth watching due to its strong wealth growth potential with 13,200 millionaires and 8 billionaires – an increase of 120% from 2013 to 2023.

Overall, the US leads the pack, with 11 cities in the Top 50 World’s Wealthiest Cities list, including New York City, which boasts a staggering 349,500 millionaires, followed by Northern California’s Bay Area (305,700) and Los Angeles (212,100).

China also has a notable presence, with Hong Kong (SAR China) (143,400) and 5 cities in mainland China inlcuding Beijing (125,600 millionaires), Shanghai (123,400), Shenzhen (50,300), Guangzhou (24,500), and Hangzhou (31,600) which have all recorded significant increases in their millionaire populations over the past decade.

Dr Steffen adds: “This dynamic reflects broader changes in the global economy, with the US maintaining its traditional strongholds while China’s rapid urbanisation and growing technological prowess play an increasingly important role in its wealth creation.”

A significant factor in the growth of the wealthiest cities has been the robust performance of financial markets in recent years. The S&P 500 gained 24% in 2023, while the Nasdaq surged by 43%, and Bitcoin experienced an astonishing 155% rally, all of which have bolstered the wealth of affluent investors.

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