This Asian city has beaten Austin, Texas to record highest 10-year growth in High-Net-Worth Individuals
2 min read . Updated: 19 Apr 2023, 08:04 AM IST
PremiumHenley & Partners' study offers valuable perspectives on the changing patterns of wealth distribution worldwide.
New York has once again topped the list of the world’s wealthiest cities, with approximately 340,000 millionaires last year, according to investment migration firm Henley & Partners. The United States has emerged as the leader in the number of wealthy cities, with 10 out of the top 50 cities in the world, followed by China with five and Australia with four.
The report surveyed 97 cities in nine regions around the world and revealed that the number of high-net-worth individuals (HNWIs) in New York surged by 40% from 2012 to 2022, helping it maintain its top position. California’s Bay Area, Tokyo, London, and Singapore rounded out the top five richest cities.
The study also found that the number of billionaires in California’s Bay Area surpassed New York, with 63 billionaires residing in the region surrounding Silicon Valley and San Francisco. Beijing, Los Angeles, and Shanghai followed in terms of the total number of billionaires.
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Hangzhou, China, topped the list for the highest 10-year growth in HNWIs, with a 105% increase, while Austin, Texas, followed closely behind with a 102% increase. The pandemic-induced remote work trend is believed to have contributed to the impressive growth seen in cities like Miami and West Palm Beach, Florida, which saw the number of high-net-worth individuals climb by 75% and 90%, respectively.
In contrast, Moscow appears to have taken a hit due to the war in Ukraine and the resulting sanctions and exodus of citizens, with the number of millionaires in the city falling by 44% over the past decade, while St. Petersburg saw a 38% decline.
The top five richest cities were New York, Tokyo, London, Singapore, and California’s Bay Area. Tokyo and London managed to maintain their positions despite losing 5% and 15%, respectively, of their wealthy residents in the past decade. The Bay Area and Singapore, on the other hand, experienced significant spikes, with the California region's high-net-worth individuals growing by 68% and Singapore's growing by 40%.
The survey by Henley & Partners provides valuable insights into the shifting dynamics of wealth distribution across the globe, highlighting the growing influence of the United States and China in the world's wealthiest cities.
(With agency inputs)