Updated: Mar 2
While there are thousands of incredible and beautiful cities around the world, there are certain places that appear to be particularly attractive to millionaires.
A list of the top cities in the world with the most millionaires has recently been published by Henley and Partners via their Henley Global Citizens Report.
In this article, we'll take a look at the top ten cities on Henley's list and explore what makes them so attractive to high net work individuals.
1. New York City, USA
New York City is not just the most populous city in the United States, with a population of just under 8 million, it is also considered to be the wealthiest city in the world since it has close to 350,000 millionaires.
New York City is home to Wall Street, Central Park, the Statue of Liberty, the Freedom tower, and some of the best nightlife and luxury real estate in the world. New York City has an abundance of things to do, sites to see, and business opportunities.
Many refer to it as “the home of capitalism.” With a nickname like this, it’s no surprise that the Big Apple tops the list.
2. Tokyo, Japan
Just behind New York City, Tokyo, Japan has the second-most millionaires of any city in the world. In total, the city has roughly 305,000 millionaires.
Tokyo is the largest business hub in Japan, which is one of the main reasons why it has so many millionaires. In addition to the business opportunities, many wealth individuals are drawn to Tokyo due to its gorgeous sakura tree-lined streets, its world-class transportation system, and its incredible cuisine.
3, San Francisco Bay Area, USA
There are right around 276,400 millionaires in the greater San Francisco Bay area.
San Francisco is home to the Golden Gate Bridge, Alcatraz, and one of the best tech scenes in the entire world. Many of the millionaires who live in this city earned their wealth working at tech companies like Airbnb, Lyft, Facebook, Salesforce, and Slack, all of which call the Bay area home.
4. London, UK
The first European city on this illustrious list and the fourth overall is London, UK, home to 272,400 millionaires.
As one of the great financial capitals of the world, and especially Europe, many wealthy people are attracted to the city of London for the abundant business opportunities.
London is also famously home to Parliament, Big Ben, world-class shopping, beautiful parks, and a host of English Premier League soccer (football) teams like Tottenham Hotspur, Chelsea, Arsenal, and West Ham.
The fifth city on this list is a sovereign island country and city-state in Southeast Asia: Singapore.
Singapore is known for its beautiful buildings, botanical gardens, and large, man-made waterfalls. The country also is known for having a variety of tax advantages which is part of the reason why it tends to attract many millionaires year after year including Facebook Co-Founder Eduardo Saverin. Saverin moved to Singapore in 2009 and renounced his U.S. citizenship two years later.
6. Los Angeles and Malibu, USA
The Los Angeles and Malibu region is home to some of the best beaches and nightlife in all of America. Add the fact that this is a major west-coast economic hub & a Mecca for celebrities and it's easy to see why the Greater Los Angeles area is so attractive many millionaires.
Currently, around 192,400 millionaires call the city of Los Angeles and/or Malibu home.
7. Chicago, USA
It isn’t only the American coastal cities that have a lot of millionaires; Chicago has approximately 160,000 millionaires and the Windy City is also home to 28 billionaires.
Chicago has many things that help attract wealthy people to it including a variety of excellent sports teams, an abundance of luxury real estate, the Chicago Mercantile Exchange, and more. The city is filled with many amazing things to do and see and is the largest economic hub in the middle of America.
8. Houston, USA
Another American city. Houston, Texas is home to 132,600 millionaires.
Wealthy people are drawn to Houston (and Texas in general) for its incredible restaurants, museums, and shopping centers, not to mention the business friendly economy. Interestingly, Houston is also the most ethnically diverse metropolitan area in all of America,
9. Beijing, China
It should be no surprise that the capital city of the world’s most populous nation appears on this list.
There are roughly 131,500 millionaires who live in Beijing. Beijing is known for being one of the biggest tourist destinations in all of Asia. The city is a beautiful blend of the old world and the modern world. It is steeped in tradition, but is also on the cutting edge of modern technology.
It is one of the most exciting and fast-paced places to live in China.
10. Shanghai, China
Rounding out the Top 10 is Shanghai, China.
There are approximately 130,100 millionaires who live in Shanghai. This city is often referred to as the “Pearl of the East” or as the Paris of the East. It is known for its incredible shopping, its vibrant energy, and its gorgeous, and ever-expanding skyline.
Although all of the cities on this list are very different, they also have a number of things in common. For instance, many of these cities are major financial hubs that create a large number of job opportunities, and attract corporations of all sizes. This, in turn, attracts high net worth individuals and can help create many new ones along the way.
Many of these cities are also home to stunning architecture, and are well known for their support of the arts and amazing food.
One very interesting thing to note about this list of the top 10 cities in the world with the most millionaires is that half of the cities are in the United States. This helps to demonstrate that, despite the fact that many other nations such as China have experienced enormous GDP growth in the last few decades, America still remains a financial powerhouse.
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About the Author
Ellie Perlman is the founder of Blue Lake Capital, a commercial real estate investment firm specializing in multifamily investing throughout the United States. At Blue Lake Capital, Ellie partners with both institutional and individual investors to grow their wealth by achieving double-digit returns by investing alongside her in exclusive multifamily deals they usually don't have access to.
A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.
Ellie is the host of REady2Scale, a podcast that highlights the assets, processes, and strategies for the multiple approaches to successful real estate investing.
She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.
Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.