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Henley & Partners presents an informative report that is a mustread for all followers of private wealth and wealth  migration trends, from high-net-worth investors and their  advisors to industry professionals and policymakers looking to  turn their cities into the wealth magnets of tomorrow.




When it comes to the number of resident millionaires, cities in the USA and China dominate the  World's Top 10 Wealthiest Cities. In contrast, only one European city, London, makes it onto the 2023 list published today by international investment migration firm Henley & Partners in  partnership with global wealth intelligence firm New World Wealth.

New York City wears the crown as the wealthiest in the world with 340,000 millionaires, while two  other American wealth hubs — the San Francisco Bay Area and Los Angeles — come in 3rd and  6th places, with 285,000 and 205,400 resident high-net-worth individuals, respectively (note:  HNWIs are defined as those with an investable wealth of over USD 1 million and all figures are  rounded off to the nearest 100).

Tokyo, which led the pack ten years ago, falls to 2nd place with 290,300 millionaires, and London,  the wealthiest city in the world for many years, drops down to 4th place with 258,000 resident  HNWIs. City-state Singapore, widely regarded as the most business-friendly city in the world and one of the top destinations for migrating millionaires, sits in 5th place with 240,100 resident  millionaires, while Sydney comes in 10th place with 126,900 millionaires. Home to some of the  world's most exclusive residential suburbs, Sydney has experienced especially strong wealth  growth over the past 20 years and is projected to break into the global Top 5 wealthiest cities by 2040.

Asia Pacific cities have gained ground over the past decade.

China has three cities in the Top 10, with Hong Kong (129,500 millionaires), Beijing (128,200), and  Shanghai (127,200) taking 7th, 8th, and 9th places, respectively. Beijing and Shanghai have  climbed the rankings over the past decade, but Hong Kong has taken a tumble, dropping from  4th place in 2012 down to 7th place currently.

Dr. Juerg Steffen, CEO of Henley & Partners, says 7 of the Top 10 wealthiest cities in the world are in countries that host formal investment migration programs and actively encourage foreign direct  investment in return for residence or citizenship rights. "The right to live, work, study, and  invest in leading international wealth hubs such as New York, London, Singapore, Sydney, and  Hong Kong can be secured via residence by investment. Being able to relocate yourself, your  family, or your business to a more favorable city or have the option to choose between multiple different residences across the world is an increasingly important aspect of international wealth and legacy planning for private clients."

Economic rivals America and China vie for millionaire growth.

The US and China also dominate the Top 10 list of fastest-growing cities when it comes to resident  millionaires over the past decade. One of China's most enduringly popular holiday spots,  Hangzhou, tops the charts in this respect with millionaire growth of 105% between 2012 and 2022. High-tech capital Shenzhen and the port city of Guangzhou also enjoyed significant  HNWI expansion over the past decade, at 98% and 86%, respectively. The three fastest-growing  millionaire hotspots in the US are Austin (102% growth in resident HNWIs), West Palm Beach  (90%), and Scottsdale (88%). India has two cities in the Top 10 — Bengaluru (88%) and Hyderabad (78%) — and the final two places go to the UAE's cultural hub Sharjah (84%) and Ho Chi Minh City  in Vietnam (82%) which is fast emerging as Asia's next big wealth hub.

Head of Research at New World Wealth, Andrew Amoils, says traditional wealth magnets such as  Monaco and Dubai have also experienced especially strong millionaire growth over the past  decade. "Arguably the world's top safe haven for the super-rich, the average wealth of a person  living in Monaco exceeds USD 10 million, making it the toprankedcity on a wealth per capita basis. It is also the world's most expensive city, with apartment prices regularly exceeding USD 35,000 per square meter. Dubai is another established international wealth center, with its low tax  rates making it a magnet for migrating millionaires from all over the world. Approximately 3,500  high-net-worth individuals moved to the city in 2022 alone."

The World's Wealthiest Cities Report 2023 includes HNWI population data for 97 cities worldwide,  HNWI growth stats for the past decade (2012 to 2022), and seasonal hotspots for centi-millionaires (those individuals with investable wealth of USD 100 million or more).

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