www.privateairny.com Private Air | Summer 2023
65
WEALTH MANAGEMENT
W
hen 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.
