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www.privateairny.com Private Air | Summer 2023 66 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. "e 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. e 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. e 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 top- ranked city 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." e 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). www.henleyglobal.com WEALTH MANAGEMENT

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