Private Air New York

Summer 2023

Private Air New York Magazine

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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.

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