New York City reigns supreme as the world’s wealthiest city; Mumbai, Delhi also in the list of top 50

A general view of New York City.

In the recently published 2024 World’s Wealthiest Cities Report by international wealth migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth, New York City retains its leading position as the world’s wealthiest city.

The report highlights New York City’s dominance, with a staggering total wealth exceeding USD 3 trillion and a notable population of 349,500 millionaires, 744 centi-millionaires, and 60 billionaires.

Following closely behind in second place is the Bay Area in Northern California, comprising San Francisco and Silicon Valley, which has experienced remarkable wealth growth over the past decade.

Tokyo, once the world’s wealthiest city, has slipped to third place with a decline in its high-net-worth-individual (HNWI) population. Meanwhile, Singapore has risen to fourth place, demonstrating impressive growth in its millionaire population and positioning itself as a leading Asian financial hub.

London’s descent in the ranking continues, now occupying fifth place, while Los Angeles has climbed to sixth place with significant growth in its wealthy population. Paris maintains its position as the wealthiest city in mainland Europe, with Sydney ascending to eighth place after strong wealth growth in recent years.

Dr. Juerg Steffen, CEO of Henley & Partners, attributes the growth in the world’s wealthiest cities to the strong performance of financial markets and advancements in technology. However, he warns that geopolitical risks, such as the war in Ukraine, underscore the fragility of wealth in today’s uncertain world.

China emerges prominently on the list, with several cities making significant strides in wealth accumulation. Beijing enters the Top 10 for the first time, while Shenzhen stands out as the world’s fastest-growing city for the wealthy, experiencing exponential growth in its millionaire population.

Dubai leads the Middle East as the wealthiest city in the region, with Abu Dhabi showing promising growth potential. In Africa and South America, rising stars like Nairobi and Cape Town are identified as future contenders in the global wealth landscape.

Meanwhile, Mumbai and Delhi also got a mention in the list at 24th & 37th place respectively. Last year, Bengaluru, Kolkata and Hyderabad had also made to the list along with Delhi and Mumbai.

The report also highlights the most expensive cities in the world, with Monaco topping the list for its high wealth per capita and extravagant real estate prices. New York City follows closely behind, reflecting the allure of prime real estate in leading global hubs.

Dominic Volek, Group Head of Private Clients at Henley & Partners, emphasizes the importance of investment migration programs in attracting foreign direct investment and diversifying assets. Such programs, he notes, offer opportunities for families and cities alike to thrive in an increasingly interconnected and dynamic global economy.