Ten of the 50 richest cities in the world are in the United States . New York remained at the top of the list. The decade between 2012-2022 witnessed a 40% increase in the number of high net worth individuals in NYC, according to investment firm Henley & Partners.
Globally, China ranked behind the US with five cities in the top 50, followed by Australia with four.
The ten richest cities in the country
The ten richest cities in the world are ranked by the number of millionaires residing in them. "Millionaires" or "high net worth individuals" means individuals with investable net worth equal to or greater than $1 million.
#1 New York: the Big Apple is home to 340,000 millionaires, 724 centimillionaires and 58 billionaires. The city is comprised by the five boroughs of the Bronx, Brooklyn, Manhattan, Queens and Staten Island. It is the financial center of the country and is home to the two largest stock exchanges in the world (NYSE and Nasdaq).
#2 The Bay Area: The Bay Area is home to 285,000 millionaires, 629 centimillionaires and 63 billionaires. Most of the world's leading technology companies are headquartered there: Adobe, Apple, Meta, Google, HP, Intel, LinkedIn, Lyft, Netflix, OpenAI, PayPal, Twitter, Uber, Yahoo and Zoom.
#3 Los Angeles: LA is home to 205,400 millionaires, as well as 480 centimillionaires and 42 billionaires. Major industries include entertainment, media, real estate, retail, technology and transportation.
#4 Chicago: The Windy City is home to 124,000 millionaires, 295 centimillionaires and 24 billionaires. It is one of the country's major distribution points. It also offers business opportunities in infrastructure, agriculture and renewable energies.
#5 Houston: The Bayou City is home to 98,500 millionaires, 280 centimillionaires and 20 billionaires. The city has a growing business economy based largely on energy and fuel production. The wide range of industries include oil exploration, basic oil refining and petrochemical production.
#6 Seattle: The Emerald City is home to 50,500 millionaires, 121 centimillionaires and 10 billionaires. Its economy includes clusters in aerospace, information technology, life sciences, biotechnology, clean technology, environmental industries, logistics and international trade.
#7 Boston: The City on a Hill is home to 41,700 millionaires, 104 centimillionaires and 8 billionaires. With more than 12 million tourists a year, the city is sustained in large part by the people who come to see it. In addition, it has important universities and schools that make it one of the most important cultural and academic centers in the country.
#8 Miami: The Magic City is home to 38,000 millionaires, 160 centimillionaires and 12 billionaires. The city is one of the most important financial centers in the country. Its centers of commerce, finance, corporate headquarters and a strong international business community stand out.
#9 Austin: this Texas city is home to 30,500 millionaires, 86 centimillionaires and 9 billionaires. The city has been at the top of the list of fastest growing places for five of the last six years . The economy is also growing at record levels, (employment grew 3.28% last year).
#10 Las Vegas: the city of sin is home to 16,800 millionaires, 45 centimillionaires and 6 billionaires. The strength of its economy is based on the tourism industry. Casinos were once a major attraction. But now shopping, conventions and restaurants are also an important part of its financial strength.
The world's richest cities and the cost of Russian invasion
Among the top ten richest cities in the world are: #1 New York, #2 Tokyo (Japan), #3 The Bay Area, #4 London (UK), #5 Singapore (Singapore), #6 Los Angeles, #7 Hong Kong, #8 Beijing, #9 Shanghai (China) and #10 Sydney (Australia).
At the opposite extreme, Russia has been among the countries most affected by the exodus of millionaires due to its invasion of Ukraine. The sanctions imposed on it by many of the world's countries caused its economy to plummet, causing the number of millionaires living in Moscow, Russia's capital, to plummet by 44% compared to the previous decade, while St. Petersburg experienced a 38% drop.
