Where are the top destinations for millionaires and billionaires worldwide?
Today, the richest cities in the world are finance and tech hubs, drawing affluent residents to thriving metropolitans. Given the flow of wealth and high demand for prime property, it’s no surprise that these cities have some of the most exclusive residential markets globally.
The above graphic shows the world’s wealthiest cities by the number of millionaires and billionaires, based on data from Henley & Partners annual World’s Wealthiest Cities Report.
Cities with the Most Millionaires and Billionaires
Below, we order the richest cities globally, based on their millionaire population in 2023 (net worth of $1 million USD or more) along with each city’s billionaire population (net worth of $1 billion USD or more):
| Rank (by Millionaires) |
City/Area | Country | Millionaires | Billionaires |
|---|---|---|---|---|
| 1 | New York City |  U.S. |
340,000 | 58 |
| 2 | Tokyo |  Japan |
290,300 | 14 |
| 3 | The Bay Area | U.S. |
285,000 | 63 |
| 4 | London |  UK |
258,000 | 36 |
| 5 | Singapore |  Singapore |
240,100 | 27 |
| 6 | Los Angeles | U.S. |
205,400 | 42 |
| 7 | Hong Kong |  Hong Kong SAR |
129,500 | 32 |
| 8 | Beijing |  China |
128,200 | 43 |
| 9 | Shanghai | China |
127,200 | 40 |
| 10 | Sydney |  Australia |
126,900 | 15 |
| 11 | Chicago | U.S. |
124,000 | 24 |
| 12 | Toronto |  Canada |
105,200 | 18 |
| 13 | Frankfurt |  Germany |
102,200 | 16 |
| 14 | Zurich |  Switzerland |
99,300 | 12 |
| 15 | Houston | U.S. |
98,500 | 20 |
| 16 | Seoul |  South Korea |
97,000 | 24 |
| 17 | Melbourne | Australia |
96,000 | 10 |
| 18 | Paris |  France |
93,000 | 16 |
| 19 | Geneva | Switzerland |
85,800 | 15 |
| 20 | Dubai |  UAE |
68,400 | 15 |
With 340,000 millionaires and 58 billionaires, New York City stands as the world’s wealthiest metropolitan area.
Between 2012 and 2022, the number of high net worth individuals living in the Big Apple increased by 40%, even as the pandemic drove an exodus of wealthy people from the city. Overall, the wealth of New York City’s residents is roughly $3 trillion, more than the GDP of Canada.
Falling in second is Tokyo, boasting a millionaire population of 290,300 residents. Roughly a fifth of the country’s millionaires live in the city.
With one of the fastest growing millionaire populations across this list, The Bay Area ranks in third. Driven by the tech boom over the last decade, the number of millionaire residents soared by 68% since 2012. Furthermore, the tech hub is home to more billionaires than any other city in the world, at 63 in total—beating out New York City (58) and Beijing (43).
In China, the world’s second-largest economy, Beijing stands as the most affluent city, with Shanghai falling closely behind. As China’s economy has expanded over the last decade, the millionaire population across each city has surged by at least 70%.
Closing off the ranking is Dubai, the only city in the Middle East on the list, with 68,400 millionaires and 15 billionaires. The city is known for attracting wealthy foreign nationals given its role as a finance and trade hub.
Where Do the World’s Richest People Live?
Where are the top destinations for the world’s richest people?
While Elon Musk, the world’s richest person, previously resided in California, he is now reported to live in Boca Chica, Texas in a prefab home that is roughly 400 square feet. Along with this, Musk is reportedly is building a glass-walled home near Tesla’s headquarters in Austin, rumored to be called Project 42.
Beyond these residences, Musk has purchased thousands of acres outside of Austin. This property is intended to be for employees of his companies Tesla, Boring, and SpaceX. The planned town, currently under construction, has modular homes, an outdoor gym, and a pool.
The world’s second-richest person is Amazon founder, Jeff Bezos, who owns five apartments in New York City worth a combined $119 million. While Seattle was Bezos’ primary home base for the last three decades, the tech titan has moved to Miami’s “Billionaire Bunker” neighborhood on Indian Creek Island.
The third-richest person on the planet, Bernard Arnault, who runs luxury conglomerate LVMH, reportedly owns a mansion in Paris along with a $84 million dollar property in Beverly Hills.
Credit: Visual Capitalist
