It is no news that India has its fair share of millionaires. The country harbours a number of citizens who have made a name for themselves through their sheer will and determination. Their contribution to their respective fields has not only made them noble personalities but also been able to make the country proud. However, India is hardly one of those countries which can boast of having a lot of millionaires. There are in fact other locations that have quite a large number of millionaires on their list of official residents. These cities will impress you with the number of millionaires that they house.
Reports By Henley & Partners
Between the towers and brilliant lights, it appears that billionaires simply cannot resist the draw of the concrete jungle. According to Henley & Partners, a firm that records affluent individuals throughout the world, New York is the city with the most millionaires in the world. Someone with $1 million or more in investment securities is considered a millionaire, according to the firm. Bank accounts, cash, treasury bonds, investments in stocks and mutual funds account for this. The United States has the most representation of any country on the list, with six of its main metropolitan regions ranking among the top 20. While Russia, which has seen a significant movement of its moneyed classes in recent years, has experienced the world’s highest outflow of millionaires.
According to a Henley & Partners assessment, the United States dominates its ranking of the world’s wealthiest cities, accounting for six of the top cities in terms of millionaires. Despite losing 12% of its wealthiest citizens in the first half of 2022, the research states that New York still has the highest concentration of millionaires in the globe. In fact, other cities are catching up to New York and might surpass it in the next few years. These are the cities with the highest concentrations of wealth.
Locations With The Highest Billionaires
With prominent Indian entrepreneur Gautam Adani making enormous strides on the Forbes richest list, the desire to know their opponents, as well as the discourse surrounding the richest men, has acquired significant traction on social media. While their lavish lifestyle is guaranteed to enchant you, a recent Henley Global Citizens report published a list of locations with the highest concentrations of billionaires. And if you’re curious if any Indian cities made the list, keep reading to find out yourself.
1. New York
With the city’s residents’ wealth topping USD 3 trillion and adjacent cities also hosting a gala of wealthy individuals, the Big Apple takes the top rank in the recently issued report. The city with the greatest concentration of millionaires is New York.
The city has 3,45,600 high-net-worth people (HNWIs), 737 centi-millionaires (those having a net worth of more than $100 million) and 59 billionaires bringing the city’s aggregate wealth to nearly $3 trillion in property, cash, shares and business interest assets held by all people. City officials are seeking to reintroduce the city’s most financially powerful inhabitants in order to secure the city’s upper tax rate and restore its pre-pandemic economic vibrancy.
Money has fostered a culture of competing for pre-eminence and social prestige among people who possess riches in the city, as billionaires attempt to distinguish themselves from one another, resulting in vast and opulent residences, large sailboats or fine animals and fine art collections, and giving the most lavish and unforgettable high-society parties.
2. San Francisco
This is yet another city from America which made it onto the list. With 276,400 millionaires, including 623 centi-millionaires and 62 billionaires, San Francisco is ranked third in the list. The city in question is renowned as the heartland for tech billionaires and is home to about 276,400 millionaires. San Francisco Bay Area could ultimately lead the list by 2040, according to Henley Global Citizens, after experiencing its significant expansion over the previous ten years.
London holds the list even though a large number of millionaires have migrated out of the capital. London, a centre for global businesses like Standard Chartered, HSBC, Barclays, and others is always a favourite destination for billionaires. Big Ben in London is home to 2,72,400 millionaires, including 9,210 multi-millionaires, 406 centi-millionaires and 38 billionaires, ranking fourth on the list.
Singapore, popularly considered the globe’s most business-friendly city, is home to 249,800 millionaires, which catapulted it to a place on the list. Fifth on the list is Singapore, home to 2,49,800 millionaires, 8,040 multimillionaires, 336 centi-millionaires, and 26 billionaires.
The study by Henley Global Citizens states that 3,04,900 millionaires reside in Tokyo. Though other cities may have more additional billionaires than Tokyo, the city certainly makes an impression on the market worldwide with the existence of Honda, Sony and many other well-known corporations. On the list, Tokyo comes in second. 3,04,900 people in the country are millionaires, along with 263 centi-millionaires and 12 billionaires. Tokyo has solidified its position as the city with the second-highest concentration of millionaires.
Millionaires in this metropolis differ from those in New York and even London, as they are more likely to conceal their money than flaunt it. This approach derives from a cultural desire not to stick out in a crowd, and the ultra-rich tend to avoid ostentation by not building mansions or splurging frivolously on tangible luxury, preferring instead to enjoy travel, fine arts and concerts.
Rich individuals in Japan also have a tendency to spend their money wisely and locally, favouring pricey Japanese wines over imports and local artwork over Western pieces. The wealthy invest their money in Japan as part of what is considered to be their civic duty in order to help the economy of the nation as a whole.
6. Los Angeles
In addition to being home to almost 192,400 millionaires, Hollywood is their domicile. From a never-ending list of well-known celebrities to affluent hotspots, Los Angeles seems to entice visitors from all over the world.
There are currently 132,600 millionaires living in Houston, which is hailed as the city with the fastest growth in wealth in the world. The United States has the most cities in the top ten, with Houston ranking eighth. There are 1,32,600 millionaires, 6,590 multimillionaires, 314 centi-millionaires and 25 billionaires in the country.
One of the largest cities in the US, Chicago ranks on the list. It boasts of housing 160,100 millionaires, 7,400 multi-millionaires, 340 centi-millionaires and 28 billionaires.
Beijing, the nation’s capital, and Shanghai, its largest metropolis, respectively, took the ninth and tenth places on the list. 131,500 millionaires reside in Beijing, yet close to 130,100 millionaires reside in Shanghai. Beijing, China’s capital, ranks ninth in the world in terms of millionaires. There are 1,31,500 millionaires, 6,270 multimillionaires, 363 centi-millionaires and 44 billionaires in the country.
Shanghai, China’s largest metropolis and financial centre, ranks tenth in terms of millionaires per capita. 1,30,100 people in it are millionaires, along with 42 billionaires, 350 centi-millionaires and 6,180 multimillionaires.
None of the Indian cities could make it into the top 10, but as per the Henley Global Citizens report, Mumbai, Dubai and Shenzhen have all seen a startling growth in popularity and may rank among the top wealthiest cities by 2030. Mumbai, which is number 25 on the list, is the home of 60,600 millionaires and 30 billionaires. The fastest-growing cities in terms of millionaires this year are Sharjah and Riyadh. London, which is currently in third place, experienced a 9% drop.