Global economic powerhouse the United States emerges with 11 cities ranking among the top 50 cities for millionaires list in the latest World’s Wealthiest Cities Report 2025.

The top ranking is led by New York in 1st place with 384,500 high-net-worth individuals (including 818 resident centi-millionaires, or ‘centis’, with liquid investable wealth of US$100 million or more, and 66 billionaires).

The report’s fourth iteration was published on Tuesday (April 8) by international wealth and investment migration specialists Henley & Partners in collaboration with global data intelligence firm New World Wealth.

Notably, the Bay Area—which includes San Francisco and Silicon Valley—while ranking second in the world with 342,400 resident millionaires, is now home to more billionaires (82) than the Big Apple and continues to thrive as the epicentre of technological wealth creation, enjoying exceptional millionaire growth of 98 per cent over the past decade.

Of the top 50 cities, only Shenzhen (in 28th place, with 142 per cent millionaire growth and now home to 50,800 millionaires), Hangzhou (35th, with 108 per cent growth and 32,200 millionaires), and Dubai (18th, with 102 per cent) grew faster than the Bay Area between 2014 and 2024. Dubai (which now boasts 81,200 resident millionaires, including 237 centis and 20 billionaires) also takes the prize for the biggest climber in the Top 50 over the past year, moving from 21st to 18th place. Seoul is the biggest faller, dropping to 24th place from 19th last year.

Tokyo, fuelled by a strong recovery of the Nikkei 225 over the past two years, solidified its position in third place with 292,300 millionaires in residence, followed by Singapore in fourth place with 242,400 millionaires.

London and Moscow the biggest losers

Los Angeles (220,600 millionaires, including 516 centis and 45 billionaires) has now overtaken London to claim the fithth spot, pushing the UK capital out of the top 5 to 6th place with just 215,700 millionaires (including 352 centi-millionaires and 33 billionaires).

London and Moscow (which ranks 40th, with 30,000 millionaires, including 178 centis and 23 billionaires) are the only two cities in the Top 50 that have recorded negative growth over the past decade, with their millionaire populations declining by -12 per cent and -25 per cent, respectively.

Paris (160,100 millionaires) clings onto seventh place, while Hong Kong (154,900 millionaires), now in 8th position, usurps Sydney (152,900 millionaires) and pushes it down into 9th place. Chicago (127,100) leapfrogs over both Beijing (which has dropped two places since last year, from 10th to 12th, now with 114,300 millionaires) and Shanghai (down three places from 11th to 14th with 110,500 millionaires) to claim a place in the Top 10 for the first time.

Milan (11th with 115,000 millionaires), Vancouver (29th with 46,400), Miami (32nd with 38,800), Hangzhou (35th with 32,200), Taipei City (38th with 31,400), and Washington DC (41st with 28,900) also all move up the Top 50 Cities for Millionaires list.

Meanwhile, Lisbon (50th with 22,200 millionaires) has made its debut this year, with Auckland dropping out.

Juerg Steffen, CEO of Henley & Partners, says a clear pattern is emerging in 2025: cities that blend investment freedom with lifestyle dividends are winning the competition for mobile capital.

“These urban centres share common DNA—robust legal frameworks, sophisticated financial infrastructure, and perhaps most critically, investment migration programmes that welcome global talent and capital. Seven of the top 10 wealthiest cities are in countries with residence-by-investment programmes, creating direct pathways for entrepreneurs and investors seeking access to these wealth hubs.”