The United States comes out on top as the country with the richest cities in 2022, with six American cities listed among the 20 richest cities in the world.

This year, the US dominates the world’s top 20 cities with the most millionaires, with New York taking the coveted top spot with 345,600 millionaires, and five other American cities securing places on the coveted world’s wealthiest cities ranking.

According to the latest Henley Global Citizens Report, which tracks private wealth and investment migration trends worldwide, Japan’s capital, Tokyo, takes second place, while London, the wealthiest city in the world for many years, drops to fourth place behind San Francisco in third place.

Singapore retains its hold on fifth place and two of China’s most popular cities, Beijing (9th) and Shanghai (10th), round out the Top 10. 

Here is a closer look at the top 10 richest cities in the world as of 2022.

New York – the wealthiest city of all

Popularly known as the Big Apple, New York is home to 345,600 millionaires, including 737 centi-millionaires (with wealth of US$100 million or more) and 59 billionaires.

New York is the financial centre of the US and the wealthiest city in the world by several measures. It is also home to the world’s two largest stock exchanges by market cap (the Dow Jones and NASDAQ).

Perhaps most notably, total private wealth held by the city’s residents exceeds US$3 trillion – higher than the total private wealth held in most major G20 countries.

The city comprises the five boroughs of the Bronx, Brooklyn, Manhattan, Queens, and Staten Island and features some of the world’s most exclusive residential streets, including 5th Avenue in Manhattan where prime apartment prices can exceed US$28,000 per square metre.

Tokyo – Japan’s megacity takes 2nd place 

Tokyo has 304,900 resident millionaires, including 263 centi-millionaires and 12 billionaires.

The capital’s relatively low billionaire population compared to most other cities on the top list demonstrates that wealth is relatively evenly distributed in Tokyo, with the middle classes and lower-tier millionaires controlling most of the city’s wealth.

Major companies based in Tokyo include Honda, Hitachi, Mitsubishi, Softbank, and Sony.

San Francisco Bay area – on the rise

The San Francisco Bay area surrounding the city of San Francisco and Silicon Valley is home to 276,400 millionaires, including 623 centi-millionaires and 62 billionaires.

Home to a large number of tech billionaires, Silicon Valley includes affluent towns such as Atherton and Los Altos Hills. This area has been steadily moving up the list of millionaire hubs over the past decade and is expected to reach the top spot by 2040.

London – remains a top millionaire magnet

The wealthiest city in the world for many years, today London boasts 272,400 millionaires — a figure that includes 406 centi-millionaires and 38 billionaires.

The homes and apartments that overlook London’s parks, such as Hyde Park and Regents Park, and green spaces such as Hampstead Heath, are especially affluent.

London’s wealthiest neighbourhoods are visualised in a heatmap produced by location analytics specialists Webster Pacific. 

It should be noted that London has seen a steady outflow of millionaires over the past decade, with many leaving the city for nearby commuter towns such as Ascot, Beaconsfield, Bourne End, Bray, Cookham, Henley, Leatherhead, Maidenhead, Marlow, Taplow, Virginia Water, Weybridge, and Windsor.

There are a number of possible reasons for the exodus, including rising crime rates in the city.

Singapore – the business-friendly travel destination

Placing 5th globally, Singapore is Asia’s second-biggest millionaire oasis after Tokyo.

It is home to 249,800 millionaires, including 336 centi-millionaires and 26 billionaires, the city-state is widely regarded as the world’s most business-friendly city and is one of the top destinations for migrating millionaires.

A net inflow of approximately 2,800 high-net-worth individuals is projected for 2022 alone according to the latest Henely Private Wealth Migration Dashboard.

Los Angeles – the world’s entertainment hub

Los Angeles is home to 192,400 resident millionaires, with 393 centi-millionaires and 34 billionaires.

According to the latest Henley Global Citizen Report, figures for this area include wealth held in the city of Los Angeles, as well as nearby Malibu, Beverly Hills, Laguna Beach, Newport Beach, and Santa Monica. Key industries include entertainment, IT, retail, and transport.

Chicago – highly diversified economy

The largest inland city in the US is home to 160,100 millionaires, including 340 centi-millionaires and 28 billionaires. Chicago has a highly diversified economy that is strong in many key sectors.

Chicago is the base city for 35 Fortune 500 companies, including the likes of McDonald’s and Boeing. 

Houston – a city on the rise

The popular Texas City has 132,600 millionaires, with 314 centi-millionaires and 25 billionaires.

Houston is one of the world’s fastest growing cities in terms of wealth growth over the past 20 years. It is also the leading US city in a number of key sectors including aeronautics, basic materials (oil and gas), biotech, and engineering.

Beijing – the billionaire capital of China

China’s capital Beijing has 131,500 resident millionaires, including 363 centi-millionaires and a particularly high number of billionaires, 44. Only New York City and the San Francisco Bay area rank higher based on this measure.

Beijing also houses the head offices of most of China’s largest companies. 

Shanghai – China’s financial centre 

China’s largest city, Shanghai, is widely seen as its financial capital. The city is home to 130,100 millionaires, with 350 centi-millionaires and 42 billionaires.

The Shanghai Stock Exchange is the third largest in the world by market cap (after the Dow Jones and NASDAQ).

There you have it, the top 10 richest cities of the world.