When it comes to the number of resident millionaires, cities in the USA and China dominate the Top 10 wealthiest cities in the world, while only one European city, London, makes it onto the 2023 list.

The United States and China are the top countries with the wealthiest cities in 2023, each with three cities listed among the 10 richest cities in the world.

However, the US walks away as the country with the richest city with New York taking the coveted top spot with 340,000 millionaires, 724 centi-millionaires, and 58 billionaires.

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, while one of China’s most popular cities, Shanghai (9th) and Australia’s commercial hub, Sydney round out the Top 10. 

Here is a closer look at the top 10 richest cities in the world as of 2023.

New York City – The wealthiest of them all

The Big Apple is home to 340,000 millionaires, 724 centi-millionaires (with wealth of US$100 million or more) and 58 billionaires.

New York is the financial center of the USA 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 NYSE and the 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 5^th Avenue in Manhattan where prime apartment prices can exceed US$27,000 per square metre.

Tokyo – Japan’s mega city takes 2nd place

Tokyo is back at number two on the list. The mega city has 290,300 resident millionaires, 250 centi-millionaires, and 14 billionaires.

The city is home to a relatively low number of billionaires when compared to the other cities in our Top 10 list — this shows that wealth is relatively evenly distributed in Tokyo with the middle classes and lower-tier millionaires controlling most of the city’s capital.

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

San Francisco/ The Bay Area – Home of the tech giants

The Bay Area, which includes the City of San Francisco and Silicon Valley, is home to 285,000 millionaires, as well as 629 centi-millionaires and 63 billionaires.

Most of the world’s top tech companies are based in the Bay Area including Adobe, Apple, Cisco, Facebook (Meta), Google (Alphabet), HP, Intel, LinkedIn, Lyft, Netflix, OpenAI, PayPal, Twitter, Uber, Yahoo, and Zoom.

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

In 2000, London was the top city in the world for millionaires, but it has slipped down the list over the past 20 years.

The wealthiest city in the world for many years, today London boasts 258,000 resident millionaires, 384 centi-millionaires, and 36 billionaires.

Notwithstanding this, London still contains some of the world’s most exclusive residential suburbs, including the likes of Belgravia, Chelsea, Hampstead, Knightsbridge, Mayfair, Regents Park, and St. Johns Wood.

Singapore – the business-friendly travel destination

Singapore is widely regarded as the most business-friendly city in the world and is one of the top destinations for migrating millionaires — approximately 2,800 high-net-worth individuals moved there in 2022 according to the latest Henley Wealth Migration Dashboard.

Singapore is Asia’s second-biggest millionaire haven after Tokyo 240,100 millionaires, 329 centi-millionaires, and 27 billionaires.

Los Angeles – the world’s entertainment hub

LA is home to 205,400 millionaires, as well as 480 centi-millionaires and 42 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 Beverly Hills and Malibu.

Major industries include entertainment, media, real estate, retail, tech, and transport.

Hong Kong – A city on the rise

Hong Kong has surpassed several cities to be in the top 10 this year’s wealthiest cities list.

Chicago held the number seven spot last year, but Hong Kong takes over in 2023 with 129,500 millionaires, 290 centi-millionaires, and 32 billionaires.

Despite poor growth over the past decade, the city-state continues to be one of the world’s top financial hubs, with many of Asia’s wealthiest businesspeople still basing themselves there.

The Hong Kong Stock Market remains one of the world’s most important stock exchanges.

Beijing – the billionaire capital of China

Once again, Beijing is named among the 10 richest cities around the world, boasting a total of 128,200 resident millionaires, 354 centi-millionaires, and 43 billionaires.

The official capital city of China, Beijing is the base for many of the world’s largest companies.

Its billionaire population is particularly high — only New York City and the Bay Area rank higher based on this measure.

Shanghai – China’s financial centre 

Widely regarded as the financial capital of China, Shanghai is home to 127,200 millionaires, 332 centi-millionaires, and 40 billionaires.

The Shanghai Stock Exchange is the third-largest stock market in the world by market cap (after the NYSE and the Nasdaq).

Sydney- Australia’s commercial hub

Sydney rounds out the top 10 richest cities in the world, making it on the 2023 list, with 126,900 resident millionaires, 184 centi-millionaires, and 15 billionaires.

Sydney is home to some of the world’s most exclusive residential suburbs including Bellevue Hill, Darling Point, Mosman, Point Piper, and Vaucluse.

The city has experienced especially strong wealth growth over the past 20 years and is quickly becoming one of the wealthiest cities in the Asia Pacific region.

According to the report, the growth is expected to continue, with Sydney projected to break into the global Top 5 wealthiest cities by 2040.

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